Whereas, the Town of Waldoboro has authorized the issuance of temporary general obligation bond anticipation notes in the principal amount not to exceed $4,923,611, for the purpose of financing the acquisition of the assets of the Waldoboro Water Company and certain improvements to the town's water system and to develop a new water source and has issued its temporary general obligation bond anticipation notes to finance its water project, such debt being originally issued in September 1999; and

Whereas, difficulty in locating a pure source of water has caused the design and construction period of the project to extend beyond the time originally contemplated and has delayed the closing of the long-term financing with the United States of America and the Maine Municipal Bond Bank; and

Whereas, the Maine Revised Statutes, Title 30-A, section 5772 states that the period of anticipatory borrowing by a municipality may not exceed 3 years; and

Whereas, it is necessary for the Town of Waldoboro to extend the period of its anticipatory borrowing for an additional 2 years; 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. Authority to issue and sell temporary notes. Notwithstanding the Maine Revised Statutes, Title 30-A, section 5772, the Town of Waldoboro may issue and sell its temporary general obligation bond anticipation notes in a principal amount not to exceed $4,923,611 for an additional 2 years for the purpose of refinancing certain outstanding temporary notes originally issued in September 1999 and to finance additional costs of the water project for the Town of Waldoboro. The 3-year limitation regarding temporary or anticipatory borrowing contained in Title 30-A, section 5772 is extended to 5 years for the Town of Waldoboro water project for notes that may be issued in the principal amount of $4,923,611 as authorized by the voters of the Town of Waldoboro.

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