Senate Bill No. 339
(By Senators Ross, Anderson,
Bowman
and Boley)
__________
[Introduced January 28, 1999;
referred to the Committee on the Judiciary.]
__________
A BILL to amend and reenact section twenty-eight,
article nine, chapter sixty-four of the code of
West Virginia, one thousand nine hundred
thirty-one, as amended, relating to authorizing the
office of the treasurer to promulgate a legislative
rule relating to the enforcement of the uniform
unclaimed property act.
Be it enacted by the Legislature of West Virginia:
That section twenty-eight, article nine, chapter
sixty-four of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, be amended and
reenacted, to read as follows:
ARTICLE 9. AUTHORIZATION FOR MISCELLANEOUS AGENCIES AND BOARDS TO PROMULGATE LEGISLATIVE RULES.
§64-9-28. Office of the treasurer.
(a) The legislative rule filed in the state register
on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section two, article
two, chapter twelve of this code, modified by the
treasurer to meet the objections of the legislative
rule-making review committee and refiled in the state
register on the twenty-fifth day of September, one
thousand nine hundred ninety-seven, relating to the
treasurer (establishment of imprest funds, 112 CSR 3), is
authorized.
(b) The legislative rule filed in the state register
on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section two, article
two, chapter twelve of this code, modified by the
treasurer to meet the objections of the legislative rule-making review committee and refiled in the state
register on the twenty-eighth day of August, one thousand
nine hundred ninety-seven, relating to the treasurer
(procedure for the deposit of moneys with the state
treasurer's office by state agencies, 112 CSR 4), is
authorized.
(c) The legislative rule filed in the state register
on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section one, article
three, chapter twelve of this code, modified by the
treasurer to meet the objections of the legislative
rule-making review committee and refiled in the state
register on the twenty-eighth day of August, one thousand
nine hundred ninety-seven, relating to the treasurer
(procedures for processing payments from the state
treasury, 112 CSR 8), is authorized.
(d) The legislative rule filed in the state register
on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section four,
article six-b, chapter twelve of this code, modified by the treasurer to meet the objections of the legislative
rule-making review committee and refiled in the state
register on the twenty-fifth day of September, one
thousand nine hundred ninety-seven, relating to the
treasurer (reporting of debt capacity, 112 CSR 9), is
authorized with the amendment set forth below:
On page two, by striking out all of subsection 2.8
and inserting in lieu thereof a new subsection 2.8 to
read as follows:
2.8. "Net tax supported debt" means: (1) general
obligation bonds of the state net of any refundings,
defeasances, reserve requirements or sinking funds; (2)
moral obligation bonds of the state net of any
refundings, defeasances, reserve requirements of sinking
funds; (3) capital leases, lease purchases, mortgages,
installment purchases, certificates of participation and
any other debt financing transaction extending beyond one
year, net of any refundings, defeasances, reserve
requirements or sinking funds, which are payable through
an annual appropriation of the Legislature. "Net tax supported debt" includes Lottery bonds, but does not
include revenue bonds or any other debt that is self- supporting from enterprise revenues: Provided, That the
obligation shall not be excluded to the extent the
obligations are in default.;
On page three, by striking out all of subsection
2.11 and inserting in lieu thereof a new subsection 2.11
to read as follows:
2.11. "Moral Obligation Bond" is a bond secured by
a pledge of revenue and a moral commitment of the state
of West Virginia to appropriate funds to make up any
deficiency of the revenues needed to pay the debt
service.;
On page three, by adding a new subsection 2.15 to
read as follows:
2.15. "Revenue bonds" are bonds secured by a
specified revenue stream, often with a lien imposed on
the revenues. The revenue stream may be a tax or
assessment or the revenues of the project financed.;
On page three, by adding a new subsection 2.16 to read as follows:
2.16. "Lottery bonds" are bonds secured by lottery
revenues;
On page three, by adding a new subsection 2.17 to
read as follows:
2.17. "Revenues" means: (1) total funds deposited
in the general revenue; plus (2) the entire related
revenue stream for any net tax supported debt which is
funded from a source other than the state's general
revenue fund; plus (3) an amount equal to any deductions
from the gross general revenue for debt service of tax
supported debt before the revenue is added to the general
revenue fund.
An example of revenue as defined in this subdivision
2.17.2 of this subsection is the State Road Fund
revenues. The total revenues of the State Road Fund
(exclusive of Federal funds) are used to repay the Road
Bonds and are therefore included in revenue.
An example of revenue as defined in subdivision
2.17.3 of this subsection is the amount of severance tax dedicated for repayment of the Infrastructure Bonds.
Those dedicated severance taxes are therefor included in
revenue;
On page three, by striking out all of subsection 3.1
and inserting in lieu thereof a new subsection 3.1 to
read as follows:
3.1. Annual debt capacity report - The division
with the cooperation and support of the Department of
Administration, the Department of Tax and Revenue and the
Bureau of Employment Programs shall issue an annual
report, on or before October 1st of each year. The
annual debt capacity report reviews the size and
condition of the state's net tax supported debt and
estimates the maximum amount of net tax supported debt
which should be authorized based upon ratios and
guidelines established by the major bond rating agencies.
The ratios and guidelines shall be consistently applied
based upon the state's definitions.;
On page three, subdivision 3.2.4 by striking out the
word "and";
And,
On page three by adding the following new
subdivisions:
3.2.6. The total debt service as a percentage of
revenue;
3.2.7. Current ratios and guidelines as established
and/or reported by the major rating agencies; and
3.2.8. A comparison of West Virginia's ratio to
other states with similar bonds ratings.
(e) The legislative rule filed in the state register
on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section seven,
article six-a, chapter twelve of this code, modified by
the treasurer to meet the objections of the legislative
rule-making review committee and refiled in the state
register on the twenty-fifth day of September, one
thousand nine hundred ninety-seven, relating to the
treasurer (reporting of state debt to the state
treasurer's office, 112 CSR 10), is authorized.
(f) The legislative rule filed in the state register on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section two, article
one, chapter twelve of this code, modified by the
treasurer to meet the objections of the legislative
rule-making review committee and refiled in the state
register on the twenty-fifth day of September, one
thousand nine hundred ninety-seven, relating to the
treasurer (selection of state depositories for
disbursement accounts through competitive bidding, 112
CSR 6), is authorized with the amendment set forth below:
'On page two, subsection 3.5, line one of said
subsection, following the words 'the Treasurer', by
striking out the words "the bids."'
(g) The legislative rule filed in the state register
on the third day of July, one thousand nine hundred
ninety-seven, under the authority of section two, article
one, chapter twelve of this code, modified by the
treasurer to meet the objections of the legislative
rule-making review committee and refiled in the state
register on the twenty-fifth day of September, one thousand nine hundred ninety-seven, relating to the
treasurer (selection of state depositories for receipt
accounts, 112 CSR 7), is authorized.
(h) The legislative rule filed in the state register
on the first day of July, one thousand nine hundred
ninety-eight, authorized under the authority of section
twenty-eight, article eight, chapter thirty-six, of this
code, modified by the office of the treasurer
to meet the
objections of the legislative rule-making review
committee and refiled in the state register on the
nineteenth day of November\, one thousand nine hundred
ninety-eight, relating to the office of the treasurer
(the enforcement of the uniform unclaimed property act
,
112 CSR 5), is authorized.
NOTE: The purpose of this bill is to authorize the
Office of the Treasurer
to promulgate a legislative rule
relating to the Enforcement of the Uniform Unclaimed
Property Act
.
Strike-throughs indicate language that would be
stricken from the present law, and underscoring indicates
new language that would be added.
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