LD481

Allows a water district to borrow money and issue a warrant before defaulting on debt payments.

This bill allows a water district created by special act of the Legislature to borrow money and issue a warrant prior to defaulting on debt payments. The district can borrow to cover principal, interest, and transaction costs, issuing a warrant to repay the borrowed amount plus interest. The district must prepare a financial management plan and submit it to the commission and municipalities for review. The commission can then examine the plan and allow affected municipalities to provide input.