SB 1519 Summary

• Establishes the Infrastructure Upgrade Finance Authority as a nonprofit entity to develop and coordinate energy and water efficiency programs for state agencies, households, and businesses in Arizona.

• Creates a 13-member Infrastructure Upgrade Finance Authority Oversight Board including the Director of the Department of Environmental Quality and representatives appointed by the Governor and legislative leaders from environmental, energy, low-income, finance, business, labor, and education sectors.

• Authorizes the Authority to issue bonds and bond anticipation notes with maturities up to 50 years to finance energy efficiency, water efficiency, and renewable energy projects, with interest exempt from state income taxation.

• Requires affected electric and natural gas providers to implement cost-effective energy efficiency and peak-demand reduction programs in collaboration with the Authority and establishes an advisory council to recommend program portfolios and savings targets.

• Effective date: December 31, 2021.