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SB397 SUB1 Senate Bill 397 History

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Key: Green = existing Code. Red = new code to be enacted

WEST virginia legislature

2016 regular session

Committee Substitute

for

Senate Bill 397

By Senators Walters and Beach

[Originating in the Committee on Transportation and Infrastructure; reported on February 11, 2016]

 

A BILL to amend and reenact §17-16A-18 of the Code of West Virginia, 1931, as amended, relating to Parkways Authority and maintaining status quo in the event bond indebtedness relative to Parkways Authority is eliminated; continuing tolls; maintaining projects with Parkways Authority; and specifying that certain toll revenues are to be placed into a special revenue account to be used for road projects in counties where the West Virginia Turnpike is located.

Be it enacted by the Legislature of West Virginia:


That §17-16A-18 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND TOURISM AUTHORITY.


§17-16A-18. Use of tolls; toll collection facilities.

(a) Except as provided herein, when all bonds issued under the provisions of this article in connection with any parkway project or projects and the interest thereon shall have been paid or a sufficient amount for the payment of all such bonds and the interest thereon to the maturity thereof shall have been set aside in trust for the benefit of the bondholders, such project or projects, if then in good condition and repair to the satisfaction of the Commissioner of the state Division of Highways, shall be transferred to the state Division of Highways and shall thereafter be maintained by the state Division of Highways free of tolls.  After all bonds issued under the provisions of this article in connection with any parkway project or projects and the interest thereon have been paid, all toll revenues exceeding $55 million annually shall be placed into a special revenue account and funds in such account used for road projects in counties where the West Virginia Turnpike is located.

(b) No later than February 1, 1990, The Parkways Authority shall discontinue, remove and not relocate all toll collection facilities on the West Virginia Turnpike as the same existed on June 1, 1989, except for the three main toll barriers and collection facilities and, provided solely that the provisions of section eighteen-a are complied with, the toll collection facilities at the intersection of U.S. Route 19 (Corridor "L") and said turnpike.


NOTE: The purpose of this bill is to maintain the status quo in the event bond indebtedness is eliminated as the result of being paid off in order to continue collecting revenue for parkways roads and infrastructure projects. Current law would require, in the event bond indebtedness was satisfied, that tolls be eliminated and Parkway Authority roads and infrastructure projects if in good condition be transferred to the Division of Highways.  This bill also provides that after all bonds are paid, all toll revenues exceeding $55 million annually shall be placed into a special revenue account and those funds used for road projects in counties where the West Virginia Turnpike is located.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

 

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