AZ HB2412

Amends Arizona's long-term water augmentation fund to allow funding for water supply development projects that create new water sources within Arizona, in addition to importing water from outside the state.

Requires at least 75 percent of fund monies to support water supply projects that provide imported water or newly created water to benefit end users in the Phoenix, Pinal, or Tucson Active Management Areas.

Modifies restrictions on fund use to permit purchasing newly created water or rights to newly created water within Arizona, while prohibiting purchase of existing in-state water unless related to creating a new water source.

Updates fund provisions to allow facilities that convey or deliver newly created water within Arizona, expanding beyond the previous limitation to imported water only.

References subsection designation change from "E" to "F" in section 49-1210 regarding limitations on selling or leasing water and long-term storage credits acquired by the authority.