SENATE
HOUSE
JOINT
BILL STATUS
STATE LAW
REPORTS
EDUCATIONAL
CONTACT
home
home
Introduced Version House Bill 2764 History

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

WEST virginia legislature

2017 regular session

Introduced

House Bill 2764

By Delegates Espinosa, Statler, Harshbarger, Dean, Blair, Higginbotham, Westfall, Wilson, Moore, Cooper and Upson

[Introduced March 1, 2017; Referred
to the Committee on Education then Finance.]

A BILL to amend and reenact §12-6-19 of the Code of West Virginia, 1931, as amended, relating to allowing the State Building Commission or the Higher Education Policy Commission to request and receive money from the Investment Management Board for projects authorized by this code and approved by the Joint Committee on Government and Finance and the Governor.

Be it enacted by the Legislature of West Virginia:


That §12-6-19 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 6. WEST VIRGINIA INVESTMENT MANAGEMENT BOARD.


§12-6-19. Authorization for loans by the board.

(a) The board, upon request of the State Building Commission, shall transfer moneys as a loan to the State Building Commission in an amount not to exceed in the aggregate $21 million for the purposes of financing or refinancing the projects specified in subsections (b) and (d), section eight, article six, chapter five of this code. The money borrowed shall bear interest during the term of the loan at a fixed rate not to exceed the interest rate on treasury notes, bills or bonds of the same term as the term of the loan the week of closing on the loan as reported by the Treasury of the United States. Loans made under this subsection shall be repaid in regular monthly or semiannual payments, or as funds are made available by the Budget Office of Department of administration Revenue and shall be paid in full not later than twenty-five years from the date the loans are made with terms and conditions mutually agreed upon by the State Building Commission and the Investment Management Board.

(b) The State Investment Management Board shall upon request of the State Building Commission transfer moneys as a loan to the State Building Commission in an amount not to exceed in the aggregate $137 million for the purposes of financing construction of regional jails, correctional facilities or building extensions or improvements to regional jails and correctional facilities. Prior to the expenditure of any loan proceeds, the Regional Jail and Correctional Facility Authority shall certify a list of projects to the State Building Commission and the Joint Committee on Government and Finance that shall be funded from loan proceeds. This certified list cannot thereafter be altered or amended other than by legislative enactment. The State Building Commission shall borrow money as needed by the Regional Jail and Correctional Facility Authority. The Investment Management Board shall transfer loan proceeds to the authority for expenditure. The money borrowed shall bear interest during the term of the loan at a fixed rate not to exceed the interest rate on treasury notes, bills or bonds of the same term as the term of the loan the week of closing on the loan as reported by the Treasury of the United States.

(c) The Regional Jail and Correctional Facility Authority shall expend the loan proceeds received under the provisions of subsection (b) of this section to proceed with the projects included in the letter submitted to The Joint Committee on Government and Finance dated January 15, 1997: Provided, That the letter shall not be construed to prioritize any project or projects which are included in the letter: Provided, however, That the authority may also expend loan proceeds for any expansion to any existing regional jail or any expansion to a regional jail under construction upon the effective date of this section.

(d) Loans made under this section for the projects specified in subsection (b) of this section and in subsection (d), section eight, article six, chapter five of this code, shall be repaid in annual payments of not less than $12 million per year by appropriation of the Legislature to the board. The amount transferred for loans under subsection (a) or (b) of this section shall not exceed that amount which the board determines is reasonable given the cash flow needs of the Consolidated Fund. The board shall make transfers for loans first for the project specified in subsection (d), section eight, article six, chapter five of this code, second for the projects specified in subsection (b) of this section and third for projects specified in subsection (b), section eight, article six, chapter five of this code, which are in imminent danger of default in payment. The board shall take the steps necessary to increase the liquidity of the consolidated fund over a period of the next five years to allow for the loans provided in this section without increasing the risk of loss in the consolidated fund.

(e) (1) The board, upon request of the State Building Commission or the Higher Education Policy Commission established in section one, article one-b, chapter eighteen-b of this code, shall transfer moneys as a loan to the State Building Commission or Higher Education Policy Commission in an amount not to exceed in the aggregate $25 million for the purposes of financing or refinancing the projects specified in this subsection. The money borrowed shall bear interest during the term of the loan at a fixed rate not to exceed the interest rate on treasury notes, bills or bonds of the same term as the term of the loan the week of closing on the loan as reported by the Treasury of the United States. Loans made under this subsection shall be repaid in regular monthly or semiannual payments by the agency or institution, or as funds are made available by the Budget Office of the Department of Revenue, and shall be paid in full not later than twenty-five years from the date the loans are made with terms and conditions mutually agreed upon by the State Building Commission or Higher Education Policy Commission and the Investment Management Board.

(2) The projects authorized by this subsection shall include facilities presently or anticipated to be occupied or operated by state agencies or state institutions of higher education, including the Higher Education Policy Commission or Council for Community Technical College Education. The board and the Joint Committee on Government and Finance shall receive a list of recommended projects certified by the Governor for financing through loans authorized by this subsection. The board may not finance any of the recommended projects unless approved by the Joint Committee on Government and Finance and the Governor. The list of projects shall be prioritized with priority given to projects that can repay the loans through an identified revenue stream such as tuition and fees, rentals, or other charges for use or operation of the facility. In addition, priority shall be given to projects addressing deferred maintenance, Americans with Disabilities Act compliance, and safety issues. Additional priority shall be given to projects which can be financed by a contribution from the agency or institution that equally matches the loan amount authorized.

 

NOTE: The purpose of this bill is to allow the State Building Commission or the Higher Education Policy Commission to request and receive money from the Investment Management Board for projects authorized by this code and approved by the Joint Committee on Government and Finance and the Governor.

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

This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Email WebmasterWebmaster   |   © 2024 West Virginia Legislature **


X

Print On Demand

Name:
Email:
Phone:

Print