AZ SB1465

Establishes the Rural Arizona and Tribal Infrastructure Authority to administer a capital improvement plan providing financial and technical assistance to rural counties, cities, towns, and Indian tribes with populations under 300,000 persons for infrastructure projects including water systems, roads, health facilities, and economic development.

Creates an 11-member board of directors appointed by the governor (2 county representatives, 2 city/town representatives, 7 tribal representatives) to oversee the authority and approve loans, grants, and bonds for qualified infrastructure projects.

Establishes a Rural Arizona and Tribal Infrastructure Revolving Fund funded by tax revenues from Indian reservations (15% of collections), federal grants, loan repayments, and bond proceeds to finance infrastructure projects with loans up to 30 years.

Authorizes the authority to issue infrastructure capital improvement bonds and provide loans at prevailing market rates, with principal repayment over at least annual installments and interest over at least semiannual installments.

Dedicates 75% of fund monies to exclusively tribal projects and 25% to cooperative projects between tribes and cities/towns; distributes additional tax revenues to rural Indian tribes for infrastructure development (10% in FY2015, 20% in FY2016, 35% thereafter); terminates authority July 1, 2024, and repeals chapter January 1, 2025.