This bill proposes several updates to the Arizona Revised Statutes concerning the long-term water augmentation fund. It clarifies that the authority cannot convey or deliver water to users within city or town boundaries without written consent from the respective city, town, or private water company. Additionally, it modifies the stipulations regarding the sale or lease of imported water or long-term storage credits, changing the relevant subsection from E to F. The bill also expands the scope of funding projects to include the creation of new water sources within the state, while ensuring that at least seventy-five percent of the fund's appropriations in the specified fiscal years are reserved for such projects.

Furthermore, the bill introduces new provisions regarding the use of funds, specifying that they cannot be used for purchasing conservation easements and detailing the authority's responsibilities in managing the long-term water augmentation fund. It mandates that the authority must take necessary actions to ensure full repayment for financial assistance provided from the fund, while also requiring audits and investigations in cases of insufficient funds to cover bond payments. Overall, these changes aim to enhance the management and effectiveness of water supply development projects in Arizona.

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