The proposed bill would significantly update current statutes governing county water augmentation authorities in Arizona by introducing new provisions that simplify the process for issuing revenue bonds. Specifically, it would eliminate the previous requirements to demonstrate the impracticality of other financing methods and to fix a hearing date within a specific timeframe. Additionally, the bill removes certain obligations such as the certification of bonds by the Attorney General and the requirement for public hearings to be published in newspapers, allowing for direct notice to interested parties instead. Moreover, the bill expands the powers of the authorities to include entering into loan repayment agreements with the Water Infrastructure Finance Authority (WIFA) for wastewater treatment and drinking water projects, while also eliminating various restrictions on bond security. It establishes clear obligations for the authorities regarding these agreements, including covering costs incurred by WIFA and clarifying that loan repayments do not constitute a debt of the Authority. The bill also broadens the definition of "project" to encompass various water management activities and facilities, thereby enhancing the financial capabilities and operational efficiency of the authorities.

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