The proposed bill would amend several sections of the Arizona Revised Statutes related to the long-term water augmentation fund. Key updates include a clarification that the authority cannot convey or deliver water to users within city or town boundaries without written consent, and a change in the designation of subsections, specifically changing the reference from subsection E to F. Additionally, the bill introduces new provisions that allow for the funding of projects that create new sources of water within the state, as well as stipulating that at least seventy-five percent of the fund's appropriations must be reserved for such projects.

Furthermore, the bill specifies that funds from the long-term water augmentation fund cannot be used for purchasing conservation easements and mandates that the authority must take necessary actions to ensure repayment for financial assistance provided from the fund. It also requires that any insufficiency in pledged funds for long-term water augmentation bonds be addressed through the liquidation of securities, with subsequent reporting to the attorney general and auditor general. Overall, these changes aim to enhance the management and allocation of water resources within Arizona.

Statutes affected:
Introduced Version: 49-1210, 49-1303, 49-1304, 49-1221, 49-1241, 49-1203.01, 49-1309