Regional Authorities and Special Districts - As enacted, authorizes the Megasite Authority of West Tennessee to issue bonds for the sole purpose of financing, in whole or in part, the cost of acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of the water system or wastewater system operated by the authority; grants certain additional authority to the board of directors; limits liability of the state on bonds of the authority. - Amends TCA Title 64, Chapter 9. Companion bill has been assigned Public Chapter Number 724 by the Secretary of State.