An Act to Raise the Debt Limit of the Stonington Water Company (AFTER DEADLINE)
Maine Legislature, Session 131, LD 1950
Committee: Energy, Utilities and Technology
Sponsors: GROHOSKI, EATON

Legislative Document
No. 1950
S.P. 793
In Senate, May 16, 2023
An Act to Raise the Debt Limit of the Stonington Water Company
(AFTER DEADLINE)
(EMERGENCY)
Approved for introduction by a majority of the Legislative Council pursuant to Joint Rule 
205.
Reference to the Committee on Energy, Utilities and Technology suggested and ordered 
printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator GROHOSKI of Hancock.
Cosponsored by Representative EATON of Deer Isle.
Emergency preamble.  Whereas, acts and resolves of the Legislature do not 
become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, this legislation must take effect before the expiration of the 90-day period 
in order to allow for the timely financing of Stonington Water Company projects; and
Whereas, in the judgment of the Legislature, these facts create an emergency within 
the meaning of the Constitution of Maine and require the following legislation as 
immediately necessary for the preservation of the public peace, health and safety; now, 
therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  P&SL 1907, c. 240, §11, first ¶, as amended by P&SL 1989, c. 101, is 
further amended to read:
Sec. 11.  Borrow money and issue negotiable notes.  For accomplishing the 
purposes of this Act, and for other expenses as may be necessary for the carrying out of the 
purposes, the company, through its trustees, is authorized to borrow money temporarily 
and to issue its negotiable notes; and for the purpose of renewing and refunding the 
indebtedness so created, of paying any necessary expenses and liabilities incurred under 
this Act, and in acquiring properties, paying damages, laying pipes, mains, aqueducts and 
conduits, constructing, maintaining and operating a water plant or system and making 
renewals, additions, extensions and improvements to the same, and to cover interest 
payments during the period of construction, the company, through its trustees, is also 
authorized to issue, from time to time, bonds, notes or other evidences of indebtedness of 
the company in one series, or in separate series, in any amount or amounts, bearing interest 
at a rate or rates, and having terms and provisions as the trustees shall determine; provided, 
however, that, as long as the total indebtedness of the company does not exceed the sum of 
$1,000,000 $10,000,000 at any time outstanding; but bonds, notes or other evidences of 
indebtedness of the company which that have matured or otherwise become payable and 
for the payment of which adequate funds have been provided by depositing those funds 
with a paying or disbursing agent named in the bonds, notes or other evidences of 
indebtedness in trust for that purpose are not considered to be outstanding.
Emergency clause.  In view of the emergency cited in the preamble, this legislation 
takes effect when approved.
SUMMARY
This bill increases, from $1,000,000 to $10,000,000, the total amount of debt the 
Stonington Water Company may incur.