HB 2538

ON MARCH 23, 2026, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 2226, AS AMENDED. AMENDMENT #1 rewrites the bill to, instead, authorize the Megasite Authority of West Tennessee ("authority"") to issue bonds for the sole purpose of financing, in whole or in part, the cost of acquisition, purchase, construction, reconstruction, improveme nt, betterment, or extension of the water system or wastewater system operated by the authority. Further, the board of directors of the authority, in determining the cost, may include all costs and estimated costs of the issuance of the bonds, all engine er ing inspection, fiscal and legal expenses, if related to the issuance of bonds, and interest that is estimated to accrue during the construction period and six months thereafter on money borrowed or that is estimated to be borrowed. However, the state is not liable on bonds of the authority, the bonds are not a debt of this state, and the bonds must contain on the face of the bonds a statement to that effect. The issuance of bonds by the authority is subject to the approval of the state funding board."