Sec. 1. P&SL 1955, c. 104, §10, first ¶ is amended to read:

Sec. 10. Authority to borrow money. For accomplishing the purposes of this act and for such other expenses as may be necessary for the carrying out of said those purposes, said District the district, through its trustees, without District vote subject to the provisions of the Maine Revised Statutes, Title 35-A, section 6412, is authorized to issue its notes and bonds in one series or in separate series from time to time and to refund and to make subsequent renewals of the same in whole or in part to an amount not exceeding the sum of $20,000 $1,800,000 outstanding at any one time, unless the district obtains approval of the voters of the district for a higher debt limit pursuant to this section. Said notes and bonds shall be a are the legal obligation of said District district which is hereby declared to be a quasi- municipal corporation within the meaning of Section 136 of Chapter 53 of the Revised Statutes of 1954, Title 30-A, section 5701 and all the provisions of said section are applicable thereto; shall be to those notes and bonds.__Those notes and bonds are a legal investment for savings banks in the State of Maine; and shall be are exempt from all present taxes. Each bond or note shall must have inscribed on its face the words "Moscow Water District Bond" or "Moscow Water District Note," as the case may be, and shall bear bears interest at such rates as the trustees shall determine. If said bonds or notes be issued from time to time, The district may refund and reissue, from time to time, in one or in separate series, its bonds, notes and other evidences of indebtedness and each authorized issue shall constitute constitutes a separate loan. Each loan shall be is payable at such time or times as the trustees shall determine.

Sec. 2. P&SL 1955, c. 104, §10 is amended by adding after the first paragraph the following new paragraphs to read:

In order to establish a higher debt limit for the district, the trustees shall propose a new debt limit for the district, which the trustees shall submit for approval in a districtwide referendum.__The referendum must be called, advertised and conducted according to the law relating to municipal elections, except that the registrar of voters is not required to prepare or the town clerk to post a new list of voters.__For the purpose of registering voters, the registrar of voters must be in session on the regular workday preceding the election.__The town clerk of the Town of Moscow shall prepare the required ballots with the following question:

"Do you favor changing the debt limit of the Moscow Water District from (insert current debt limit) to (insert proposed debt limit)?"