Senate Bill No. 384

(By Senators Hall, K. Facemyer, McCabe and Kessler (Acting President))

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[Introduced February 2, 2011; referred to the Committee on Transportation and Infrastructure; and then to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §17-16A-31, relating to providing for financing to complete Route 35 without constructing or establishing toll booths on the road.

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 §17-16A-31, to read as follows:

ARTICLE 16A. WEST VIRGINIA PARKWAYS AUTHORITY

§17-16A-31. Route thirty-five completion to be funded by the Rainy Day Fund.

    (a) The construction of the remainder of Route thirty-five shall be funded by either:

    (1) The Division of Highways borrowing $65 million from the state’s Rainy Day Fund to be used solely for the completion of Route thirty-five; or

    (2) The Division of Highways using the state’s Rainy Day Fund as a surety for a $65 million loan from a financial institution. Said loan shall be used solely for the completion of Route thirty-five.

    (b) The funds discussed in subdivisions (a)(1) and (a)(2) of this section shall be repaid the creditor or creditors by using the following process:

    (1) The Department of Revenue shall calculate and publish the combined total revenue from all income taxes collected in Mason and Putnam counties in 2010 to use as a baseline year;

    (2) The Department of Revenue shall project the combined total annual revenue from all income taxes that will be collected in Mason and Putnam counties over the next twenty-five years if Route thirty-five is not completed;

    (3) The Department of Revenue shall project the combined total annual revenue from all income taxes that will be collected in Mason and Putnam counties over the next twenty-five years if Route thirty-five is completed; and

    (4) The Department of Revenue shall annually use the surplus of income tax revenue collected in Mason and Putnam counties as a result of Route thirty-five being completed to pay the outstanding debt for funds borrowed to complete Route thirty-five.

    NOTE: The purpose of this bill is to provide for the financing to complete Route thirty-five without the constructing or establishing of toll booths on the road.

    §17-16A-31 is new; therefore, strike-throughs and underscoring have been omitted.