This bill proposes updates to section 48-6808 of the Arizona Revised Statutes concerning revitalization districts. It maintains the current powers of districts to enter into contracts and spend money for infrastructure purposes, but adds a requirement that all construction contracts comply with new provisions. These provisions include allowing contractors and subcontractors to suspend or terminate contracts due to the district's failure to make timely payments, with specified notice periods and protections against being deemed in breach for such actions.

Additionally, the bill introduces several specific requirements for construction contracts, such as the right for contractors and subcontractors to cease work until payment is received, the award of reasonable attorney fees to the successful party in disputes, and clear guidelines for providing written notice regarding suspensions or terminations. The updated statute will apply to any revitalization district infrastructure construction contracts executed after the bill's effective date.

Statutes affected:
Introduced Version: 48-6808