§22C-1-27. Authorized limit on borrowing.
(a) The aggregate principal amount of bonds and notes issued
by the authority may not exceed $500 million outstanding at any one
time: Provided, That before the authority issues bonds and notes in
excess of $400 million the Legislature must pass a resolution
authorizing this action: Provided, however, That in computing the
total amount of bonds and notes which may at any one time be
outstanding, the principal amount of any outstanding bonds or notes
refunded or to be refunded either by application of the proceeds of
the sale of any refunding bonds or notes of the authority or by
exchange for any refunding bonds or notes, shall be excluded.
(b) In addition to the amounts authorized by subsection (a) of
this section, the Water Development Authority may issue, pursuant
to section seventeen-b, article fifteen-a, chapter thirty-one of
this code, bonds or notes in the aggregate principal amount not to
exceed $180 million. This authorization is for the limited purpose
of providing grants for capital improvements for publicly owned
wastewater treatment facilities with an authorized permitted flow
of four hundred thousand gallons per day or more which are required
to maintain compliance with certain standards for discharges into
watersheds in accordance with said section seventeen-b.