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Introduced Version Senate Bill 726 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 726

(By Senator Hall)

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[Introduced February 18, 2008; 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 §31-15-23a, relating to the creation of a fund for the repair of bridges in certain municipalities; and providing for administration by the West Virginia Economic Development Authority.

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 §31-15-23a, to read as follows:
ARTICLE 15. WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY.

§31-15-23a. Revolving municipal roads and bridges repair fund created; purpose; investment of funds; expenditures.

(a) The board shall create and establish a special revolving fund of moneys made available by appropriations, grants, contributions, bequests, devises, loan payments, interest and investment income, to be known as "The Municipal Roads and Bridges Repair Fund" and to be governed, administered and accounted for by the board, officers and managerial staff of the economic development authority as a special purpose trust account separate and distinct from any other moneys, fund or funds owned and managed by the economic development authority.
(b) The purpose of "The Municipal Roads and Bridges Repair Fund"
is to provide an emergency source from which the board may provide funds to Class III and Class IV cities or municipalities when there is an immediate need to repair a road or bridge: Provided, That the cost of the emergency repairs exceed by at least ten percent the collection of revenues by the city or municipality in the previous fiscal year.
(c) The economic development authority may invest and reinvest all moneys in the revolving loan fund in any investments authorized by section twenty of this article, pending the disbursement thereof in connection with loans made pursuant to this article.
(d) The economic development authority may expend any income from loans or investments authorized by this section in payment or reimbursement of all expenses of the economic development authority which, as determined in accordance with procedures approved by the board, are fairly allocable to such financing or activities authorized by this section.


NOTE: The purpose of this bill is to
create a fund for the repair of bridges in Class III and Class IV municipalities when there is an immediate need for the repairs. The bill provides for administration by the West Virginia Economic Development Authority.

This section
is new; therefore, strike-throughs and underscoring have been omitted.
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