Senate Bill No. 475
(By Senators Wiedebusch and Felton)
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[Introduced March 22, 1993; referred to the Committee
on Finance.]
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A BILL to amend article two-c, chapter thirteen of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
twenty-two, relating to the industrial development and
commercial development bond act; and authorizing bond issues
for new businesses to fund operation when hiring previously
unemployed West Virginia residents.
Be it enacted by the Legislature of West Virginia:
That article two-c, chapter thirteen of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
twenty-two, to read as follows:
ARTICLE 2C. INDUSTRIAL DEVELOPMENT AND COMMERCIAL DEVELOPMENT
BOND ACT.
§13-2C-22. New businesses hiring state residents who have been
unemployed at least one year; issuance of bonds.
In addition to the projects for which bonds may be issuedunder the provisions of this article, bonds may also be issued
for a person, firm, partnership or corporation which starts a new
business and hires twenty to fifty West Virginia residents, who
have been out of work or unemployed for at least one year, and
which pays nonmanagerial or supervisory personnel an average of
at least one hundred eighty percent of the minimum wage, together
with providing all employees with health insurance which meets
criteria established by the insurance commissioner. These bonds
may be issued in an amount not to exceed twenty million dollars,
at an interest rate that is not less than three percent below the
prime interest rate, and are subject to all other provisions of
this article.
NOTE: The purpose of this bill is to authorize the issuance
of low interest bonds, not exceeding $20 million to fund
businesses which hire West Virginia residents who have been
unemployed for at least one year.
This section is new; therefore, strike-throughs and
underscoring have been omitted.