HB 2718 Text

H. B. 2718

          (By Delegate Howell)
          [Introduced February 25, 2013; referred to the
          Committee on Roads and Transportation then Finance.]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §17-17-38, relating to the creation of the Keyser-McCool Bridge Fund; construction of the Keyser-McCool Bridge; and the termination of the fund.
Be it enacted by the Legislature of West Virginia:
     That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section designated §17-17-38, to read as follows:
ARTICLE 17. TOLL BRIDGES.
§17-17-38. Findings; intent; termination.
_____(a) Legislative findings. -- The Legislature finds and declares that the safety of the people and the efficient maintenance of the state highways play a critical role in the economy of this state and that a substantial state interest exists in protecting the citizens of our state and in maintaining our roadways. It further finds and declares that the authorization of the bridge provided in this section will serve to protect and enhance our industry and, indirectly, other segments of the economy of this state.
_____(b) There is hereby created a special fund in the State Treasury which shall be designated and known as the Keyser-McCool Bridge Fund. One Hundred percent of the gross income tax and business and occupational tax revenue received by the state from the operation of a Industrial Wind Farm of between twenty and twenty-five turbines with a nameplate generating capacity between 45 and 65 megawatts located above two thousand feet and in the Chesapeake Bay Watershed shall be deposited with the State Treasurer and placed in the Keyser-McCool Bridge Fund. The fund shall be an interest-bearing account with interest to be credited to and deposited in the Keyser-McCool Bridge Fund.
_____(c) The state shall issue bonds for the construction of a bridge connecting the city of Keyser in West Virginia with the unincorporated community of McCool situate in Allegheny County in the Commonwealth of Maryland. The bridge shall be a two-lane vehicular bridge with at least one pedestrian walkway and shall be designed to follow as closely as is practicable the route of old United States Route 220 and the original bridge on that route removed sixty-three years previously. All of these bonds shall be repaid from the Keyser-McCool Bridge Fund as revenue is deposited in this fund. The bridge is to be free of all tolls and other encumbrances.
_____(d) Upon completion of the bridge the aforementioned revenues are to be continued to be deposited in the fund for a period of not less than two nor more than three years. The title of the bridge shall, upon completion, be transferred to the city of Keyser. All revenues remaining in this fund following completion shall be placed in an escrow account to be used by the city of Keyser solely for the continuing maintenance and eventual replacement of the new bridge.

     NOTE: The purpose of this bill is to create the Keyser-McCool Bridge Fund; and to provide further for the construction of the Keyser-McCool Bridge; and the termination of the fund.

          This section is new; therefore, it has been completely underscored.

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