Senate Bill 2946, also known as 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 powers, including the ability to acquire property, enter into agreements, and issue bonds for funding. It establishes a Board of Directors composed of appointed members from the Creating Governmental Entity and Participating Governmental Entities, granting them full authority over operations, financial management, and personnel oversight. The bill also allows for the appointment of an Executive Director to oversee daily operations and mandates the submission of an annual budget for approval.

Additionally, the bill details the governance structure, including the role of the Executive Director and the Board, and emphasizes the Authority's ability to collaborate with various entities to enhance water and wastewater services. It outlines procedures for refinancing bonds, clarifies the security for payment of bonds, and specifies the terms for Membership Agreements with Participating Governmental Entities. The bill includes provisions for the termination of Membership Agreements and requires a two-thirds vote from the legislative body of Tipton County for the act to take effect, with certain provisions becoming effective immediately upon local approval.