AZ HB2448

Increases the aggregate principal amount limit for revenue bonds issued by the Central Arizona Groundwater Replenishment District from $250 million to $500 million under article 3 of chapter 48.

Establishes annual membership dues charged to member lands and municipal providers with member service areas, with revenues dedicated to acquiring, leasing or exchanging water and developing infrastructure necessary for replenishment obligations and bond debt service.

Authorizes the district to issue revenue bonds for acquiring, leasing or exchanging water or water rights and developing replenishment infrastructure, with proceeds not payable from ad valorem taxes and subject to restrictions on groundwater and adjudicated surface water purchases.

Modifies director review procedures for conservation district and water district replenishment plans, adjusting determination timelines, expiration dates, and conditions for revising plans between the second and eighth anniversary of consistency determinations.

Clarifies that district funds advanced for capital improvements and administrative costs related to replenishment obligations cannot be used to pay principal, interest or premiums on revenue bonds issued for water acquisition and infrastructure development.