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REFERENCE TITLE: Arizona power authority; continuation |
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State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
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SB 1345 |
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Introduced by Senators Kerr: Carroll, Gowan, Shope
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An Act
repealing section 41-3024.16, Arizona Revised Statutes; amending title 41, chapter 27, article 2, Arizona Revised Statutes, by adding section 41-3032.16; relating to the Arizona power authority.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Repeal
Section 41-3024.16, Arizona Revised Statutes, is repealed.
Sec. 2. Title 41, chapter 27, article 2, Arizona Revised Statutes, is amended by adding section 41-3032.16, to read:
41-3032.16. Arizona power authority; conditional termination; July 1, 2032
A. The Arizona power authority terminates on July 1, 2032, and title 30, chapter 1, article 1 and this section are repealed on January 1, 2033, if the authority:
1. Has no outstanding contractual obligations with the United States or any United States agency.
2. Has no debts or obligations that were issued to finance the cost of the Hoover power plant modifications project, the Hoover power plant uprating project or other facilities related to the Boulder Canyon project.
3. Has otherwise provided for paying or retiring these debts or obligations.
B. If any contractual debt or obligation listed in subsection A of this section exists and a satisfactory provision has not been made to pay or retire the debt or obligation, the authority, and title 30, chapter 1, article 1, shall continue in existence until the debt or obligation is fully satisfied.
Sec. 3. Purpose
Pursuant to section 41-2955, subsection B, Arizona Revised Statutes, the legislature continues the Arizona power authority to bargain for, take and receive electrical or other forms of energy and make these forms of energy available for the benefit of this state.
Sec. 4. Retroactivity
Sections 1 and 2 of this act apply retroactively to from and after July 1, 2024.