AR SB420

Expands the definition of "qualified corporation" under the Water Authority Act to include governmental entities, municipal authorities, investor-owned water/wastewater utilities, improvement districts, and rural development authorities—not just nonprofit corporations

Allows public facilities boards to convert to water authorities with approval from the governing body of the county or municipality that formed them

Removes previous requirements that entities converting to water authorities must certify they were initially formed as nonprofits, lack direct access to tax-exempt capital markets, and seek interest rate savings

Permits qualified corporations to continue their corporate or governmental existence after conversion, retaining specified assets and liabilities rather than transferring everything to the new water authority

Expands Construction Assistance Revolving Loan Fund eligibility to include private owners of environmental projects, adding compliance with the Clean Water Act (33 U.S.C. § 1251) as existing on January 1, 2025