The proposed bill would amend several sections of the Arizona Revised Statutes related to the long-term water augmentation fund. Key updates include the introduction of new provisions that allow the authority to engage in agreements for water delivery only with the written consent of relevant cities, towns, or private water companies. Additionally, the bill modifies the conditions under which the authority can sell or lease imported water or long-term storage credits, ensuring that these transactions are limited to necessary amounts for compliance and repayment of bonds.

Furthermore, the bill expands the scope of projects eligible for funding from the long-term water augmentation fund to include the creation of new water sources within the state, alongside the existing focus on importing water. It also stipulates that a significant portion of the fund's resources must be allocated to projects benefiting the Phoenix, Pinal, or Tucson Active Management areas. Other changes include the prohibition of using fund monies for purchasing conservation easements and the requirement for the authority to ensure full repayment for financial assistance provided from the fund. Overall, these updates aim to enhance water resource management and ensure accountability in the use of public funds.

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