Whereas, the Topsham Sewer District is now in the process of reconstructing and replacing old sewer mains and the funds needed will exceed the current borrowing capacity of the district; and

Whereas, the district needs immediate authority to accomplish those purposes; and

Whereas, this legislation is necessary for the health of the inhabitants; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. P&SL 1957, c. 128, §9, sub-§6, as repealed and replaced by P&SL 1977, c. 49, is amended to read:

6. Borrowing limit. Said The district may not become indebted in aggregate by its notes and bonds in an amount greater than $1,000,000 $2,000,000 except said the district may, from time to time, as its trustees may decide, issue its notes or bonds in anticipation of receipt of federal or state funds or both for any project for which federal or state funds or both have been authorized but not then received by the district, which said anticipation notes or bonds are not to be included as part of said the debt limit. The notes of the district in the principal amounts of $174,000 and $675,000 outstanding on April 1, 1977, are hereby declared to have been issued in anticipation of receipt of federal or state funds, or both, for such a project.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

This bill increases the borrowing capacity of the Topsham Sewer District from $1,000,000 to $2,000,000.