Senate Bill 1563 amends Chapter 130 of the Private Acts of 2006 concerning the Bolivar Energy Authority. The bill modifies the purchasing policy of the authority by increasing the threshold for the chief executive officer, or their designee, to enter into contracts and agreements without board approval. Specifically, the previous threshold of $50,000 is raised to $100,000, meaning that any purchases, leases, or dispositions of property valued at or above this amount will require board approval.

Additionally, the bill stipulates that it will only take effect if approved by a two-thirds (2/3) vote of the legislative body of the City of Bolivar. The presiding officer of the legislative body is responsible for proclaiming the approval or nonapproval of the act, which will then be certified to the secretary of state. The act is designed to enhance the operational efficiency of the Bolivar Energy Authority while ensuring that significant financial decisions are still subject to oversight.