AZ HB2708

Removes a requirement that at least 75% of monies in the long-term water augmentation fund for fiscal years 2022-2023, 2023-2024, and 2024-2025 be reserved for projects importing water from outside Arizona.

Adds a new allowable use for the fund to finance water supply development projects using water sources from within Arizona's boundaries.

Maintains existing fund uses including purchasing imported water, acquiring water facilities, conducting investigations, providing financial assistance to eligible entities, and guaranteeing debt obligations for water projects.

Clarifies that fund monies cannot be used to purchase conservation or other easements on real property.

Requires the authority to pursue full repayment of monies or financial assistance provided from the fund through water subcontracts, loan repayments, rates, fees, or charges as appropriate.