This bill proposes to update current statutes by appropriating $50,000,000 from the state general fund for the fiscal year 2026-2027 specifically to the Department of Water Resources. The funds are intended to compensate holders of irrigation grandfathered rights for the permanent retirement or reduction of their water duty. Additionally, the bill mandates that by December 31, 2026, the director of the Department of Water Resources must initiate the purchase and retirement of these irrigation rights, which may include conservation agreements that lead to a permanent reduction in annual water allotments.

Furthermore, the bill includes a provision that exempts the appropriation from the lapsing provisions outlined in section 35-190 of the Arizona Revised Statutes, ensuring that the allocated funds do not expire at the end of the fiscal year. Overall, these updates aim to enhance water resource management and conservation efforts in the state.