AZ SB1616

Expands the definition of "project" for county water augmentation authorities to include acquisition of water and water rights, and allows authorities to loan bond proceeds to operating units for facility acquisition or construction.

Authorizes county water augmentation authorities to issue revenue bonds in principal amounts necessary to acquire or construct projects, replacing previous language requiring findings that other financing methods were impractical.

Removes requirement that bond resolutions include findings that "all other methods of necessary financing have been found impractical, inadvisable or inadequate" for bond issuance.

Requires the board to notify the Arizona Attorney General of intent to issue bonds with adequate project description; Attorney General has 10 days to issue opinion on compliance, and bonds cannot be issued if Attorney General issues a non-compliance opinion.

Allows county water augmentation authorities to borrow from or receive financial assistance from the Water Infrastructure Finance Authority of Arizona for wastewater treatment facilities, drinking water facilities, or nonpoint source projects, with loan repayment agreements payable from authorized revenues.