Intent and Content Prepared by the Office of the Attorney General This Act would authorize the State to issue bonds in an amount not to exceed $18,300,000 for wastewater treatment and drinking water systems. The bonds would run for a period not longer than 10 years from the date of issue and would be backed by the full faith and credit of the State. The Department of Environmental Protection would expend $14,900,000 of the proceeds of the sale of the bonds as follows: $2,900,000 would go into an existing State Revolving Loan Fund, to be matched by $14,500,000 in federal funds, and distributed as low interest loans to municipalities to repair, improve or upgrade wastewater treatment facilities; and $12,000,000 would be distributed in grants to municipalities to construct, improve or upgrade wastewater treatment facilities. The Department of Health and Human Services would expend $3,400,000 of the bond proceeds in grants and low interest loans to eligible public water systems to construct and upgrade public drinking water systems, through the Drinking Water State Revolving Fund. These funds would be matched by $17,000,000 in federal funds. If approved, the bond authorization would take effect 30 days after the Governor's proclamation of the vote. A statement of the Treasurer describing the financial considerations of this bond issue is published together with this statement. A "YES" vote approves authorization of an $18,300,000 bond issue to finance all of the above activities. A "NO" vote disapproves the bond issue in its entirety. Debt Service Prepared by the Office of the Treasurer Total estimated life time cost is $23,835,750.00 representing $18,300,000.00 in principal and $5,535,750.00 in interest (assuming interest at 5.5% over 10 years). Fiscal Impact Statement Prepared by the Office of Fiscal and Program Review This bond issue has no significant fiscal impact other than the debt service costs identified above. Public Comments No public comments were filed in support or in opposition to Question 2.
Do you favor an $18,300,000 bond issue to support drinking water programs and to support the construction of wastewater treatment facilities that will leverage $49,500,000 in other funds?