FISCAL NOTE
Date Requested: March 06, 2017 Time Requested: 10:40 AM |
Agency: |
Budget Office, WV State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1014 |
Introduced |
|
SJR5 |
CBD Subject: |
Constitutional Amendments, Roads and Transportation |
---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this resolution is to offer to the voters the opportunity to authorize the Legislature to issue and sell state bonds not exceeding the aggregate amount of $2 billion to be used for improvement and construction of state roads and bridges. If ratified the amendment provides a mechanism to repay the debt created through a levy on real property and public utility property in the state, not to exceed 20¢ per $100 of assessed value.
If this amendment were approved by voters, the Legislature would be authorized to issue and sell state bonds not exceeding an aggregate amount of $2 billion for roads and bridges. The debt would be repaid by a levy on real property and public utility property in an amount not to exceed 20¢ per $100 of assessed value. At the maximum rate, this levy would result in $135.0 million for per year to repay the road bonds.
Additional administrative costs would be minimal.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
0 |
135,000,000 |
Explanation of above estimates (including long-range effect):
If this amendment were approved by voters, the Legislature would be authorized to issue and sell state bonds not exceeding an aggregate amount of $2 billion for roads and bridges. The debt would be repaid by a levy on real property and public utility property in an amount not to exceed 20¢ per $100 of assessed value. At the maximum rate, this levy would result in $135.0 million for per year to repay the road bonds.
Additional administrative costs would be minimal.
Memorandum
The stated purpose of this resolution is to offer to the voters the opportunity to authorize the Legislature to issue and sell state bonds not exceeding the aggregate amount of $2 billion to be used for improvement and construction of state roads and bridges. If ratified the amendment provides a mechanism to repay the debt created through a levy on real property and public utility property in the state, not to exceed 20¢ per $100 of assessed value.
Applying this additional tax to utility personal property but not to other personal property could lead to 4-R and other utility litigation.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov