SB 0885 Provides an alternative method for issuing certain utilities revenue bonds
LR Number:3185S.01I Fiscal Note:3185-01
Committee:Commerce and Environment
Last Action:02/26/04 - Removed from S Consent Calendar Journal page:
Effective Date:August 28, 2004
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Current Bill Summary

SB 885 - This act provides an alternative method for issuing certain utilities revenue bonds. Current law requires that the issuance be put to a vote of the people. With this act, for the purposes of purchasing or leasing, constructing, installing, and operating reservoirs, pipelines, wells, check dams, pumping stations, water purification plants, and other facilities for the production, wholesale distribution, and utilization of water, the municipal water commission may provide for a vote by the governing body of each contracting municipality. Such vote shall require the approval of three-quarters of all governing bodies of the contracting municipalities. The commission must receive an engineers report, and provide a public hearing prior to the issuance.