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SB1453 • 2026

technical correction; power authority; monies

SB1453 - technical correction; power authority; monies

Budget Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
David C. Farnsworth
Last action
2026-06-12
Official status
Senate Rules: None
Effective date
Not listed

Plain English Breakdown

The effective date is missing from the provided metadata; only the last legislative action date is known.

SB1453: Technical Correction on Arizona Power Authority Funds

This bill clarifies how money is classified and managed by the Arizona Power Authority, including rules for a debt reserve fund.

What This Bill Does

  • Defines 'appropriated funds' as money given to the authority by legislative appropriation.
  • Defines 'operation funds' as all other money earned or received by the authority that is not from an appropriation.
  • Requires separate accounting records for different types of money, including a debt reserve fund for paying principal and interest on revenue bonds.
  • Limits withdrawals from the debt reserve fund only to the specific purposes for which the money was deposited.
  • States that general state fiscal laws apply to appropriated funds unless they conflict with this article.
  • Removes rules about dividing the authority's year into quarters or letting unused appropriations expire.

Who It Names or Affects

  • The Arizona Power Authority

Terms To Know

Appropriated funds
Money given to the authority directly by a legislative appropriation.
Operation funds
All other money earned or received by the authority that is not from an appropriation.
Debt reserve fund
A specific account holding money set aside to pay back principal and interest on revenue bonds and other required obligations.

Limits and Unknowns

  • The official text does not state a specific date when these changes take effect.
  • The source material describes the legal change but does not explain why this technical correction was needed.

Bill History

  1. 2026-06-12 Senate

    Senate Rules: None

  2. 2026-06-12 Senate

    Senate first read

Official Summary Text

SB1453 - technical correction; power authority; monies

Current Bill Text

Read the full stored bill text 
SB1453 - 572R - I Ver

REFERENCE TITLE:
technical correction; power authority; monies

State of Arizona

Senate

Fifty-seventh Legislature

Second Regular Session

2026

SB 1453

Introduced by

Senator
Farnsworth

AN
ACT

amending section 30-202, Arizona
Revised Statutes; relating to the arizona power authority.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Section 30-202, Arizona Revised
Statutes, is amended to read:

START_STATUTE
30-202
.
Appropriated and operation funds defined; debt reserve fund;
application of general fiscal laws

A. Any funds made available to the authority by
legislative appropriation shall be classified "appropriated
funds." All other funds derived from operations or otherwise
acquired or accruing to the authority shall be classified "operation
funds." Appropriate classifications and designations shall be
set up in the authority accounting records as set forth by section 30-103
to provide for accurate and systematic control and allotment of all monies
received, including a debt reserve fund embracing all monies required for the
payment of principal and interest on revenue bonds, and any and all other
obligations for which a reserve is required.� No withdrawals from the debt
reserve fund shall be made except for the express purposes for which the monies
have been deposited therein.

B. The provisions of
chapter 1,

title 35
, chapter 1
not in conflict with this article
shall
, as far as applicable,
shall
apply
to the handling and disbursement of appropriated funds of the
authority. The fiscal year of the authority shall not be divided
into fiscal quarters, and appropriated monies shall be placed in separate funds
as budgeted and not in the general fund. Warrant limitations,
lapsing of appropriations, quarterly allotments and continuing or recurring
appropriation provisions shall also be inapplicable.

C. Nothing in
chapter 1,
title
35
, chapter 1
shall be construed to require the reversion
to the general fund or otherwise of any monies, balances or biennium
appropriations made for the authority.
END_STATUTE