HB4265 S B&I AM #1
Waldo 7874
The Committee on Banking and Insurance moved to amend the bill by striking out everything after the enacting section and inserting in lieu thereof the following:
chapter 7. county commissions and officers.
ARTICLE 3. county property.
§7-3-9. Form and payment of bonds; use of proceeds of bonds.
Any county commission issuing revenue bonds under the provisions of this article shall thereafter, so long as any such bonds remain outstanding, operate and maintain said courthouse, hospital, other public buildings, jail or regional correctional center, to provide revenues sufficient to pay all operating costs, provide a sinking fund for, and to retire such bonds and pay the interest thereon as the same may become due. The amounts, as and when so set apart by said county commission, shall be remitted to the West Virginia Municipal Bond Commission at least thirty days previous to the time interest or principal payments become due, to be retained and paid out by said commission consistent with the provisions of this article and with the order pursuant to which the bonds have been issued. The West Virginia Municipal Bond Commission is hereby authorized to act as fiscal agent for the administration of such sinking fund under any order passed pursuant to the provisions of this article, and shall invest all sinking funds, as provided by general law. Notwithstanding the foregoing, payments of principal and interest on any bonds owned by the United States or any governmental agency or department thereof may be made by the county commission directly thereto. Revenue bonds issued under the provisions of this article are hereby declared to be and to have all the qualities of negotiable instruments. Such bonds shall bear interest at the rate or rates set by the county commission, not to exceed twelve percent per annum, payable semiannually, and shall mature at any time fixed by the county commission, in not more than thirty years from their date. Such bonds shall be sold at a price not lower than a price which, when computed upon standard tables of bond values, will show a net return of not more than thirteen percent per annum to the purchaser upon the amount paid therefor. Such bonds may be made redeemable at the option of the county commission at such price and under terms and conditions as said county commission may fix, by its order, prior to the issuance of such bonds. Revenue bonds issued hereunder shall be payable at the office of the State Treasurer, or a designated bank or trust company within or without the State of West Virginia.
In case any of the officers whose signatures appear on such bonds or coupons shall cease to be such officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes the same as if they had remained in office until such delivery. The county commission shall by order entered prior to the issuance of said bonds, fix the denominations, times and places of payment of such bonds, the principal and interest of which shall be payable in lawful money of the United States of America. The proceeds of such bonds shall be used solely for the payment of the cost of land, buildings, furniture and equipment thereon, and shall be checked out by the county commission under such restrictions as are contained in the order providing for the issuance of said bonds. If the proceeds of such bonds issued for any courthouse, hospital, other public buildings, jail or regional correctional center, shall exceed the cost thereof, the surplus shall be paid into the fund herein provided for the payment of principal and interest upon such bonds. Such fund may be used for the purchase or redemption of any of the outstanding bonds payable from such fund at the market price, but at not exceeding the price at which any of such bonds shall in the same year be redeemable, as fixed by the commission in its said order, and all bonds redeemed or purchased shall forthwith be canceled, and shall not again be issued.
Prior to the preparation of definitive bonds, the county commission may, under like restrictions, issue temporary bonds, or interim certificates, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. Such bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified and required by this article.
chapter 8. municipal corporations.
article 16. municipal public works; revenue bond financing.
§8-16-17. Sinking fund; sinking
fund commission West Virginia Municipal Bond Commission; transfer of
funds; purchase of outstanding bonds.
Before the issuance of any
such bonds, the governing body or bodies shall, by ordinance or ordinances,
provide for a sinking fund for the payment of the bonds and the interest
thereon, and the payment of the charges of banking institutions or trust companies
for making payment of such bonds and interest, out of the net revenues of said
works, and shall set aside and pledge a sufficient amount of the net revenues
of the works hereby defined to mean the revenues of the works remaining after
the payment of the reasonable expenses of repair (including replacements),
maintenance and operation, such amount to be paid by the board into the sinking
fund at intervals, to be determined by ordinance or ordinances adopted prior to
the issuance of the bonds, for: (a) The interest upon such bonds as such
interest shall fall due; (b) the necessary fiscal agency charges for paying
bonds and interest; (c) the payment of the bonds as they fall due, or if all
bonds mature at one time, the proper maintenance of a sinking fund sufficient
for the payment thereof at such time; and (d) a margin for safety and for the
payment of premium upon bonds retired by call or purchase as herein provided,
which margin, together with unused surplus of such margin carried forward from
the preceding year and the amounts set aside as reserves out of the proceeds
from the sale of the bonds, or from the revenues of said works, or from both,
shall equal ten percent of all other amounts so required to be paid into the
sinking fund. Such required payments shall constitute a first charge upon all
the net revenues of the works. Prior to the issuance of the bonds, the board
may, by ordinance or ordinances, be given the right to use or direct the
trustee or the state sinking fund commission West Virginia Municipal
Bond Commission to use such sinking fund, or any part thereof, in the
purchase of any of the outstanding bonds payable therefrom, at the market
prices thereof, but not exceeding the price, if any, at which the same shall in
the same year be payable or redeemable, and all bonds redeemed or purchased
shall forthwith be cancelled, and shall not again be issued. After the payments
into the sinking fund as herein required and after reserving an amount deemed
by the board sufficient for repair (including replacements), maintenance and
operation for an ensuing period of not less than twelve months and for
depreciation, the board may at any time in its discretion transfer all or any
part of the balance of the net revenues into the sinking fund or into a fund for
improvement, renovation, extension, enlargement, increase or equipment for or
to the works, or the governing body or bodies may, notwithstanding the
provisions of section twenty, article thirteen of this chapter, transfer all or
any part of the balance of the net revenues to the general or any special fund
of the municipality or municipalities and use such revenues for any purpose for
which such general or special fund may be expended.
All amounts for the sinking
fund and interest, as and when set apart for the payment of same, shall be
remitted to the state sinking fund commission West Virginia Municipal
Bond Commission at such periods as shall be designated in the ordinance or
ordinances, but in any event at least thirty days previous to the time interest
or principal payments become due, to be retained and paid out by said
commission consistent with the provisions of this article and the ordinance or
ordinances pursuant to which such bonds have been issued. The state sinking
fund commission West Virginia Municipal Bond Commission is hereby
authorized to act as fiscal agent for the administration of such sinking fund
under any ordinance or ordinances passed or adopted pursuant to the provisions
of this article and shall invest all sinking funds as provided by general law. Notwithstanding
the foregoing, payments of principal and interest on any bonds owned by the
United States or any governmental agency or department thereof may be made by
the governing body directly thereto.
Article 27. intergovernmental relations – urban mass transportation systems.
§8-27-16. Sinking fund; sinking
fund commission West Virginia Municipal Bond Commission; purchase of
outstanding bonds.
Before the issuance of any
bonds under the provisions of this article, the authority shall, by resolution,
provide for a sinking fund for the payment of the bonds and the interest
thereon, and the payment of the charges of banking institutions or trust companies
for making payment of such bonds and interest, out of the net revenues of said
system, and, in this connection, shall set aside and pledge a sufficient amount
of the net revenues of the system for such purpose, such net revenues being
hereby defined to mean the revenues of the system remaining after the payment
of the reasonable expense of administration, maintenance, repair and operation,
such amount to be paid by such authority into the sinking fund at intervals, to
be determined by resolution adopted prior to the issuance of the bonds, for:
(a) The interest upon such bonds as such interest shall fall due; (b) the
necessary fiscal agency charges for paying bonds and interest; (c) the payment
of the bonds as they fall due, or, if all the bonds mature at one time, the
proper maintenance of a sinking fund sufficient for the payment thereof at such
time; and (d) a margin for safety and for the payment of premium upon bonds
retired by call or purchase as provided in this article. Such required payments
shall constitute a first charge upon all the net revenues of such authority.
Prior to the issuance of any bonds, the authority may, by resolution, be given
the right to use or direct the state sinking fund commission West
Virginia Municipal Bond Commission to use such sinking fund, or any part
thereof, in the purchase of any of the outstanding bonds payable therefrom, at
the market prices thereof, but not exceeding the price, if any, at which the
same shall in the same year be payable or redeemable, and all bonds redeemed or
purchased shall forthwith be cancelled, and shall not again be issued. In
addition to the payments into the sinking fund provided for above, the
authority may at any time in its discretion transfer all or any part of the
balance of the net revenues, after reserving an amount deemed by such authority
sufficient for maintenance, repair and operation for an ensuing period of not
less than twelve months and for depreciation, into the sinking fund.
The amounts of the balance
of the net revenues as and when so set apart shall be remitted to the state
sinking fund commission West Virginia Municipal Bond Commission at
such periods as shall be designated in the resolution, but in any event at
least thirty days previous to the time interest or principal payments become
due, to be retained and paid out by said commission consistent with the
provisions of this article and the resolution pursuant to which such bonds have
been issued. The state sinking fund commission West Virginia
Municipal Bond Commission is hereby authorized to act as fiscal agent for
the administration of such sinking fund under any resolution adopted pursuant
to the provisions of this article and shall invest all sinking funds as
provided by general law. Notwithstanding the foregoing, payments of
principal and interest on any bonds owned by the United States or any
governmental agency or department thereof may be made by the authority directly
thereto.
chapter 10. public libraries; public recreation; athletic establishments; monuments and memorials; roster of servicemen; educational broadcasting authority.
article 2A. athletic establishments.
§10-2A-16. Sinking fund.
At or before the issuance
of any such bonds, the board shall, by resolution, provide for a sinking fund
for the payment of the bonds and the interest thereon, and the payment of the
charges of banks or trust companies for making payment of such bonds, and interest,
out of the net revenues of said athletic establishment, and shall set aside and
pledge a sufficient amount of the net revenues of the athletic establishment to
be paid by the board into such sinking fund at intervals to be determined by
resolution adopted prior to the issuance of the bonds, for: (a) The interest
upon such bonds as the same becomes due; (b) the necessary fiscal agency
charges for paying bonds and interest; (c) the payment of the bonds as they
fall due, or if all bonds mature at one time, the maintenance of a proper
sinking fund for the payment thereof at such time; and (d) a margin for safety
and for the payment of premium upon bonds retired by call or purchase as herein
provided for, which margin, together with unused surplus of such margin carried
forward from the preceding year, shall equal ten per cent of all other amounts
so required to be paid into the sinking fund. Such required payments shall
constitute a first charge upon all the net revenues of the athletic
establishment. Net revenues as used herein shall mean the revenues of the
athletic establishment remaining after the payment of reasonable expense of
operation, repairs, maintenance, insurance and all other reasonable costs of
maintaining and operating the same required to be paid from the revenues
thereof. After the payment into the sinking fund as herein required, the board
may at any time in its discretion transfer all or any part of the balance of
the net revenues, after reserving an amount deemed by the board sufficient for
operation, repairs, maintenance and depreciation for an ensuing period of not
less than twelve months, into the sinking fund or into a fund for extensions,
improvements and additions to such athletic establishment. All amounts for
sinking fund and interest, as and when set apart for the payment of same, shall
be remitted to the state sinking fund commission West Virginia
Municipal Bond Commission at such periods as shall be designated in the
resolution, but in any event at least thirty days previous to the time interest
or principal payments become due, to be retained and paid out by said
commission, consistent with provisions of this article and the order pursuant
to which such bonds have been issued. The state sinking fund commission West
Virginia Municipal Bond Commission is hereby authorized to act as fiscal
agent for the administration of such sinking fund under any resolution adopted
pursuant to the provisions of this article and shall invest all sinking funds
as provided by general law. Notwithstanding the foregoing, payments of
principal and interest on any bonds owned by the United States or any
governmental agency or department thereof may be made by the board directly
thereto.
chapter 17. roads and highways.
article 17. toll bridges.
§17-17-22. Tolls to be charged for bond payment; intrastate and interstate bridges included in one issue; purchase of existing bridges; disposition of tolls.
Tolls shall be fixed,
charged and collected for transit over such bridges and shall be so fixed and
adjusted, in respect of the aggregate of tolls from the bridge or bridges for
which a single issue of bonds is issued, as to provide a fund sufficient to pay
the principal and interest of such issue of bonds and to provide an additional
fund to pay the cost of maintaining, repairing and operating such bridge or
bridges, subject, however, to any applicable law or regulation of the United
States of America now in force or hereafter to be enacted or made. Two or more
bridges may be included in one issue of bonds, and intrastate and interstate
bridges may be grouped in the same issue: Provided, That no existing
bridge or bridges shall be acquired by purchase, eminent domain, or otherwise,
unless the state road commissioner shall have determined that the income
therefrom, based upon the toll receipts for the next preceding fiscal or
calendar year, will be sufficient to pay all expenses of operating and
maintaining such bridge, in addition to the interest and sinking fund
requirements of any bonds to be issued to pay the purchase price thereof, or,
if such existing bridge or bridges are to be combined with any other bridge or
bridges, either then existing or thereafter to be constructed or acquired by
purchase, eminent domain, or otherwise, as provided in section twenty-three-b
following, unless the state road commissioner shall have determined that the
income from such combined bridges, based upon the toll receipts for the next
preceding fiscal or calendar year in the case of any existing bridge or bridges
and upon estimates of future toll receipts in the case of any bridge or bridges
to be constructed, will be sufficient to pay all expenses of operating and
maintaining such combined bridges, in addition to the interest and sinking fund
requirements of any bonds issued to pay the purchase price of such existing
bridge or bridges and the interest and sinking fund requirements of any bonds
issued to pay the cost of construction, acquiring, modernizing, repairing,
reconstructing or improving any bridge or bridges and approaches thereto, with
which such existing bridge or bridges are to be so combined. The tolls from the
bridge or bridges for which a single issue of bonds is issued, except such part
thereof, as may be necessary to pay such cost of maintaining, repairing and
operating during any period in which such cost is not otherwise provided for
(during which period the tolls may be reduced accordingly), shall be
transmitted each month to the state sinking fund commission West
Virginia Municipal Bond Commission and by it placed in a special fund which
is hereby pledged to and charged with the payment of the principal of such
bonds and the interest thereon, and to the redemption or repurchase of such
bonds, such special fund to be a fund for all such bonds without distinction or
priority of one over another. The moneys in such special fund, less a reserve
for payment of interest, if not used by the sinking fund commission West
Virginia Municipal Bond Commission within a reasonable time for the
purchase of bonds for cancellation at a price not exceeding the market price
and not exceeding the redemption price, shall be applied to the redemption of
bonds by lot at the redemption price then applicable. Notwithstanding the
foregoing, payments of principal and interest on any bonds owned by the United
States or any governmental agency or department thereof may be made by the
governing body directly thereto.
Any bridge or bridges
constructed or acquired by purchase, eminent domain, or otherwise, or
reconstructed, repaired or improved, under the provisions of this article and
forming a connecting link between two or more state highways, or providing a
river crossing for a state highway, are hereby adopted as a part of the state
road system, but no such bridge or bridges shall be constructed or acquired by
purchase, eminent domain, or otherwise, or reconstructed, repaired or improved,
under the provisions of this article without the approval in writing of the
state road commissioner and the Governor. If there be in the funds of the state
sinking fund commission West Virginia Municipal Bond Commission an
amount insufficient to pay the interest and sinking fund on any bonds issued
for the purpose of constructing or acquiring by purchase, eminent domain, or
otherwise, or reconstructing, repairing or improving, such bridge or bridges,
the state road commissioner is authorized and directed to allocate to said
commission, from the state road fund, an amount sufficient to pay the interest
on said bonds and/or the principal thereof, as either may become due and
payable.
'17-17-34. Same -- Retiring bonds; remittance to sinking fund.
Every municipality or county court issuing bonds, or other
evidences of indebtedness, under the provisions of this act, shall thereafter,
so long as any such bonds or other evidences of indebtedness remain
outstanding, operate and maintain its bridge so as to provide, charge, collect
and account for revenues therefrom as will be sufficient to pay all operating
costs, provide a depreciation fund, retire the bonds or other evidences of
indebtedness, and pay the interest requirements as the same may become due. The
ordinance or order pursuant to which any such bonds or other evidences of
indebtedness are issued shall pledge the revenues derived from the bridge to
the purposes aforesaid, and shall definitely fix and determine the amount of
revenues which shall be necessary and set apart in a special fund for the bond
requirements. The amounts, as and when so set apart into said special fund for
the bond requirements, shall be remitted to the state sinking fund
commission West Virginia Municipal Bond
Commission at least thirty days previous to the time interest or
principal payments become due, to be retained and paid out by said commission
consistent with the provisions of this act and the ordinance or order pursuant
to which such bonds or other evidences of indebtedness have been issued. Notwithstanding the foregoing, payments of principal
and interest on any bonds owned by the United States or any governmental agency
or department thereof may be made by the governing body directly thereto.
Adopted
Rejected