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update the current statutes governing county water augmentation authorities by introducing new provisions and removing outdated requirements.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 ten-day response window for compliance verification. In contrast, the bill would remove the necessity for the AG to certify bond validity and the requirement for bonds to be signed by specific officials in office at the time of signing, thereby streamlining the bond issuance process. Additionally, the bill proposes updates to loan agreements and project definitions related to water infrastructure. It stipulates that loan repayment agreements become incontestable once funded by the Water Infrastructure Finance Authority (WIFA) and clarifies that loan repayments do not constitute a debt of the Authority. The definition of "project" would be expanded to include various water conservation and storage facilities, and the bill would also introduce new sections that clarify the authority's powers and responsibilities. Overall, these changes aim to enhance operational efficiency and financial flexibility for authorities managing 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