Plain English Breakdown
Checked against official source text during the last sync.
Megasite Authority of West Tennessee Bond Issuance Act
This act allows the Megasite Authority of West Tennessee to issue bonds for water and wastewater system projects.
What This Bill Does
- Allows the Megasite Authority of West Tennessee to issue bonds to pay for water and wastewater systems.
- Gives the board of directors more power to decide costs related to bond issuance, including expenses and interest.
- States that the state is not responsible if these bonds fail.
- Requires the authority to get approval from the state funding board before issuing bonds.
Who It Names or Affects
- The Megasite Authority of West Tennessee
- People who live in areas served by this authority's water and wastewater systems
Terms To Know
- Bonds
- A type of loan where the borrower promises to pay back a certain amount with interest.
- State Funding Board
- An agency that decides if it's okay for other agencies to borrow money by issuing bonds.
Limits and Unknowns
- The bill does not specify the maximum amount of money that can be borrowed.
- It is unclear what happens if the authority cannot pay back the bonds.