COMMITTEE SUBSTITUTE
FOR
SENATE CONCURRENT RESOLUTION NO. 302
(By Senators Tomblin, Mr. President, and Sprouse, By Request of
the Executive)
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[Originating in the Committee on Finance;
reported May 17, 2005.]
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Providing for the issuance of not to exceed three hundred seventy-
five million dollars of refunding bonds pursuant to the "Safe
Roads Amendment of 1996", article two-g, chapter thirteen of
the Code of West Virginia and article twenty-six, chapter
seventeen of said code and rescinding and superseding House
Concurrent Resolution No. 93, adopted the ninth day of April,
two thousand five, and all prior resolutions that are
inconsistent with this resolution.
Resolved by the Legislature of West Virginia:
That safe road refunding bonds in the principal amount not to
exceed three hundred seventy-five million dollars are authorized to
be issued by the State of West Virginia and sold by the Governor
during the fiscal year ending the thirtieth day of June, two
thousand five; and, be it
Further Resolved, That the bonds shall be issued in registered form, in such denominations, maturing at such times and bearing
such date or dates as the Governor may determine; and, be it
Further Resolved, That all such bonds shall be payable at the
Office of the Treasurer of the State of West Virginia or at some
bank in the city of Charleston to be designated by the Governor;
and, be it
Further Resolved, That the bonds shall bear interest at rates
and be payable in amounts as determined by the Governor; and, be it
Further Resolved, That the State Treasurer shall pay the
principal and/or interest then due on the bonds to the registered
owners thereon at the addresses shown by the record of
registration; and, be it
Further Resolved, That the bonds shall be signed as provided
in section two, article twenty-six, chapter seventeen of the Code
of West Virginia; and, be it
Further Resolved, That the bonds may be redeemable on such
date or dates prior to maturity as determined by the Governor; and,
be it
Further Resolved, That the Governor shall sell the bonds
herein mentioned at such time or times in such amounts, not
exceeding the aggregate principal amount described above, at such
prices during the fiscal year as the Governor may determine
necessary to provide funds for the purposes provided below; and, be
it
Further Resolved, That the net proceeds of sales of all bonds
herein authorized shall be paid into a special and irrevocable trust fund, separate and apart from other funds of the State of
West Virginia, to be held in the custody of an escrow trustee to be
designated by the Governor; and, be it
Further Resolved, That an irrevocable deposit of the moneys in
trust for, and the moneys and the investments thereof, together
with any income or interest earned thereon, shall be applied to the
payment of the principal of and interest on certain issued and
outstanding safe road bonds, to be selected by the Governor, as the
same become due and payable; and, be it
Further Resolved, That this concurrent resolution shall
rescind and supersede any and all prior resolutions or parts
thereof which are inconsistent with this resolution, including, but
not limited to, the concurrent resolution adopted on the ninth day
of April, two thousand five, referred to as House Concurrent
Resolution No. 93, which provided for the issuance of not to exceed
three hundred seventy-five million dollars of refunding bonds
pursuant to the "Safe Roads Amendment of 1996", article two-g,
chapter thirteen of the Code of West Virginia and article twenty-
six, chapter seventeen of said code.