Engrossed Version
Senate Bill 675 History
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Introduced Version
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Key: Green = existing Code. Red = new code to be enacted
ENGROSSED
Senate Bill No. 675
(By Senators Hunter, Plymale, Oliverio, Dempsey, Minard and
Unger)
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[Introduced March 21, 2005; referred to the Committee
on Government Organization; and then to the Committee on
Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §18-5-9c, relating to
allowing a county board of education to enter into a
lease-purchase agreement for land, buildings and equipment;
and allowing a county board entering into a lease-purchase
agreement to borrow funds from the Department of Education and
the School Building Authority
to make a one-time payment due
at the beginning of the lease term for the purpose of reducing
the annual lease payments
.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §18-5-9c, to read as
follows:
ARTICLE 5. COUNTY BOARD OF EDUCATION.
§18-5-9c. Lease-purchase agreements to provide school facilities.
(a) Notwithstanding the provisions of section twenty-six,
article eight, chapter eleven of this code or any other provision
of this code to the contrary, a county board may enter into a
lease-purchase agreement for land, buildings and equipment, subject
to the following:
(1) Prior to entering into a lease-purchase agreement, the
board shall obtain the approval of the School Building Authority to
enter into the lease-purchase agreement;
(2) If a building is or has been constructed for the purpose
of providing a school through a lease-purchase agreement, the Board
may not enter into
the lease-purchase agreement for the school
unless the lessor complied with the requirements of article five-a,
chapter twenty-one of this code relating to the fair minimum rate
of wages; and
(3) The county board shall determine whether the provisions of
section eight, article X of the West Virginia Constitution; section
ten, article X of the West Virginia Constitution or both apply to
the lease-purchase agreement, and if so, comply with any
limitations or requirements of those constitutional provisions.
(b) Notwithstanding the provisions of section twenty-six,
article eight, chapter eleven of this code or any other provision
of this code to the contrary, a county board entering into a lease-
purchase agreement may borrow funds from the State Department of Education and the School Building Authority pursuant to section
fifteen, article nine-d of this chapter to make a one-time payment
due at the beginning of the lease term for the purpose of reducing
the annual lease payments.
The county board shall determine
whether the provisions of section eight, article X of the West
Virginia Constitution; section ten, article X of the West Virginia
Constitution or both apply to this debt, and if so, comply with any
limitations or requirements of those constitutional provisions.
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