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Introduced Version Senate Bill 660 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 660

(By Senators Caruth, Guills, Unger and Chafin)

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[Introduced March 20, 2009; referred to the Committee on Government Organization; 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 two new sections, designated §17-16A-11a and §17-16A-22a; and to amend and reenact §17-16A-18 and §17-16A- 26 of said code, all relating to the West Virginia Parkways Authority; requiring an annual legislative audit of the Parkways Authority; requiring the Parkways Authority to provide certain information concerning its activities; terminating tolls on the West Virginia Turnpike no later than 2020; prohibiting the West Virginia Parkways Authority from issuing any additional revenue bonds; and requiring the West Virginia Parkways Authority to pay all indebtedness on schedule without extending or renewing the debt.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto two new sections, designated §17-16A-11a and §17-16A-22a; and that §17-16A-18 and §17-16A-26 of said code be amended and reenacted, all to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND TOURISM AUTHORITY.

§17-16A-11a. Parkway revenue bonds may not be issued.

Notwithstanding any provision of this code to the contrary, the West Virginia Parkways Authority may not issue any additional parkway revenue bonds.
§17-16A-18. Cessation of tolls.
(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, no later than the year 2020, 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.
(b) No later than February 1, 1990 February 1, 2020, the parkways authority or its successors 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, as they apply to the toll collection facilities at the intersection of U.S. Route 19 (Corridor "L") and said turnpike unless bonds issued in connection with that project and the interest thereon have been paid, in which case, tolls shall discontinue and those toll facilities shall be removed.
§17-16A-22a. Parkway indebtedness be paid on schedule without extending or renewing of the debt.

Notwithstanding any provision of this code to the contrary, the West Virginia Parkways Authority shall pay all indebtedness owed on schedule without extending or renewing the indebtedness.
§17-16A-26. Annual report; audit.
(a) The parkways authority shall prepare on an annual basis and provide to each member of the West Virginia Legislature who so requests an annual report detailing the financial condition and operations of the parkways authority. The parkways authority shall provide to the Joint Committee on Government and Finance any financial statements as may be required under any trust agreement to which the parkways authority is a party.
(b) Each year, the parkways authority shall file with the Legislative Auditor's office a full and complete accounting of its activities, including the collection of all revenues, expenditures liabilities, assets, bonds and disbursement of funds, including funding for economic development projects. The Legislative Auditor shall conduct an annual audit of the information provided by the parkways authority and the audit report of the Legislative Auditor shall provide the results to each member of the Legislature requesting a copy.


NOTE: The purpose of this bill is to require an annual legislative audit of the West Virginia Parkways Authority; to require the parkways authority to provide certain information concerning its activities; and terminating tolls on the West Virginia Turnpike no later than 2020. The bill also prohibits the West Virginia Parkways Authority from issuing any additional revenue bonds and requires the West Virginia Parkways Authority to pay all indebtedness on schedule without extending or renewing the debt.

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

§17-16A-11a and §17-16A-22a are new; therefore strike-throughs and underscoring are omitted.
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