A domestic corporation organized and governed pursuant to Chapter 35 of Title 33 before the effective date of this chapter is deemed to have been organized pursuant to this chapter as of its effective date and must be governed by the provisions of this chapter. Election to Become Public Body Politic and Corporate Editor's Note 2001 Act No. 78, SECTION 1, provides as follows: "Act 1030 of 1964 was enacted to take advantage of federal funding available through the Farmer's Home Administration Act to provide for the growing need for utility and other services, especially in rural areas. Since that time, the availability of the funding has diminished, and federal and state funding are more often provided from additional sources. The General Assembly finds, under certain conditions, that the not-for-profit corporations organized under Act 1030 of 1964, for the purposes of providing water services, should be granted the right to elect to become public bodies politic and corporate for reasons including, but not limited to, the following: "(1) the opportunity to receive funding, loans, and grants from other sources such as the State Revolving Fund will be increased or enhanced; "(2) the right to participate in a joint municipal water system as authorized under Chapter 25, Title 6 of the 1976 Code will be afforded; and "(3) the cost of borrowing money for infrastructure construction and expansion will be lower and growth demands more economically met."
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