The bill aims to expand eligibility for water development state programs by amending the Water Authority Act and the uses of the Construction Assistance Revolving Loan Fund. Key changes include redefining "qualified corporation" to encompass a broader range of entities, such as governmental entities and investor-owned utilities, that provide potable water services. The bill also modifies the process for a qualified corporation to convert into a water authority, streamlining the requirements for conversion and clarifying that a corporation can maintain its existence while transferring certain assets and liabilities to the new authority.

Additionally, the bill updates the Construction Assistance Revolving Loan Fund provisions to allow for financing environmental projects in accordance with the Clean Water Act. It specifies that the definition of "owner" for these projects now includes both public and private entities. These amendments are designed to enhance the efficiency and accessibility of water development programs in Arkansas, ultimately aiming to improve water service delivery and infrastructure.

Statutes affected:
Old version SB420 V2 - 3-17-2025 10:11 AM: 4-35-101, 4-35-103(7), 03-17-2025, 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)
Old version SB420 Original - 3-11-2025 10:46 AM: 4-35-101, 4-35-103(7), 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)
SB 420: 4-35-101, 4-35-103(7), 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)
Act 736: 4-35-101, 4-35-103(7), 03-17-2025, 4-35-202(a), 4-35-203(a), 4-35-203(b), 4-35-203, 15-5-901(a), 15-5-909(8)