Sec. 2. P&SL 1975, c. 79, §8 is amended to read:

*Sec. 8. District and town authorized to make contracts. Said The district, through its trustees, is authorized to contract with persons and corporations, including said the Town of Baileyville, and said the Town of Baileyville is authorized to contract with it the district for the supply of water and electricity for municipal purposes. Said The Town of Baileyville by vote of its town council is authorized to loan said the district an amount not exceeding $40,000 to be used for engineering, accounting and legal expenses in connection with the organization of the district, acquiring of the assets of Woodland Water and Electric Company and studies and reports in connection therewith with the acquisition. Said The loan or loans shall must be repaid by the district from its initial long-term financing. The district and the town are authorized to make contracts that are necessary to accomplish the purposes set forth in section 2.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.