HB2464 Summary

• Amends Arizona Revised Statutes Section 9-571 regarding municipal water infrastructure financing through the Water Infrastructure Finance Authority of Arizona.

• For cities and towns with populations exceeding 150,000 persons, voter approval at a regular or special election is required to enter into financial assistance loan repayment agreements, except when secondary property tax levies or improvement districts fund the project (requiring election on first Tuesday after first Monday in November).

• For cities and towns with populations of 150,000 or fewer, utility system revenues may be pledged to repayment agreements without an election if such pledge does not violate existing covenants or obligations.

• Eliminates election requirement if voter approval for substantially the same project was previously obtained with another funding source.

• Allows cities and towns to borrow additional funds from the authority up to amounts previously approved by voters, minus amounts already obligated for repayment.