LD 1252
pg. 2
Page 1 of 2 An Act To Authorize Water and Wastewater Districts To Lease Their Assets LD 1252 Title Page
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LR 1195
Item 1

 
Sec. 3. 38 MRSA §1252, sub-§10 is enacted to read:

 
10.__Lease of property.__A sewer district may enter into a
lease and leaseback or a sale and leaseback transaction with
respect to some or all of its real or personal property and
may take all other action necessary or desirable, including,
but not limited to, the granting of mortgages and liens, to
effectuate the transaction.__For property tax purposes,
including the purposes under Title 36, section 651, property
and any interest in the property, including the lessor's
interest, if any, in property leased back to the consumer-
owned water utility that is subject to a lease and leaseback
or a sale and leaseback transaction under this section is
property of the consumer-owned water utility.

 
SUMMARY

 
This bill specifically provides that a consumer-owned water
or wastewater district may enter into lease and leaseback or
sale and leaseback transactions in furtherance of its
responsibilities to the public.


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