II. To provide for the payment of the interest on the and retirement of such long-term indebtedness created by as the district has legally entered into;

III. To provide each year a sum equal to not less than 1% nor more than 5% of the entire indebtedness created by the district, which sum shall be turned into a sinking fund and there kept to provide for the extinguishment of said indebtedness for reserve accounts as the trustees may establish, including, but not limited to, capital improvement accounts, capital equipment accounts, credit reserve accounts, sinking fund accounts and capital dedicated reserve accounts. Money set aside for the sinking fund shall be devoted to the retirement of the obligations of said sewer district, and reserve accounts may be invested in such securities as savings banks in this State are allowed to hold; and

IV. If any surplus remains at the end of the year, it may be turned into the sinking fund any established reserve account.

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

SUMMARY

This bill clarifies that a person may connect to a sewer of the Waldoboro Utility District upon obtaining a permit from the trustees of the district and upon payment of an entrance charge. The bill also clarifies that it is the place of residence of the voter who signs the nomination petition and not the candidate's place of residence that is required on the petition. The bill provides for establishing reserve accounts for any surplus revenue remaining after all expenses of the district have been paid.