(1) The state and local improvements revolving account-water supply facilities is hereby created in the general fund and shall be used exclusively for the purpose of providing funds for the planning, acquisition, construction, and improvement of water supply facilities within the state.
(2) As used in this section, the term "water supply facilities" means domestic, municipal, industrial, and agricultural (and any associated fishery, recreational, or other beneficial use) water supply or distribution systems including, but not limited to, all equipment, utilities, structures, real property, and interests in and improvements on real property necessary for or incidental to the acquisition, construction, installation, or use of any such water supply or distribution system.
Referral to electorate—1979 ex.s. c 234:
"This act shall be submitted to the people for their adoption and ratification, or rejection, at the general election to be held in this state on the Tuesday next succeeding the first Monday in November, 1980, in accordance with Article VIII, section 3 of the state Constitution, in accordance with Article II, section 1 of the state Constitution, and the laws adopted to facilitate the operation thereof." [ 1979 ex.s. c 234 § 12