49-1271 - Arizona Statutes

49-1271. Water supply development revolving fund; legislative intent A. The water supply development revolving fund is established to be maintained in perpetuity consisting of: 1. Monies received from the issuance and sale of water supply development bonds under section 49-1278. 2. Monies appropriated by the legislature to the water supply development revolving fund. 3. Monies received for water supply development purposes from the United States government. 4. Monies received from water providers as loan repayments, interest and penalties. 5. Interest and other income received from investing monies in the fund. 6. Gifts, grants and donations received for water supply development purposes from any public or private source. B. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations. C. The legislature finds that many water providers in this state, particularly in rural areas, lack access to sufficient water supplies to meet their long-term water demands and need financial assistance to construct water supply projects and obtain additional water supplies. It is the intent of the legislature that the water supply development revolving fund established by this section be used to provide financial assistance to these water providers under the terms set forth in this article.