ARIZONA
HOUSE OF REPRESENTATIVES
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HB 2464: water infrastructure finance; municipal approval |
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PRIME SPONSOR: Representative Shope, LD 8 BILL STATUS: House Engrossed
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Increases the population requirement for cities and towns to require an
election to determine if it should enter into a financial assistance loan
repayment agreement.
History
The Water Infrastructure Finance Authority of Arizona (WIFA) is a bond bank that issues bonds on behalf of communities for basic water infrastructure. WIFA finances the construction, rehabilitation and improvement of drinking water, wastewater, wastewater reclamation and other water quality facilities and projects (azwifa.gov). Cities and towns are permitted to construct, purchase or improve a wastewater treatment facility, drinking water facility or nonpoint source project with monies borrowed from WIFA. To repay WIFA, the city or town can enter into a financial assistance loan repayment agreement which is payable from any revenues that are authorized by law to be used to repay long-term obligations (A.R.S. § 9-571).
A city or town with a population of more than 50,000 persons is required to hold an election to determine if it will enter into a financial assistance loan repayment agreement. A city or town with a population under 50,000 persons is not required to hold an election and is permitted to pledge revenues to the repayment agreement (A.R.S. § 9-571).
Provisions
1. Requires a city or town with a population exceeding 150,000 persons, rather than 50,000 persons, to hold an election regarding entering into a financial assistance loan repayment agreement. (Sec. 1)
2. Makes conforming changes. (Sec. 1)
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Fifty-fourth Legislature HB 2464
First Regular Session Version 3: House Engrossed
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