Bill
Number: S.B. 1740
Kerr Floor Amendment
Reference
to: printed bill
Amendment
drafted by: Leg Council
FLOOR
AMENDMENT EXPLANATION
1. Appropriates
$333,000,000 from the state General Fund (state GF) in FY 2024 and FY 2025 to the
Long-Term Water Augmentation Fund (LTWAF).
2. Directs the State
Treasurer, for FY 2023 and beginning the month following the general effective
date, to distribute $334,000,000 proportionately for each month remaining in
the fiscal year from the state GF portion of transaction privilege tax (TPT)
revenues to the LTWAF.
3. Declares the
Legislature's intent that distributions made to the LTWAF not impact the
portion of TPT revenues that cities and counties in Arizona receive pursuant to
statute.
4. Sunsets the Water
Infrastructure Finance Authority (WIFA) on July 1, 2027.
5. Repeals the statutes
governing the Water Infrastructure Finance Program on January 1, 2028, if WIFA
has met specified debt and contractual obligations.
6. Prescribes requirements
for WIFA to notify entities in Arizona with Colorado River water entitlements
of water supply development projects to import water, rather than requiring any
entity with an entitlement with reduced deliveries to be provided an
opportunity to participate in the project.
7. Removes the requirement
that entities eligible for Water Supply Development Revolving Fund (WSDRF)
monies be located outside of the CAP service area and instead requires the
entities to be located outside of an active management area located in Pima
County, Pinal County or Maricopa County.
8. Allows WSDRF monies to
be used to secure WIFA water supply development bonds.
9. Removes an entity that
provides water to a water provider from eligible entities for WSDRF and LTWAF
monies.
10. Reinstates the
permissive authority of WIFA to use WSDRF monies to:
a)
purchase
or refinance debt obligations of water providers at or below market rate if the
debt obligation was issued for a water supply development purpose; and
b)
provide
financial assistance to water providers with bonding authority to purchase
insurance for local bond obligations incurred for water supply development
purposes.
11. Reinstates statutes
allowing an eligible entity to apply for and receive staff assistance or
technical assistance for water supply development projects from WIFA.
12. Prohibits WIFA, for
WSDRF funds, from:
a)
unilaterally
amending a loan repayment agreement, loan or bond after its execution or
implementing any policy that modifies terms and conditions or affects a
previously executed loan repayment agreement, loan or bond; and
b)
imposing
a redemption premium or an interest payment beyond the date the principal is
paid as a condition of refinancing or receiving repayment on a loan repayment
agreement, loan or bond if the loan repayment agreement, loan or bond did not
originally contain a redemption premium or interest payment beyond the date the
principal is paid.
13. Allows LTWAF monies to:
a)
provide
credit enhancements in connection with debt obligations of eligible entities
issued or incurred to finance or refinance water supply development projects in
Arizona; and
b)
fund
not more than 10 full-time equivalent positions of WIFA.
14. Prescribes requirements
and allowances for eligible entities that are political subdivisions of the
state regarding loans, irrevocable pledges and defaulting.
15. Alters stipulations for
the repayment of monies or financial assistance awarded from the LTWAF.
16. Modifies criteria for
determining the order and priority of water supply development projects
relating to the ability of an entity or WIFA to abide by statutory or financial
obligations and allows WIFA to consider other criteria WIFA deems appropriate
in making order and priority determinations.
17. Requires WIFA to
consider criteria for the LTWAF, rather than the WSDRF, when considering
water-related facility procurement proposals.
18. Removes the permissive
authority of WIFA to secure any long-term water augmentation bonds by pledging
or assigning to or in trust to be held by a trustee.
19. Requires, rather than
allows, WIFA to submit any public-private partnership agreement entered into by
WIFA to the Attorney General (AG).
20. Specifies that WIFA
succeeds to the authority, powers, duties and responsibilities of the Arizona
Finance Authority (AFA) with respect to federal WIFA funds and WSDRF financial
provisions on the first meeting of WIFA and that until the meeting, the AFA
continues to govern WIFA.
21. Allows, rather than
requires, the AG to take actions necessary to enforce loan repayment agreements
and achieve repayment of loans if requested by WIFA.
22. Removes the proposal to
grant WIFA the power to negotiate and enter into intergovernmental agreements
with the United States and other nations.
23. Requires a Water Supply
and Demand Assessment to be prepared and issued for at least 6 of the 46 groundwater
basins not included within initial active management areas, rather than for 4
of the 22 planning areas.
24. Exempts,
notwithstanding any other law and unless expressly waived by WIFA, WIFA from
any statutory requirement to pay another party's attorney fees or costs in any
administrative or judicial proceeding.
25. Adds, to nonvoting
members of the WIFA Board of Directors (WIFA Board) and the Chief Executive
Officer (CEO) of the Arizona Commerce Authority (ACA) or a designee.
26. Establishes the Joint
Legislative Water Committee and prescribes membership requirements and duties.
27. Prescribes a rotating
system for WIFA Board member appointment, rather than the current system of
appointment.
28. Modifies WIFA Board
membership.
29. Allows the WIFA Board
to officially meet without the chairperson.
30. Requires appointed
members of the WIFA Board to provide fingerprints to the Governor, rather than
the appointing entity.
31. Disqualifies a person
from appointment to the WIFA Board if the person or the person's spouse does
not meet conflict-of-interest requirements, rather than only not allowing the
person to participate in a WIFA Board vote on the expenditure or award relevant
to the conflict-of-interest.
32. Specifies that the
prohibition against lobbyists serving on the WIFA Board only applies to voting
members of the WIFA Board.
33. Prohibits a person from
being a member or an employee of the WIFA Board if the person or the person's
relative is an officer, employee or paid consultant for a water users'
association or trade association.
34. Specifies that statutes
governing the Water Infrastructure Finance Program do not replace, supplant or
diminish the powers and duties of the Director of the Arizona Department of
Water Resources (ADWR), rather than the Director of the Arizona Department of
Environmental Quality (ADEQ).
35. Adds the Director of
ADEQ, the Director of ADWR, the Executive Director of the Arizona Corporation
Commission and the CEO of the ACA, or any of the directors' or CEO's designees,
to Federal Water Programs Committee membership and specifies that all members
of the Federal Water Programs Committee are voting members.
36. Exempts, form Colorado
River water transference limitations, purchases made with monies from the Clean
Water Revolving Fund or the Drinking Water Revolving Fund.
37. Adds, to prohibited
agreements for WIFA to enter into regarding conveyance or delivery of water,
those for a city or town water service area.
38. Allows WIFA to sell or
lease long-term storage credits in its own name, and not in amounts greater
than necessary, to repay long-term water augmentation bonds to fund any project
to acquire the related imported water or long-term storage credits.
39. Specifies that approval
of funding or other financial assistance requires the affirmative vote of at
least six, rather than five, members and only applies to nonfederal funding
sources.
40. Removes the permissive
authority for the Board and subcommittees to meet in executive session for
potential project opportunities and instead allows advisory nonvoting members
of the WIFA Board to attend executive sessions of the WIFA Board.
41. Specifies that the
permissive authority of WIFA to provide grants, staff assistance or technical
assistance to eligible entities relates to the WSDRF, rather than all water
supply development projects.
42. Exempts all of WIFA,
rather than only disbursements of monies by WIFA, from the Arizona Procurement
Code.
43. Requires WIFA to
establish, in coordination with the Arizona Department of Administration,
procurement procedures by rule for LTWAF administration.
44. Specifies that
requirements are for foreign private corporations, rather than foreign private
entities.
45. Requires the State
Treasurer, on notice from WIFA, to invest and divest monies in the WSDRF and
requires monies earned from investment to be credited to the WSDRF.
46. Removes the allowance
for WSDRF and LTWAF accounts to be held by a bank trustee selected by WIFA and
subjects the monies to other statutory requirements.
47. Removes the
specification that the WSDRF is to be maintained in perpetuity.
48. Modifies legislative
findings and definitions.
49. Makes conforming and
technical changes.
Page 4,
strike lines 32 and 33, insert:
"Section
41-3002.09, Arizona Revised Statutes, is repealed.
Sec. 3. Title
41, chapter 27, article 2, Arizona Revised Statutes, is amended by adding
section 41-3027.05, to read:
START_STATUTE41-3027.05. Water
infrastructure finance authority of Arizona; termination July 1, 2027
A. The
water infrastructure finance authority of Arizona terminates on July 1, 2027.
B. Title
49, chapter 8, articles 1 and 3 and sections 49-1224, 49-1225, 49-1226,
49-1244, 49-1245, 49-1246, 49-1261, 49-1262, 49-1263,
49-1264, 49-1265, 49-1266, 49-1267, 49-1268, 49-1269,
49-1301, 49-1303, 49-1304, 49-1305, 49-1306, 49-1307, 49-1308, 49-1309,
49-1310, 49-1311, 49-1312 and 49-1313 are repealed on January 1, 2028, if
the authority either:
1. Has
no outstanding contractual obligations with the United States or any United
States agency and Has no debts, obligations or guarantees that were issued for
the purposes of title 49, chapter 8.
2. Has
otherwise provided for paying or retiring such debts or obligations.
C. If
any debt or obligation listed in subsection B of this section exists and no
satisfactory provision has been made to pay or retire the debt or obligation,
the authority and statutes continue in existence until the debt or obligation
is fully satisfied.
END_STATUTE
Sec. 4. Repeal
Section 41-3031.01, Arizona Revised Statutes, is repealed."
Renumber to
conform
Page 9, line
35, strike "every" insert "on
or before December 1 of each"
Line 36,
strike "four"
Strike lines
37 and 38
Line 39,
strike "sustainability" insert "six of the forty-six groundwater basins ESTABLISHED pursuant to
section 45-403"
Line 40,
strike "identified planning areas" insert
"groundwater basins"
Page 10,
strike lines 35 and 36, insert:
"2. "Board"
means the water infrastructure finance authority board of directors of the Arizona finance authority established by title 41, chapter 53, article 2 section 49-1206."
Page 11,
line 40, strike "or any other unit of government"
Page 12,
strike lines 13 through 17
Renumber to
conform
Strike lines
23 through 42, insert:
"13. 20. "Water
provider" means any of the following:
(a) A
municipal water delivery system as defined in section 42-5301.
(b) A
county water augmentation authority established under title 45, chapter
11.
(c) A
county water authority established under title 45, chapter 13.
(d) An
Indian tribe.
(e) A
community facilities district as established by title 48, chapter 4.
(f) A
public water system as prescribed in section 49-352.
(g) A
county with a population of less than three hundred thousand persons.
(h) A
natural resource conservation district.
(i) For
purposes of funding from the water supply development revolving fund pursuant
to article 3 of this chapter only, a county that enters into an
intergovernmental agreement or other formal written agreement with a city, town
or other water provider regarding a water supply development project."
Page 13,
line 5, strike "either" insert "any"
Line 10,
strike "or infrastructure"
Line 11,
strike "or"
Line 12,
strike "infrastructure"; strike "any"
insert "either"
Line 19,
strike "(vi)" insert
"(c)"
Line 33,
after the period insert "Notwithstanding any other law and
unless expressly waived by the authority, the authority is not subject to any
statutory requirement to pay another party's attorney fees or costs in any
administrative or judicial proceeding."
Page 15,
lines 14 and 15, strike "or other eligible entities"
Line 25,
strike "to"
Strike lines
26 and 27, insert "water provider in connection with the
planning or design of water supply development projects
in accordance with SECTION 49-1273. A single grant shall
not"
Line 43,
strike "Disbursements of monies by"
Line 44,
strike "pursuant to a financial assistance agreement are" insert
"of Arizona Is"
Line 45,
after the period insert "In coordination with the
department of administration, the authority shall establish procurement
procedures by rule to administer the long-term water augmentation fund."
Page 16,
line 33, strike ", including the United States and other
nations"
Page 17,
line 13, strike "SECURITIZATION" insert "security interest"
Line 44,
strike "as prescribed in section 49-107" insert
"of water resources set forth in title 45, including sections
45-105 and 45-107"
Page 18,
line 30, after "that" insert "conserves water,"
Page
19, line 3, strike "and" insert a comma; after "49-1214"
insert "and 49-1215"
Line 5,
after "office" insert "; definition"
Lines
12 and 14, strike "Three" insert "four"
Page 19,
line 17, after "vote" insert "but who may attend executive sessions of the board"
Between
lines 30 and 31, insert:
"(i) The chief executive officer of
the Arizona commerce authority or the chief executive officer's designee."
Line
31, strike "six" insert "eight"
Line
33, strike "two" insert "three"
Line
34, after "county" insert ", and at least one appointed member of the board shall be a resident of
each county with a population of four hundred thousand persons or more"
Lines
39 and 40, strike "one" insert "two"
Line
42, after "and" insert "shall
appoint"; after "needs" insert
"from the joint list of at least five qualified applicants
submitted by the PRESIDENT of the senate and the speaker of the house of
representatives."
Line
43, after "senate" insert "and
minority leader of the senate"
Page 20,
line 2 after the period insert "The president of the senate
and minority leader of the senate shall alternate the terms in which these
members are appointed."
Line 3,
after "representatives" insert "and minority leader of the house of representatives"
Line 6,
after the period insert "The speaker of the house of
representatives and minority leader of the house of representatives shall
alternate the terms in which these members are appointed.
Between
lines 11 and 12, insert:
"6. The order in which the members are appointed pursuant to
subsection B, paragraphs 1 and 2 is:
(a) For
the initial term and every third term thereafter, the president of the senate
and the minority leader of the senate shall appoint first, the governor shall
appoint second and the speaker of the house of representatives and the minority
leader of the house of representatives shall appoint third.
(b) For the second
term and every third term thereafter, the governor shall appoint first, the
speaker of the house of representatives and the minority leader of the house of
representatives shall appoint second and the president of the senate and the
minority leader of the senate shall appoint third.
(c) For
the third term and every third term thereafter, the speaker of the house of
representatives and the minority leader of the house of representatives shall
appoint first, the president of the senate the minority leader of the senate
shall appoint second and the governor shall appoint third."
Page 20,
line 14, strike "APPOINTING ENTITY" insert "governor"
Line 16,
after the period insert "The governor shall submit the
fingerprints to the department of public safety."
Line 26,
strike "compensation" insert "reimbursement"
Lines 28 and
29 strike ", which must include the chairperson,"
Line 32,
after "assistance" insert "from
the clean water revolving fund established by section
49-1221, the drinking water revolving fund established by section 49-1241, the
water supply development revolving fund established by section 49-1271 or
the long-term water augmentation fund"
Line 33,
strike "five" insert "six"
Line 37, after
"board" insert ",
COMMITTEES"
Line 38,
strike "as follows:"
Strike lines
39 through 45, insert "advisory nonvoting members of the
board may attend executive sessions of the board."
Page 21,
line 5, strike "unit of government" insert
"political subdivision of this state"
Strike lines
6 through 8, insert:
"1. A person is not eligible for appointment to the board if
the person or the person's spouse meets any of the following criteria:
Page 21, line
21, after the second "a" insert "voting"
Between
lines 23 and 24, insert:
"3. A person may not be a member of the board or an employee
of the authority if the person or the person's relative is an officer, employee
or paid consultant for a water users' association or trade association."
Line 24,
strike "3." Insert "M."
Reletter to
conform
Between
lines 35 and 36, insert:
"Q. For the purposes of this section, "trade
association" means any cooperative, association or business organization,
whether or not incorporated under federal or state law, that is designed to
assist its members, industry or profession in advocating for or promoting their
common INTEREST."
Line 39,
after "following" insert "voting"
Page
22, between lines 12 and 13, insert:
"8. The director of environmental quality or the director's designee.
9. The
director of water resources or the director's designee.
10. The
executive director of the corporation commission or the executive director's
designee.
11. The
chief executive officer of the Arizona commerce authority or the chief executive
officer's designee."
Line 22,
strike "five" insert "seven";
strike "three" insert "four"
Line
23, strike "one"
Line
24, strike "member who is from a county with a population"
insert "two members who are from counties with populations"
Line
25, strike "is" insert "are"
Line
32, strike "five" insert "seven";
strike "three" insert "four"
Page 22, line
34, strike "one member who is from a county with a
population" insert "two members who are from
counties with populations"
Line 35,
strike "is" insert "are"
Page 23,
line 17, after "tribe" insert "or to purchases made with monies from the clean water revolving fund
established by section 49-1221 or the drinking water revolving fund established
by section 49-1241"
Line 22,
after "town" insert ", a
city or town water service area"
Line 36,
after "CREDITS" insert "created from imported
water"
Line 38,
after "E" insert "OR TO
REPAY LONG-TERM WATER AUGMENTATION BONDS ISSUED TO FUND ANY PROJECT TO
ACQUIRE THE IMPORTED WATER OR LONG-TERM STORAGE CREDITS"
Page 24,
line 5, after "CONCESSION" insert "agreement"
Line 38,
strike "49-1274" insert "49-1304"
Page 26,
lines 40 and 41, strike "WATER DELIVERY"
Page 27,
line 1, strike "entity" insert "corporation"
Line 7,
strike "may" insert "shall"
Between
lines 16 and 17, insert:
"START_STATUTE49-1215. Joint
legislative water committee; membership; duties
A. The
joint legislative water committee is ESTABLISHED consisting of the following
members:
1. The
president of the senate or the president's designee.
2. The
speaker of the house of representatives or the speaker's designee.
3. The
minority leader of the senate or the minority leader's designee.
4. The
minority leader of the house of representatives or the minority leader's
designee.
5. the
chairperson of the Senate committee with jurisdiction over water issues.
6. The
chairperson of the House of representatives committee with jurisdiction over
water issues.
7. The
ranking minority party member of the senate committee with jurisdiction over
water issues.
8. The
ranking minority party member of the House of representatives committee with
jurisdiction over water issues.
9. The
chairperson of the joint legislative budget committee.
B. The
joint legislative water committee shall review awards of $50,000,000 or more
from the long-term water augmentation fund established by section 49-1302 and
the board shall provide the joint legislative water committee with the relevant
information."
Page 27,
strike lines 23 and 24, insert "boundaries of an active
management area located in Maricopa, pima or Pinal county."
Line 28,
after the second "of" strike remainder of line
Strike lines
29 through 32, insert "an active management area located in
Maricopa, Pima or Pinal county."
Page 28,
lines 4 and 5, strike "to be maintained in perpetuity"
Line 31,
after "MONIES" insert "SHALL
BE"; after "deposited" insert
", pursuant to sections 35-146 and 35-147,";
after "FUND" insert "and";
after the period insert "On notice from the authority, the
state treasurer shall invest and divest monies in the fund as provided in
section 35-313, and monies earned from investment shall be credited to
the fund."
Line 43,
after the period strike remainder of line
Strike line
44
Page 29,
between lines 2 and 3, insert:
"F. Monies in the fund may be used to secure water supply
development bonds of the authority."
Strike lines
16 through 21, insert:
"3. Purchasing
or refinancing debt obligations of water providers at or below market rate if
the debt obligation was issued for a water supply development purpose.
4. Providing
financial assistance to water providers with bonding authority to purchase
insurance for local bond obligations incurred by them for water supply
development purposes."
Renumber
to conform
Page 30,
line 30, strike ", staff"
Strike line
31
Line 32,
strike "fund for" insert ", staff
assistance or technical assistance for the planning or design of"
Page 33,
line 17, after the period insert "The authority may not unilaterally
amend a loan repayment agreement, loan or bond after its execution or implement
any policy that modifies terms and conditions or affects a previously executed
loan repayment agreement, loan or bond. The authority may not impose a
redemption premium or an interest payment beyond the date the principal is paid
as a condition of refinancing or receiving prepayment on a loan repayment
agreement, loan or bond if the loan repayment agreement, loan or bond did not
originally contain a redemption premium or interest payment beyond the date the
principal is paid.
Page 35,
strike lines 23 and 24
Line 30,
after "DEVELOPMENT" insert "projects"
Line 36,
after "THE" insert "eligible"
Page 36,
line 13, strike "section"; insert "sections"; after "35-313" insert "and 35-314.03
Line 15, after "MONIES" insert
"SHALL BE"; after "deposited"
insert ", pursuant to sections 35-146 and 35-147,";
after "FUND" insert "and"
Line 22,
after "FUND" strike remainder of line
Line 23,
strike "AUTHORITY"
Page
37, line 7, after "STATE" insert "or providing
credit enhancements in connection with these debt obligations"
Between
lines 8 and 9, insert:
"9. Funding not more than ten full-time equivalent
positions of the authority."
Strike lines
25 through 30, insert:
"E. The authority shall take necessary actions to obtain
full repayment for monies or financial assistance provided from the fund by the
recipients of the funding or financial assistance or the recipients of any
water supply development project made available from monies from the fund
through water subcontracts, loan repayments, rates, fees, charges or otherwise,
as appropriate. This subsection does not apply to monies spent by the authority
for investigations and studies or monies spent in connection with loan
guarantees or credit enhancement.
Line 36,
strike "IMPORTATION"; after "projects" insert "to import water"
Page 38,
line 14, strike "on" insert "by"
Line 26,
after the period strike remainder of line
Strike line
27, insert "In"
Line 29,
after "IN" strike remainder of line
Line 30,
strike "SECTION" insert "any
applicable water supply and demand assessment that has been issued by the
director of water resources pursuant to section 45-105, subsection B,
paragraph 14"; strike "THESE"
Line 31,
strike "CRITERIA" insert "this
criterion"
Strike lines
34 through 36, insert "to fully repay all financial
obligations to the authority.
17. For
agreements entered into pursuant to section 49-1203.01, subsection C,
paragraph 5, the impact of any such agreement on the ability of the authority
to comply with the requirements of section 49-1303, subsection E.
18. Other
criteria that the authority deems APPROPRIATE."
Page
38, line 38, strike "applicant's" insert "applicants"
Strike
lines 42 through 44
Page
39, strike lines 1 and 2, insert:
"For any water supply development project to import water that is
proposed to be funded by the authority, the authority shall provide written
notice of the proposed project to all ENTITIES in this state with an
entitlement to water from the Colorado river, INCLUDING water delivered through
the central Arizona project. An entity that RECEIVES a notice prescribed by
this section shall submit to the authority within thirty days after the date of
the notice a statement of the entity's interest in participating in the
project."
Page 40,
line 37, strike "may" insert "shall"
Page 41,
between lines 20 and 21, insert:
"P. A loan made to an eligible entity that is a political
subdivision of this state may be secured additionally by an irrevocable pledge
of any shared state revenues due to the eligible entity for the duration of the
loan as prescribed by the authority. AS APPLICABLE TO LOANS
ADDITIONALLY SECURED WITH SHARED STATE REVENUES, THE AUTHORITY MAY ENTER INTO
AGREEMENTS TO SPECIFY THE ALLOCATION OF SHARED STATE REVENUES IN RELATION TO
INDIVIDUAL BORROWERS FROM SUCH AUTHORITIES. If a pledge OF SHARED
STATE REVENUES AS ADDITIONAL SECURITY FOR A LOAN is required and the eligible
entity fails to make any payment due to the authority under its loan repayment
agreement or the eligible entity's bonds, the authority shall certify to the
state treasurer and notify the governing body of the defaulting eligible entity
that the eligible entity has failed to make the required payment and shall
direct a withholding of shared state revenues as prescribed in subsection Q of
this section. The certificate of default shall be in the form
determined by the authority, except that the certificate shall specify the
amount required to satisfy the unpaid payment obligation of the eligible
entity.
Q. On
receipt of a certificate of default from the authority, the state treasurer, to
the extent not expressly prohibited by law, shall withhold any monies due to
the defaulting eligible entity from the next succeeding distribution of monies
pursuant to section 42-5029. In the case of an eligible entity that is a
city or town, the state treasurer shall also withhold from the monies due to
the defaulting city or town from the next succeeding distribution of monies
pursuant to section 43-206 the amount specified in the certificate of
default and shall immediately deposit the monies in the water supply
development revolving fund established by section 49-1271. The state
treasurer shall continue to withhold and deposit monies until the authority
certifies to the state treasurer that the default has been
cured. The state treasurer may not withhold any amount that is
necessary to make any required deposits then due for the payment of principal
and interest on bonds or indebtedness of the eligible entity if so certified by
the defaulting eligible entity to the state treasurer and the
authority. The defaulting eligible entity may not certify deposits
as necessary for payment for bonds or indebtedness unless the bonds were issued
or the indebtedness incurred before the date of the loan repayment agreement
and the bonds or indebtedness was secured by a pledge of distribution made
pursuant to sections 42-5029 and 43-206."
Page 42,
line 11, strike "CHAPTER" insert "article"
Line 18,
strike "or other"
Page 43,
line 22, strike "OR A TRUSTEE APPOINTED BY THE AUTHORITY"
Page 44,
line 4, strike "or a trustee"
Page 47,
between lines 12 and 13, insert:
"B. For
the initial term, the president of the senate and the minority leader of the
senate shall appoint first, the governor shall appoint second and the speaker
of the house of representatives and the minority leader of the house of
representatives shall appoint third."
Reletter to
conform
Page
47, line 16, after the comma insert "on the first meeting of"
Line
21, after the period insert "Until the first meeting of the water
infrastructure finance authority board established by section 49-1206, Arizona
Revised Statutes, as added by this act, the water infrastructure finance
authority of Arizona shall continue to be governed by the Arizona finance
authority board with the recommendations of the current water infrastructure
finance authority advisory board as composed immediately before the effective
date of this act."
Page
48, strike lines 7 through 16, insert:
"Sec. 30. Water infrastructure finance authority of Arizona; purpose
Pursuant to
section 41-2955, subsection B, the legislature continues the water
infrastructure finance authority of Arizona to provide a source of financial
and other assistance for projects relating to water treatment and water supply
development that improve current and long-term water supplies.
Sec. 31. Distribution of revenues; long-term water augmentation fund;
intent
A. For
fiscal year 2022-2023, beginning the month following the general
effective date of this act, the state treasurer shall distribute the sum of
$334,000,000 proportionately for each month remaining in the fiscal year from
the portion of the revenues derived from the tax levied by title 42, chapter 5,
articles 1 and 5, Arizona Revised Statutes, that is not designated as the
distribution base, to the long-term water augmentation fund established by
section 49-1302, Arizona Revised Statutes, as added by this act, for the
purposes prescribed by title 49, chapter 8, article 4, Arizona Revised
Statutes, as added by this act.
B. The
legislature intends that the distributions made in subsection A of this section
not impact the portion of transaction privilege tax revenues that cities and
counties in this state receive pursuant to section 42-5029, subsection D,
Arizona Revised Statutes."
Renumber to
conform
Page 48,
line 19, strike "$__________" insert "$333,000,000"
Line 20,
strike "2022-2023" insert "2023-2024"
Between
lines 26 and 27, insert:
"Sec. 33. Appropriation; long-term water augmentation fund; exemption
A. The
sum of $333,000,000 is appropriated from the state general fund in fiscal year
2024-2025 to the long-term water augmentation fund established by section 49-1302,
Arizona Revised Statutes, as added by this act, for the purposes prescribed by
title 49, chapter 8, article 4, Arizona Revised Statutes, as added by this act.
B. The
appropriation made in subsection A of this section is exempt from the
provisions of section 35-190, Arizona Revised Statutes, relating to lapsing of
appropriations."
Renumber to
conform
Strike lines
35 through 44
Renumber to
conform
Amend title to conform