Bill > S459

This bill modifies existing law regarding the sewer rate relief fund by changing the language that limits the amount of relief an entity can receive. Previously, an "issuer" – defined as any city, town, district, commission, agency, authority, board, or other governmental entity responsible for wastewater treatment projects and financed through "eligible indebtedness" (debt incurred for these projects) – could not receive more than 20% of its annual debt service obligations as relief. This bill amends the law to state that such an issuer "shall receive relief authorized by this section at a rate of 20 per cent of its annual debt service obligations due to eligible indebtedness," effectively clarifying that the 20% is the rate of relief provided, rather than a cap on the total amount received.