Senate Bill No. 474
(By Senator Bowman)
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[Introduced March 24, 1997;
referred to the Committee on Finance.]
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A BILL to amend and reenact section seven, article nine, chapter
sixty-four of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to authorizing and
directing the infrastructure and jobs development council to
amend and promulgate a legislative rule relating to the
infrastructure and jobs development council funding rules.
Be it enacted by the Legislature of West Virginia:
That section seven, article nine, chapter sixty-four of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 9. AUTHORIZATION FOR MISCELLANEOUS AGENCIES AND BOARDS TO
PROMULGATE LEGISLATIVE RULES.
§64-9-7. Infrastructure and jobs development council.
The Legislature hereby authorizes and directs the
infrastructure and jobs development council to amend and promulgate the legislative rules rule promulgated and final filed in the state
register on the seventh ninth day of July May, one thousand nine
hundred ninety-five ninety-six, under the authority of section
four, article fifteen-a, chapter thirty-one of this code, modified
by the infrastructure and jobs development council to meet the
objections of the legislative rule-making review committee and
refiled in the state register on the sixth day of December, one
thousand nine hundred ninety-five, relating to the infrastructure
and jobs development council (infrastructure and jobs development
council funding rules, 167CSR1), are authorized, with the
amendments amendment set forth below:
"On page ten, section five, subsection 5.7 5.7.1, by striking
out '1 ½%' '1%' and inserting in lieu thereof '1%' '6/10%'.;
And,
On page eleven, section five, subsection 5.9, by striking out
all of subsection 5.9 and inserting in lieu thereof the following:
'Terms of Grant. Where a project sponsor has received
infrastructure grant money to fund a project and the project is
thereafter sold, then to the extent that proceeds are available,
the project sponsor shall reimburse the infrastructure fund the
amount of the infrastructure grant. In the alternative, the
council may allow repayment of the grant by converting the grant
into a loan from the infrastructure fund. The proceeds from the
repayment of any such grant or grant which has been converted to a
loan shall retain their character as proceeds available for grants. The amount of repayment may be reduced by the applicable share of
accumulated depreciation of the project or the applicable share of
accumulated accelerated depreciation of the project as determined
by the council. The infrastructure council shall review any
agreement between the project sponsor and the person or entity
purchasing the project to determine whether the agreement was
structured so that no proceeds would become available for the
repayment of the grant funds. If the infrastructure council finds
that the transaction was structured by the parties to intentionally
preclude the availability of proceeds for the repayment of the
infrastructure grant funds, then the council may require the
project sponsor to repay the full amount of any infrastructure
grant. The council shall prepare a report listing those projects
which received infrastructure grant money and are sold. The report
shall include a description of the terms by which the
infrastructure grant will be repaid. The report shall be provided
on or before the tenth day of January each year to the Joint
Committee on Government and Finance.'"
NOTE: The purpose of this bill is authorize the promulgation
of a legislative rule which reduces from 1% to 6/10% the uniform
percentage rate used in considering projects for infrastructure and
jobs development grants.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.