An Act To Amend the Charter of the Town of Madison's Department of Electric Works
Sec. 1. P&SL 1975, c. 53, §8, as amended by P&SL 1999, c. 7, §2, is repealed and the following enacted in its place:
Sec. 8. Borrowing. The Department of Electric Works constitutes a utility district for the purpose of borrowing amounts of money by the issuance of its revenue obligation securities for its electric works for any purpose allowed by law. Borrowing pursuant to this section must be approved by the board of directors of the electric works and, unless the vote authorizing such securities otherwise provides, bonds and notes must be signed by the board of directors and by a treasurer appointed by the board of directors for the purpose of assisting in the issuance and post-issuance requirements associated with the securities, who may also be the superintendent.
Sec. 2. P&SL 1975, c. 53, §9, as amended by P&SL 1995, c. 15, §1 and affected by §2, is repealed.
Sec. 3. P&SL 1975, c. 53, §14, first ¶, as amended by P&SL 1999, c. 7, §7, is further amended to read:
Sec. 14. Duties of superintendent. Subject to any specific limitations imposed by the board of directors pursuant to section 9 7, the superintendent is responsible for the daily administration and operation of the electric works department.
This bill replaces language regarding the bonding authority of the Madison Department of Electric Works to provide that it is the electric works that issues bonds for its purposes and not the Town of Madison. The bill also removes the $1,200,000 cap on the issuance of bonds or notes for current operating expenses.