The proposed bill would significantly update the current statutes governing county water augmentation authorities by introducing new provisions and removing outdated requirements. Key additions include allowing authorities to issue revenue bonds without needing to prove that other financing methods are impractical, and eliminating the requirement for public hearings to be scheduled within a specific timeframe after adopting a bond resolution. The bill also mandates that authorities notify the Arizona Attorney General of their intention to issue bonds, with a response required within ten days regarding compliance with statutory requirements. In contrast, the bill would remove existing mandates such as the AG's certification of bond validity and the requirement for bonds to be signed by specific officials in office at the time of signing. Additionally, the bill proposes updates to loan agreements and repayment obligations, clarifying that loan repayment agreements become incontestable once funded by WIFA and that repayments do not constitute a debt of the Authority. It expands the definition of "project" to include various water conservation and storage facilities and introduces new definitions for "drinking water facility" and "wastewater treatment facility." The bill also repeals and replaces sections 45-1991 and 45-1997, enhancing the authority's powers regarding revenue bonds and loan repayment agreements, ultimately aiming to streamline operations and improve the management of water resources while ensuring compliance with legal standards.

Statutes affected:
Introduced Version: 41-1074, 45-576
Senate Engrossed Version: 41-1074, 45-576
House Engrossed Version: 45-1901, 45-1973, 45-1976, 45-1991, 45-1993, 45-1994, 45-1996, 45-1997, 45-2000, 45-402, 45-1992