H. B. 2632
(By Delegates Porter and Sumner)
[Introduced February 18, 2009; referred to the
Committee on Government Organization then Finance.]
A BILL to amend and reenact §17-16A-6, §17-16A-7, §17-16A-10,
§17-16A-11, §17-16A-21, §17-16A-22, §17-16A-23 and §17-16A-25
of the Code of West Virginia, 1931, as amended, all relating
to modifying the West Virginia Parkways, Economic Development
and Tourism Authority's power and authority to charge tolls
and issue bonds; and to transfer duties and responsibilities
of the Parkways, Economic Development and Tourism Authority to
the Division of Highways.
Be it enacted by the Legislature of West Virginia:
That §17-16A-6, §17-16A-7, §17-16A-10, §17-16A-11, §17-16A-21,
§17-16A-22, §17-16A-23 and §17-16A-25 of the Code of West Virginia,
1931, as amended, be amended and reenacted, all to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND
TOURISM AUTHORITY.
§17-16A-6. Parkways authority's powers.
(a) The parkways authority is hereby authorized and empowered:
(1) To adopt bylaws for the regulation of its affairs and the
conduct of its business;
(2) To adopt an official seal and alter the same at pleasure;
(3) To maintain an office at such place or places within the
state as it may designate;
(4) To sue and be sued in its own name, plead and be
impleaded. Any and all actions against the parkways authority
shall be brought only in the county in which the principal office
of the parkways authority shall be located;
(5) To construct, reconstruct, improve, maintain, repair and
operate projects at such locations within the state as may be
determined by the parkways authority:
Provided, That the parkways
authority shall be prohibited from constructing motels or any other
type of lodging facility within five miles of the West Virginia
Turnpike:
Provided, however, That as of July 1, 2009, once all
existing bonds issued have been repaid, all such administrative
duties with respect to roads, highways and the West Virginia
Turnpike shall be assumed by and transferred to the Division of
Highways.
(6) To issue parkway revenue bonds of the State of West
Virginia, payable solely from revenues, for the purpose of paying
all or any part of the cost of any one or more projects, which
costs may include, with respect to the West Virginia Turnpike, such funds as are necessary to repay to the State of West Virginia all
or any part of the state funds used to upgrade the West Virginia
Turnpike to federal interstate standards:
Provided, That upon the
effective date of the amendments to this section enacted during the
regular session of the Legislature in 2006, the authorization to
issue bonds pursuant to this subsection is limited to that of
refunding bonds pursuant to subdivision seven of this subsection;
(7) To issue parkway revenue refunding bonds of the State of
West Virginia, payable solely from revenues, for any one or more of
the following purposes: (i) Refunding any bonds which shall have
been issued under the provisions of this article or any predecessor
thereof; and (ii) repaying to the state all or any part of the
state funds used to upgrade the West Virginia Turnpike to federal
interstate standards:
Provided, That beginning July 1, 2009, and
notwithstanding any other provision of this code, the parkways
authority may not issue refunding bonds unless the Legislature
specifically authorizes it to do so;
(8) To fix and revise, from time to time, tolls for transit
over each parkway project constructed by it or by the West Virginia
Turnpike Commission;
(9) To fix and revise, from time to time, rents, fees or other
charges, of whatever kind or character, for the use of each tourism
project or economic development project constructed by it or for
the use of any building, structure or facility constructed by it in connection with a parkway project;
(10) To acquire, hold, lease and dispose of real and personal
property in the exercise of its powers and the performance of its
duties under this article:
Provided, That the authority may not
finance any transaction to acquire, hold or lease real property;
(11) To acquire in the name of the state by purchase or
otherwise, on such terms and conditions and in such manner as it
may
deem consider proper, or by the exercise of the right of
condemnation in the manner hereinafter provided, such public or
private lands, including public parks, playgrounds or reservations,
or parts thereof or rights therein, rights-of-way, property,
rights, easements and interests, as it may
deem consider necessary
for carrying out the provisions of this article:
Provided, That
the authority may not finance any transaction to acquire real
property. No compensation shall be paid for public lands,
playgrounds, parks, parkways or reservations so taken, and all
public property damaged in carrying out the powers granted by this
article shall be restored or repaired and placed in its original
condition as nearly as practicable;
(12) To designate the locations, and establish, limit and
control such points of ingress to and egress from each project as
may be necessary or desirable in the judgment of the parkways
authority to ensure the proper operation and maintenance of such
project, and to prohibit entrance to such project from any point or points not so designated;
(13) To make and enter into all contracts and agreements
necessary or incidental to the performance of its duties and the
execution of its powers under this article, and to employ
consulting engineers, attorneys, accountants, architects,
construction and financial experts, trustees, superintendents,
managers and such other employees and agents as may be necessary in
its judgment, and to fix their compensation. All such expenses
shall be payable solely from the proceeds of parkway revenue bonds
or parkway revenue refunding bonds issued under the provisions of
this article, tolls or from revenues;
(14) To make and enter into all contracts, agreements or other
arrangements with any agency, department, division, board, bureau,
commission, authority or other governmental unit of the state to
operate, maintain or repair any project;
(15) To receive and accept from any federal agency grants for
or in aid of the construction of any project, and to receive and
accept aid or contributions from any source of either money,
property, labor or other things of value, to be held, used and
applied only for the purposes for which such grants and
contributions may be made;
(16) To do all acts and things necessary or convenient to
carry out the powers expressly granted in this article; and
(17) To file the necessary petition or petitions pursuant to Title 11, United States Code, Sec. 401 (being section 81 of the Act
of Congress entitled "An act to establish a uniform system of
bankruptcy throughout the United States", approved July 1, 1898, as
amended) and to prosecute to completion all proceedings permitted
by Title 11, United States Code, Secs. 401-403 (being sections 81
to 83, inclusive, of said Act of Congress). The State of West
Virginia hereby consents to the application of said Title 11,
United States Code, Secs. 401-403, to the parkways authority.
(b) Nothing in this article shall be construed to prohibit the
issuance of parkway revenue refunding bonds in a common plan of
financing with the issuance of parkway revenue bonds: Provided,
That upon the effective date of the amendments to this section
enacted during the regular session of the Legislature in two
thousand six, the authorization to issue bonds pursuant to this
subsection is limited to that of refunding bonds pursuant to
sections twenty-one and twenty-two of this article.
§17-16A-7. Parkways authority's incidental powers.
The parkways authority shall have authority to construct grade
separations at intersections of any project with public roads and
state highways and to change and adjust the lines and grades of
such roads and highways so as to accommodate the same to the design
of such grade separation. The cost of such grade separations and
any damage incurred in changing and adjusting the lines and grades
of such roads and highways shall be ascertained and paid by the parkways authority as a part of the cost of such project.
If the parkways authority shall find it necessary to change
the location of any portion of any public road or state highway, it
shall cause the same to be reconstructed at such location as the
parkways authority shall
deem consider most favorable and of
substantially the same type and in as good condition as the
original road or highway. The cost of such reconstruction and any
damage incurred in changing the location of any such road or
highway shall be ascertained and paid by the parkways authority as
a part of the cost of such project.
Upon the request of the parkways authority, the Commissioner
of the state
department Division of Highways shall relocate or
discontinue any road or highway over which he has authority and
control which is affected by the construction of any project.
In addition to the foregoing powers, the parkways authority
and its authorized agents and employees may enter upon any lands,
waters and premises in the state for the purpose of making surveys,
soundings, drillings and examinations as it may
deem consider
necessary or convenient for the purposes of this article, and such
entry shall not be
deemed considered a trespass, nor shall an entry
for such purposes be
deemed considered an entry under any
condemnation proceedings which may be then pending. The parkways
authority shall make reimbursement for any actual damages resulting
to such lands, waters and premises as a result of such activities.
Beginning July 1, 2009, once all existing bonds are repaid,
all duties and responsibilities relating to roads, highways and the
West Virginia Turnpike mentioned in this section are to be assumed
by and transferred to the Division of Highways.
The State of West Virginia hereby consents to the use of all
lands owned by it, including lands lying under water, which are
deemed considered by the parkways authority to be necessary for the
construction or operation of any project.
§17-16A-10. Parkway revenue bonds generally.
(a) The parkways authority is authorized to provide by
resolution for the issuance of parkway revenue bonds of the state
for the purpose of paying all or any part of the cost of one or
more projects:
Provided, That this section shall not be construed
as authorizing the issuance of parkway revenue bonds for the
purpose of paying the cost of the West Virginia Turnpike, which
parkway revenue bonds may be issued only as authorized under
section eleven of this article. The principal of and the interest
on bonds shall be payable solely from the funds provided for
payment.
(b) The bonds of each issue shall be dated, shall bear
interest at a rate as may be determined by the parkways authority
in its sole discretion, shall mature at a time not exceeding 40
years from their date or of issue as may be determined by the
parkways authority, and may be made redeemable before maturity, at the option of the parkways authority at a price and under the terms
and conditions as may be fixed by the parkways authority prior to
the issuance of the bonds.
(c) The parkways authority shall determine the form of the
bonds, including any interest coupons to be attached thereto, and
shall fix the denomination of the bonds and the place of payment of
principal and interest, which may be at any bank or trust company
within or without the state.
(d) The bonds shall be executed by manual or facsimile
signature by the chair of the parkways authority, and the official
seal of the parkways authority shall be affixed to or printed on
each bond, and attested, manually or by facsimile signature, by the
secretary and treasurer of the parkways authority. Any coupons
attached to any bond shall bear the manual or facsimile signature
of the chair of the parkways authority.
(e) In case any officer whose signature or a facsimile of
whose signature appears on any bonds or coupons shall cease to be
an officer before the delivery of the bonds, the signature or
facsimile shall nevertheless be valid and sufficient for all
purposes the same as if
he the officer had remained in office until
delivery. In case the seal of the parkways authority has been
changed after a facsimile has been imprinted on the bonds, then the
facsimile seal will continue to be sufficient for all purposes.
(f) All bonds issued under the provisions of this article shall have all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the state. The
bonds may be issued in coupon or in registered form, or both, as
the parkways authority may determine, and provision may be made for
the registration of any coupon bonds as to principal alone and also
as to both principal and interest, and for the recorders into
coupon bonds of any bonds registered as to both principal and
interest.
(g) The parkways authority may sell the bonds at a public or
private sale at a price it determines to be in the best interests
of the state.
(h) The proceeds of the bonds of each issue shall be used
solely for the payment of the cost of the parkway project or
projects for which the bonds were issued, and shall be disbursed in
a manner consistent with the resolution authorizing the issuance of
the bonds or in the trust agreement securing the bonds.
(i) If the proceeds of the bonds of any issue, by error of
estimates or otherwise, shall be less than the cost, then
additional bonds may in like manner be issued to provide the amount
of the deficit. Unless otherwise provided in the resolution
authorizing the issuance of the bonds or in the trust agreement
securing the bonds, the additional bonds shall be
deemed considered
to be of the same issue and shall be entitled to payment from the
same fund without preference or priority of the bonds first issued.
(j) If the proceeds of the bonds of any issue exceed the cost
of the project or projects for which the bonds were issued, then
the surplus shall be deposited to the credit of the sinking fund
for the bonds.
(k) Prior to the preparation of definitive bonds, the parkways
authority may, under like restrictions, issue interim receipts or
temporary bonds, with or without coupons, exchangeable for
definitive bonds when the bonds have been executed and are
available for delivery. The parkways authority may also provide
for the replacement of any bonds that become mutilated or are
destroyed or lost.
(l) Bonds may be issued under the provisions of this article
without obtaining the consent of any department, division,
commission, board, bureau or agency of the state in accordance with
this article.
(m) Notwithstanding any other provision of this code to the
contrary, the authority may not issue parkway revenue bonds after
the effective date of the amendments to this section enacted in the
regular session of the Legislature in 2006.
Provided, That the
authority may issue revenue refunding bonds pursuant to sections
twenty-one and twenty-two of this article for parkway revenue bonds
previously issued prior to the effective date of the amendments to
this section enacted in the regular session of the Legislature in
2006,
only if the Legislature specifically authorizes it to do so.
§17-16A-11. Parkway revenue bonds--West Virginia Turnpike; related
projects.
(a) The parkways authority is authorized to provide by
resolution, at one time or from time to time, for the issuance of
parkway revenue bonds of the state in an aggregate outstanding
principal amount not to exceed, from time to time, $2 million for
the purpose of paying: (i) All or any part of the cost of the West
Virginia Turnpike, which may include, but not be limited to, an
amount equal to the state funds used to upgrade the West Virginia
Turnpike to federal interstate standards; (ii) all or any part of
the cost of any one or more parkway projects that involve
improvements to or enhancements of the West Virginia Turnpike,
including, without limitation, lane-widening on the West Virginia
Turnpike and that are or have been recommended by the parkways
authority's traffic engineers or consulting engineers or by both of
them prior to the issuance of parkway revenue bonds for the project
or projects; and (iii) to the extent permitted by federal law, all
or any part of the cost of any related parkway project. For
purposes of this section only, a "related parkway project" means
any information center, visitors' center or rest stop, or any
combination thereof, and any expressway, turnpike, trunkline,
feeder road, state local service road or park and forest road which
connects to or intersects with the West Virginia Turnpike and is
located within seventy-five miles of the turnpike as it exists on June 1, 1989, or any subsequent expressway, trunkline, feeder road,
state local service road or park and forest road constructed
pursuant to this article:
Provided, That nothing in this section
shall be construed as prohibiting the parkways authority from
issuing parkway revenue bonds pursuant to section ten of this
article for the purpose of paying all or any part of the cost of
any related parkway project:
Provided, however, That none of the
proceeds of the issuance of parkway revenue bonds under this
section shall be used to pay all or any part of the cost of any
economic development project, except as provided in section
twenty-three of this article:
Provided further, That nothing in
this section shall be construed as prohibiting the parkways
authority from issuing additional parkway revenue bonds to the
extent permitted by applicable federal law for the purpose of
constructing, maintaining and operating any highway constructed, in
whole or in part, with money obtained from the Appalachian Regional
Commission as long as the highway connects to the West Virginia
Turnpike as it existed as of June 1, 1989:
And provided further,
That, for purposes of this section, in determining the amount of
bonds outstanding, from time to time, within the meaning of this
section: Original par amount or original stated principal amount
at the time of issuance of bonds shall be used to determine the
principal amount of bonds outstanding, except that the amount of
parkway revenue bonds outstanding under this section may not include any bonds that have been retired through payment, defeased
through the deposit of funds irrevocably set aside for payment or
otherwise refunded so that they are no longer secured by toll
revenues of the West Virginia Turnpike:
And provided further, That
the authorization to issue bonds under this section is in addition
to the authorization and power to issue bonds under any other
section of this code:
And provided further, That, without
limitation of the authorized purposes for which parkway revenue
bonds are otherwise permitted to be issued under this section, and
without increasing the maximum principal par amount of parkway
revenue bonds permitted to be outstanding, from time to time, under
this section, the authority is specifically authorized by this
section to issue, at one time or from time to time, by resolution
or resolutions under this section, parkway revenue bonds under this
section for the purpose of paying all or any part of the cost of
one or more parkway projects that: (i) Consist of enhancements or
improvements to the West Virginia Turnpike, including, without
limitation, projects involving lane widening, resurfacing, surface
replacement, bridge replacement, bridge improvements and
enhancements, other bridge work, drainage system improvements and
enhancements, drainage system replacements, safety improvements and
enhancements, and traffic flow improvements and enhancements; and
(ii) have been recommended by the authority's consulting engineers
or traffic engineers, or both, prior to the issuance of the bonds. Except as otherwise specifically provided in this section, the
issuance of parkway revenue bonds pursuant to this section, the
maturities and other details of the bonds, the rights of the
holders of the bonds, and the rights, duties and obligations of the
parkways authority in respect of the bonds shall be governed by the
provisions of this article insofar as the provisions are
applicable.
(b) Notwithstanding any other provision of this code to the
contrary, the authority may not issue parkway revenue bonds after
the effective date of the amendments to this section enacted in the
regular session of the Legislature in 2006:
Provided, That the
authority may issue revenue refunding bonds pursuant to sections
twenty-one and twenty-two of this article for parkway revenue bonds
previously issued prior to the effective date of the amendments to
this section enacted during the regular session of the Legislature
in 2006,
only the Legislature specifically authorizes it to do so.
§17-16A-21. Parkway revenue refunding bonds-Generally.
The parkways authority is hereby authorized to provide by
resolution for the issuance of parkway revenue refunding bonds of
the state for the purpose of refunding any bonds then outstanding
which shall have been issued under the provisions of this article,
including the payment of any redemption premium thereon and any
interest accrued or to accrue to the date of redemption of such
bonds; and, if
deemed considered advisable by the parkways authority, for the additional purpose of constructing improvements,
extensions or enlargements of the project or projects in connection
with which the bonds to be refunded shall have been issued
:
Provided, That this section shall not be construed as authorizing
the issuance of parkway revenue refunding bonds for the purpose of
refunding any bonds then outstanding which shall have been issued
under the provisions of this article, or any predecessor thereof,
in connection with the construction of the West Virginia Turnpike,
which revenue refunding bonds may be issued only as authorized
under section twenty-two of this article. The issuance of such
bonds, the maturities and other details thereof, the rights of the
holders thereof and the rights, duties and obligations of the
parkways authority in respect of the same shall be governed by the
provisions of this article insofar as the same may be applicable.
After the effective date of the amendments to this article enacted
by the Legislature during the regular session in 2006, no issuance
of a refunding bond may extend the maturity date of such bond being
refunded and may not exceed the outstanding principal of such bond
being refunded. Any refunding bond issued after the effective date
of the amendments to this article enacted by the Legislature during
the regular session in 2006 shall be structured to provide for
approximately level annual debt service savings each fiscal year
through the final maturity or structured to approximate the level
of debt service that would have been paid prior to the refunding, with a preponderance of the savings being deferred toward
eliminating or reducing the most distant maturities. For purposes
of this section, the outstanding principal is to be determined as
of the date on which the revenue bond is refinanced.
Beginning July 1, 2009, the parkways authority may not issue
any bonds as provided in this section unless the Legislature
specifically grants it the authority to do so.
§17-16A-22. Parkway revenue refunding bonds--West Virginia
Turnpike.
The parkways authority is hereby authorized to provide by
resolution for the issuance of parkway revenue refunding bonds of
the state in an aggregate principal amount not to exceed $60
million for the purpose of refunding any bonds which shall have
been issued under this article, or any predecessor thereof, in
connection with the construction of the West Virginia Turnpike,
including the payment of any redemption premium thereon and any
interest accrued or to accrue to the date of redemption of such
bonds, and, to the extent permissible under federal law and if
deemed considered advisable by the parkways authority, for repaying
to the state all or any part of the state funds used to upgrade the
West Virginia Turnpike to federal interstate standards
: Provided,
That any proceeds derived from the issuance of such bonds which are
used on any parkway project other than the West Virginia Turnpike
must be used solely on parkway projects: (i) Which are either connected to or intersect with the West Virginia Turnpike and are
within seventy-five air miles of said turnpike as it exists on June
1, 1989, or any subsequent expressway, trunkline, turnpike, feeder
road, state local service road or park and forest road constructed
pursuant to this article; and (ii) which involve the upgrading or
addition of interchanges, the construction of expressways or feeder
roads, or the upgrading or construction of information centers,
visitors' centers, rest stops or any combination thereof
:
Provided, however, That none of the proceeds of the issuance of
parkway revenue refunding bonds issued under this section shall be
used to pay all or any part of the cost of any economic development
project. Except as otherwise specifically provided in this
section, the issuance of parkway revenue refunding bonds pursuant
to this section, the maturities and other details thereof, the
rights of the holders thereof, and the rights, duties and
obligations of the parkways authority in respect of the same, shall
be governed by the provisions of this article insofar as the same
may be applicable.
After the effective date of the amendments to this article
enacted by the Legislature during the regular session in 2006, no
issuance of a refunding bond may extend the maturity date of such
bond being refunded and may not exceed the outstanding principal of
such bond being refunded. Any refunding bond issued after the
effective date of the amendments to this article enacted by the Legislature during the regular session in 2006 shall be structured
to provide for approximately level annual debt service savings each
fiscal year through the final maturity or structured to approximate
the level of debt service that would have been paid prior to the
refunding, with a preponderance of the savings being deferred
toward eliminating or reducing the most distant maturities. For
purposes of this section, the outstanding principal is to be
determined as of the date on which the revenue bond is refinanced.
Beginning July 1, 2009, the parkways authority may not issue
any parkway revenue bonds as mentioned in this section unless the
Legislature has specifically granted it the authority to do so.
§17-16A-23. Special Highway Fund; appropriations from fund.
(a) There is hereby created a special fund in the State
Treasury which shall be designated and known as the "West Virginia
Special Highway Fund." The special highway fund shall consist of
(i) all funds allocated and disbursed to the
state department
Division of Highways by the parkways authority, including without
limitation the proceeds of any parkway revenue bonds or revenue
refunding bonds issued by the parkways authority pursuant to
sections eleven, twenty-one or twenty-two of this article, in
repayment of the amount of state funds used to upgrade the West
Virginia Turnpike to federal interstate standards, (ii) any
appropriations, grants, gifts, contributions or other revenues
received by the special highway fund from any source, and (iii) all interest earned on moneys held in the fund. When any funds are
received by the
state department Division of Highways from the
parkways authority pursuant to this section, they shall be paid
into the State Treasury by the Commissioner of the
department
Division of Highways and credited to the Special Highway Fund, and
shall be disbursed in the manner set forth in subsections (b) and
(c) of this section. The special highway fund shall not be treated
by the Auditor and Treasurer as part of the state Road Fund or as
part of the general revenues of the state.
(b) The Governor shall have the authority to transfer to the
Insurance Fund created in section eight, article fifteen, chapter
thirty-one of this code, on any date or dates after the enactment
of this section, up to $35 million of the funds received or earned
by the Special Highway Fund, which funds may be used and applied by
the West Virginia Economic Development Authority in the manner and
to the extent set forth in article fifteen of said chapter
thirty-one. On or before December 31, 1994, the Economic
Development Authority shall retransfer to the special highway fund
the $35 million advanced to the Insurance Fund pursuant to this
section. All interest earned on the $35 million while being held
in the Insurance Fund shall remain in, and be the property of, said
Insurance Fund:
Provided, That on and after July 1, 1992, the
Governor shall have the authority to transfer $6 million from the
Insurance Fund created in section eight, article fifteen, chapter thirty-one of this code to a special fund hereby created in the
State Treasury and designated "the West Virginia Economic
Development Fund." Expenditures from the fund are to be made only
in accordance with appropriations by the Legislature.
(c) Upon the transfer of $35 million to the Insurance Fund as
provided in subsection (b) of this section, the Legislature shall
annually appropriate all or any part of the balance of the funds
deposited in the special highway fund for the construction,
reconstruction, improvement, maintenance or repair of any parkway
project or projects:
Provided, That all of such funds shall be
appropriated to: (i) The upgrading or addition of interchanges;
(ii) the construction of expressways or feeder roads; or (iii) the
upgrading or construction of information centers, visitors'
centers, rest stops, or any combination thereof, and that all such
feeder roads, expressways, interchanges, information centers,
visitors' centers or rest stops shall connect to the West Virginia
Turnpike and within seventy-five air miles of the West Virginia
Turnpike as it existed on the effective date of this legislation,
or any subsequent expressway, turnpike or feeder road constructed
pursuant to this subsection. The appropriation of funds pursuant
to this subsection shall be expended on more than one project.
(d) Beginning July 1, 2009, once all existing bonds are repaid
by the parkways authority, all funds in the West Virginia Special
Highway Fund granted to it shall be allocated and dispersed to the Division of Highways.
§17-16A-25. Additional powers of parkways authority; issuance of
special obligation bonds.
(a) In addition to all powers granted by the foregoing
sections of this article, the parkways authority in connection with
a proceeding prosecuted to completion under Title 11, United States
Code, Secs. 401-403, as permitted by subdivision (17), section six
of this article is hereby authorized to provide by resolution for
the issuance of special obligation bonds of the state for the
purpose of exchanging such special obligation bonds for all bonds
then outstanding which shall have been issued under the provisions
of this article. Special obligation bonds issued under the
provisions of this section shall not be
deemed considered to
constitute a debt of the state or of any political subdivision
thereof or a pledge of the faith and credit of the state or of any
such political subdivision, but such bonds shall be payable solely
from the funds herein provided therefor from pledged property and
income therefrom as provided in subdivision (1) of this subsection.
All such special obligation bonds shall contain on the face thereof
a statement in accordance with the preceding sentence. The
issuance of such bonds, the maturities and other details thereof,
the rights of the holders thereof, and the rights, duties and
obligations of the parkways authority in respect of the same shall
be governed by the provisions of this article insofar as the same may be applicable with the following express exceptions:
(1) The principal of and the interest on such special
obligation bonds shall not be payable from tolls, rents, fees,
charges or revenues of any parkway project but shall be payable
solely from such other property purchased and pledged as security
therefor as the parkways authority shall determine together with
the income derived therefrom which other property may include
direct obligations of, or obligations the principal of and the
interest on which are guaranteed by, the United States government
or participation certificates or other obligations issued by or by
authority of the United States government; and
(2) Following the issuance of such special obligation bonds
there shall be no obligation to fix, revise, charge and collect
tolls for the use of any parkway project and any parkway project
shall be transferred to the
state department Division of Highways
and shall thereafter be maintained by the
state department Division
of Highways free of tolls. At such time as the special obligation
bonds are issued, then section eighteen of this article shall be of
no further force and effect.
(b) Financial, legal, engineering and feasibility consultants
may be employed to perform such services as the parkways authority
shall
deem consider necessary or desirable in connection with the
Title 11 proceedings mentioned above and the issuance and exchange
of the special obligation bonds.
(c) The entire powers herein granted by this section to the
parkways authority may be exercised by the
state department
Division of Highways in which event the special obligation bonds
herein authorized shall be executed by manual or facsimile
signature by the Governor and by the Commissioner of the
department
Division of Highways, and the official seal of the
department
Division of Highways shall be affixed to or printed on each bond,
and any coupons attached to such bonds shall bear the manual or
Commissioner of the
state department Division of Highways. In the
event that the
state department Division of Highways shall elect to
exercise the powers granted by this section, it shall file a
statement to that effect in the office of the chairman of the
parkways authority and in the office of the Secretary of State, and
upon the issuance of the special obligation bonds herein provided,
for the
state department Division of Highways shall succeed
immediately to the principal functions of the parkways authority
and the parkways authority shall then be abolished.
(d) Beginning July 1, 2009, the parkways authority may not
issue such special obligation bonds unless the Legislature grants
it the authority to do so.
(d) (e) The
state department Division of Highways is hereby
empowered to acquire by purchase the parkways authority and all its
rights-of-way, equipment, facilities and any and all other rights
or interest the parkways authority has or had in any project, from any funds available to it, and to pay any expenses incident to such
acquisition under the provisions of this article:
Provided, That
the contribution of the
state department Division of Highways in
making such acquisition shall not exceed the sum of $20,000,000.00
from all sources of public moneys of the State of West Virginia,
excluding any funds reimbursed or reimbursable or otherwise
provided or to be provided by the federal government. No funds
derived from the sale of the $350 million bond issue authorized by
the Roads Development Amendment shall be included in the
acquisition of the West Virginia Turnpike.
NOTE: The purpose of this bill is to modify the West Virginia
Parkways, Economic Development and Tourism Authority's power and
authority to charge tolls and issue bonds and to transfer duties
and responsibilities of the parkways authority to the Division of
Highways.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.