FISCAL NOTE
Date Requested: February 03, 2026
Time Requested: 05:09 PM |
| Agency: |
Parkways Authority, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3375 |
Introduced |
HB5137 |
|
|---|
| CBD Subject: |
Roads and Transportation |
|---|
|
FUND(S):
Toll Road Revenues
Sources of Revenue:
Other Fund Toll Road Revenues
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The West Virginia Turnpike is operated and maintained by the West Virginia Parkways Authority with Turnpike toll revenues paid by the users of the highway. Thus, no State tax or general revenue dollars are used in the maintenance or operation of the Turnpike or in paying debt service on Turnpike bonds issued by the Authority. The Authority is unable to provide a quantitative assessment of this bill because it is unknown by the Authority exactly how many school buses utilize the Turnpike annually.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
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 |
0 |
Explanation of above estimates (including long-range effect):
Memorandum
Why the direct immediate fiscal impact is unknown, it is important to note that in connection with the issuance of the Bonds, the Authority and United Bank, as
Trustee, entered into a Master Trust Indenture dated August 1, 2018 (the “Master Trust
Indenture”), under which the Series 2018 Bonds and Series 2021 Bonds are issued,
containing a number of contractual obligations for the benefit and protection of the
holders of the Bonds. These contractual obligations of the Authority for the benefit and protection of the holders of the Bonds are also very important to the rating agencies that rated the Bonds. Thus, any violation, erosion or impairment of any of these contractual obligations and protections may be viewed negatively by the rating agencies. Any negative rating action, in turn, would likely have a material impact on existing holders of the Bonds and could negatively impact the Authority’s future borrowing costs and reduce its future bonding capacity. The authority finds that exempting certain vehicles from tolls would violate the Master Trust Indenture, resulting in unintended fiscal implications in the future.
Person submitting Fiscal Note: Jonathan Schaffer
Email Address: jonathan.w.schaffer@wv.gov