AZ SB1497

Amends Arizona Revised Statutes section 11-952.02 to clarify powers of separate legal entities formed through intergovernmental agreements by public agencies.

Allows cities, towns, counties, the Arizona Board of Regents, and special taxing districts to form separate legal entities with common governmental and proprietary powers specified in the agreement establishing the entity.

Grants separate legal entities the same rights and immunities as constituent public agencies, including property tax immunity and the ability to issue revenue bonds for undertakings without constituting indebtedness.

Restricts electric generation and transmission activities for separate legal entities formed under this section; entities may not engage in electric distribution or be deemed public power entities under title 30.

Exempts real property of separate legal entities from zoning restrictions of constituent public agencies if the entity's governing board approves a master plan for the property.