If enacted, this bill would amend current statutes related to the sale and transfer of unbuilt certificates of assured water supply. The bill introduces new provisions that allow individuals to sell, aggregate, or transfer these certificates separately from the original lots or parcels, provided certain conditions are met. Specifically, it stipulates that transactions must occur within the same subbasin and active management area, and the groundwater must be used for the same proposed use. Additionally, it sets timelines for construction or groundbreaking on the proposed lots, depending on whether the transaction is within a master planned community or outside of it.

The bill also allows for the transfer of unbuilt certificates to any lot within the same municipal service area without regard to the original water acquisition source. It requires notification to the Director of the Arizona Department of Water Resources regarding the transaction details, including the volume of water involved and the location of the parcels. Furthermore, it defines key terms such as "transaction," "common promotional plan," and "master planned community" to clarify the scope of the new regulations. Overall, these updates aim to enhance flexibility in managing water resources while ensuring compliance with existing water management laws.

Statutes affected:
Introduced Version: 45-576.11
Senate Engrossed Version: 45-576.11