Senate Bill No. 35
(By Senators Tomblin, Mr. President, and Boley,
By Request of the Executive)
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[Introduced January 17, 1995; referred to the Committee
on Finance.]
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A BILL to amend and reenact section twenty-seven, article one,
chapter twenty-two-c of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
the authorized limit on borrowing of the water development
authority.
Be it enacted by the Legislature of West Virginia:
That section twenty-seven, article one, chapter twenty-two-c
of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted to read as
follows:
ARTICLE 1. WATER DEVELOPMENT AUTHORITY.
§22C-1-27. Authorized limit on borrowing.
The aggregate principal amount of bonds and notes issued by
the authority shall not exceed two three hundred million dollars
outstanding at any one time: Provided, That in computing the
total amount of bonds and notes which may at any one time be
outstanding, the principal amount of any outstanding bonds or
notes refunded or to be refunded either by application of the
proceeds of the sale of any refunding bonds or notes of the
authority or by exchange for any such refunding bonds or notes,
shall be excluded.
NOTE: This bill changes the water development authority's
authorized limit on borrowing. The aggregate principal amount of
bonds and notes issued by the authority is increased to a maximum
of three hundred million dollars outstanding at any one time.
The current limit is two hundred million dollars outstanding at
any one time.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.