Bill > HB2538

This bill authorizes the Megasite Authority of West Tennessee to issue bonds, which are essentially loans that the authority will repay with interest, specifically for the purpose of funding the acquisition, construction, or improvement of its water or wastewater systems. The bill clarifies that the costs associated with issuing these bonds, including legal and engineering fees, can be included in the total amount financed, along with estimated interest payments during construction. Importantly, the bill states that the state of Tennessee will not be responsible for repaying these bonds, meaning they are not a debt of the state, and this limitation must be clearly stated on the bonds themselves. Additionally, any bond issuance for these water and wastewater system purposes requires approval not only from the authority's board but also from the state funding board, which oversees state financial matters.