water supply development fund; cap

Summary

The bill amends the state’s water supply development revolving fund to cap individual loans at $3 million and grants at $2 million. It also lets the fund refinance water‑provider debt, help purchase insurance for local bonds, cover administrative costs, and conduct water‑supply studies. If pledged money for bond repayment runs short, the fund must liquidate securities and trigger audits to protect bond payments.

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