Bill > SB2226

This bill authorizes the Megasite Authority of West Tennessee to issue bonds, which are essentially loans that the authority will repay with interest, for the specific purpose of funding improvements or expansions to its water or wastewater systems. The bill clarifies that the costs associated with issuing these bonds, including legal and engineering fees, as well as interest during construction, can be included in the total project cost. Importantly, it explicitly states that the state of Tennessee is not responsible for repaying these bonds, meaning they are not a debt of the state, and this limitation of liability must be clearly stated on the bonds themselves. Additionally, any bond issuance for these water and wastewater projects requires approval not only from the authority's board of directors but also from the state funding board, which oversees state financial matters.