House Bill 1572 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 board approval of contracts and agreements from $50,000 to $100,000. This change allows the chief executive officer, or their designee, to enter into contracts for services or property without board approval as long as the value does not exceed the newly established amount.

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 and certifying it to the secretary of state. The act will be effective upon becoming law for the purpose of approval or rejection, while for all other purposes, it will take effect as outlined in the approval process.