AZ SB1356

Amends Arizona water banking authority law to add definition of "excess central Arizona project water" as CAP water that would otherwise not be used, resold, or exchanged under long-term contracts.

Renumbers existing definitions in section 45-2402 and adds new definitions for "Indian firming" and clarifies "water banking services" to include direct delivery to Indian communities.

Allows the authority to obtain and store excess CAP water designated by the Central Arizona Water Conservation District (CAWCD) for uses including Indian firming, Gila River Indian water settlement, and municipal/industrial storage during shortages.

Permits authority to store excess CAP water resulting from CAWCD's acquisition of additional Colorado River water (funded by authority contributions) to meet interstate water banking contractual obligations.

Designates the act as an emergency measure operative immediately upon passage.