House Bill 2976 establishes the "West Tennessee Regional Utility Authority" in Tipton County, Tennessee, as a public body tasked with managing water and wastewater systems. The bill defines key terms and outlines the authority's purpose, powers, and responsibilities, including the ability to acquire property, enter into agreements, and issue bonds for funding. It also establishes a Board of Directors, appointed by the Creating Governmental Entity and Participating Governmental Entities, to oversee operations, financial management, and personnel. An Executive Director will be appointed to handle day-to-day operations, and the authority is empowered to set rates and fees for its services, ensuring self-sufficiency.

The bill further details the governance structure, including the procedures for refinancing bonds and the security for payment of bonds and notes, which are not considered debts of the state or local governments. It allows for Membership Agreements between Participating Governmental Entities and the Authority, with terms extending up to forty years, and outlines the process for terminating such agreements. The bill emphasizes collaboration with governmental entities and compliance with regulations, while also including provisions for the authority's exemption from taxation and the process for its dissolution once its purposes are fulfilled. A two-thirds vote from the legislative body of Tipton County is required for the act to take effect, with certain provisions becoming effective immediately upon local approval.