SENATE JOINT RESOLUTION NO. 14
(By Senator Sprouse)
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[Introduced March 21, 2005; referred to the Committee on the
Judiciary; and then to the Committee on Finance.]
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Proposing an amendment to the Constitution of the State of West
Virginia, relating to authorizing the Legislature to issue and
sell state bonds not exceeding the aggregate amount of two
hundred fifty million dollars to be used for financing flood
mitigation projects in the state; numbering and designating
such proposed amendment; and providing a summarized statement
of the purpose of such proposed amendment.
Resolved by the Legislature of West Virginia, two thirds of
the members elected to each House agreeing thereto:
That the question of ratification or rejection of an amendment
to the Constitution of the State of West Virginia be submitted to
the voters of the State at the next general election to be held in
the year two thousand six, which proposed amendment is to read as
follows:
RIGHT TO LIVE FLOOD-FREE AMENDMENT
(a) The Legislature shall have power to authorize the issuing
and selling of state bonds not exceeding in the aggregate two hundred fifty million dollars. The proceeds of said bonds hereby
authorized to be issued and sold over a three-
year period are as
follows:
(1) The first day of July, two thousand seven, one hundred
million dollars; and
(2) The first day of July, two thousand eight, one hundred
million dollars; and
(3) The first day of July, two thousand nine, fifty million
dollars.
Any bonds not issued under the provisions of subdivisions (1)
through (3) of this subsection may be carried forward and issued in
any subsequent year.
(b) The proceeds of the bonds shall be used and appropriated
for the following purposes:
(1) Matching available federal funds for flood mitigation
construction in this State; and
(2) General flood mitigation construction or improvements in
each of the fifty-five counties.
(c) When a bond issue as aforesaid is authorized, the
Legislature shall at the same time dedicate twenty-two million
dollars from coal severance tax collections to pay, as it may
accrue, the interest on such bonds and the principal thereof within
and not exceeding twenty-five years. Any interest that accrues on
the issued bonds prior to payment shall only be used for the
purposes of the bonds; and, be it
Resolved further, That in accordance with the provisions of
article 11, chapter 3 of the Code of West Virginia, 1931, as
amended, such proposed amendment is hereby numbered "Amendment No.
1" and designated as the "Right to live flood-free amendment" and
the purpose of the proposed amendment is summarized as follows:
"To provide for the flood mitigation improvements and construction
in the State."
NOTE: The purpose of this Joint Resolution is to authorize
the Legislature to issue and sell state bonds not exceeding the
aggregate amount of two hundred fifty million dollars to be used
for financing flood mitigation projects in this State. Part of the
coal severance tax revenue is dedicated to the retirement of the
bonds.
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