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Introduced Version Senate Bill 432 History

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

FISCAL NOTEWEST virginia Legislature

2016 regular session

Introduced

Senate Bill 432

By Senators Cole (Mr. President) and Kessler
By Request of the Executive

[Introduced January 29, 2016;
Referred to the Committee on Government Organization; and then to the Committee on Finance.]

A BILL to amend and reenact §11-8-6a of the Code of West Virginia, 1931, as amended, relating to levies on classifications of property by Board of Public Works; removing antiquated language requiring Board of Public Works to levy property tax rates to meet requirements of state road bonds issued prior to November 8, 1932; and removing references to corresponding levy rates.

Be it enacted by the Legislature of West Virginia:


That §11-8-6a of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 8. Levies.

§11-8-6a. Levies on each classification by Board of Public Works.


The State Board of Public Works shall levy as provided by section eight as follows:

On Class I property, twenty-five hundredths of 14; on Class II property, five- tenths of 14; and on Classes III and IV property, 14.

Whenever the state board of public works finds the revenues from all sources have been or will be insufficient to meet the requirements for interest and sinking funds on state road bonds, said state board of public works shall levy for said purposes as provided by section eight, whatever rates of levy are necessary to meet the requirements for interest and sinking funds on state road bonds issued prior to November 8, 1932, which rates of levy shall be as follows:

On Class I property, 14; on Class II property, 24; and on Classes III and IV property, 44, or multiples thereof or in like ratio on all property subject to taxation in the state.


NOTE: The purpose of this bill, which eliminates antiquated language requiring the Board of Public Works to levy property tax rates, is to meet requirements for interest and sinking funds on state road bonds issued prior to November 8, 1932, as such bonds no longer exist.

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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