AZ SB1134

Amends Arizona Revised Statutes to expand the definition of "project" for county water augmentation authorities to include acquisition of water rights, loans of bond proceeds to operating units, and delivery and retention facilities.

Authorizes county water augmentation authorities to issue revenue bonds in principal amounts necessary to acquire or construct projects, and allows fees collected under contracting and bonding powers to be deposited in bond funds rather than general funds.

Establishes procedures for bond issuance including board hearings with at least 20 days' advance notice in newspapers, with board findings based on preponderance of evidence being final and conclusive.

Provides comprehensive bond provisions allowing authorities to pledge revenues, establish reserves and sinking funds, secure bonds with first liens on accounts, and exempts bonds from state and local taxation.

Adds authority for county water augmentation authorities to construct or acquire wastewater treatment facilities and drinking water facilities using loans from the water infrastructure finance authority of Arizona, with loan repayment from authorized revenues.