Bill > HB1547

This bill amends the Water Authority Act to expand the definition of a "qualified corporation" and provide more flexibility for water service entities to convert to public water authorities. The bill broadens the definition of a qualified corporation to include not just nonprofit corporations, but also governmental entities, municipal authorities, improvement districts, and rural development authorities that provide water services. The legislation aims to help water service organizations access tax-exempt capital markets and potentially reduce water rates by allowing them to convert to public water authorities. Key changes include modifying the legislative intent statement, expanding the types of entities that can be considered qualified corporations, and adjusting the conversion process to a water authority. The bill allows these entities to file conversion articles that can either dissolve their previous corporate status or maintain their existing corporate or governmental structure. The amendments provide more pathways for water service organizations to restructure and potentially improve their financial and operational capabilities while serving the public's water needs.

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https://arkleg.state.ar.us/Bills/Detail?id=hb1547&ddBienniumSession=2025%2F2025R