HOUSE CONCURRENT RESOLUTION NO. 51
(By Delegate Trump, et al)
Providing for the issuance of $110,000,000 of bonds pursuant to
the "Safe Roads Amendment of 1996" and article twenty-six,
chapter seventeen of the code of West Virginia.
Resolved by the Legislature of West Virginia:
That safe road bonds in the par value of $110,000,000 are
authorized to be sold by the Governor during the fiscal year
ending the 30th day of June, two thousand. The bonds may be
issued by the Governor in such amounts, in registered form, in
such denominations, at such times during the fiscal year ending
the 30th day of June, 2000, and bearing the date or dates as the
Governor may determine; and, be it
Further Resolved, That all bonds shall be payable at the
office of the Treasurer of the State of West Virginia, or, at the
option of the holder, at some bank in the city of Charleston to
be designated by the Governor. The bonds shall mature on dates
and at times as the Governor shall determine. The bonds shall
bear interest at a rate not exceeding 7% per annum, payable
semiannually. The Treasurer of the State of West Virginia shall issue his or her check for the interest then due on the same
dates each year and mail it to the registered owner at the
addresses shown by the record of registration; and, be it
Further Resolved, That the bonds and coupons shall be
engraved and the bonds shall be signed on behalf of the State of
West Virginia, by the Treasurer thereof, under the Great Seal of
the State, and by the Auditor of the State. The bonds may be
redeemable on a date or dates prior to maturity as determined by
the Governor; and, be it
Further Resolved, That the Governor shall sell the bonds
herein mentioned at a time or times during the fiscal year as he
may determine necessary to provide funds for road construction
and maintenance purposes, as herein provided, upon recommendation
of the Commissioner of Highways; and, be it
Further Resolved, That the proceeds of all sales of bonds
herein authorized shall be paid into the state road fund created
by section one, article three, chapter seventeen of the code of
West Virginia, one thousand nine hundred thirty-one, as amended,
and used for the purposes set forth in article twenty-six of said
chapter and in the "Safe Roads Amendment of 1996."
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