ENGROSSED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 456
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Originating in the Committee on Finance;
reported February 25, 2003.]
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A BILL to amend and reenact sections one and two, article
seventeen-a, chapter seventeen of the code of West Virginia,
one thousand nine hundred thirty-one, as amended, all relating
to construction financing for surface transportation
improvements through federal grant anticipation notes.
Be it enacted by the Legislature of West Virginia:
That sections one and two, article seventeen-a, chapter
seventeen of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted, all to read as
follows:
ARTICLE 17A. CONSTRUCTION FINANCING FOR SURFACE TRANSPORTATION
IMPROVEMENTS.
§17-17A-1. Purpose and scope.
This article is intended to facilitate the acquisition of right-of-way for, the construction of, the reconstruction of and
the improvement or repair of any interstate or other highway
facility designated as a part of the federal-aid highway system or
any toll bridge, secondary road, bridge and toll road to be funded,
wholly or in part, by amounts to be made available pursuant to the
Federal Surface Transportation Assistance Act of one thousand nine
hundred eighty-two transportation equity act for the 21st century,
or from amounts to be made available pursuant to any
other
succeeding federal legislation, or from amounts specifically
appropriated or dedicated
therefor for the highway facility or toll
bridge by the state, or from amounts which may be properly expended
from the state road fund under article three of this chapter. This
article authorizes
federal grant anticipation notes, in an
aggregate amount of outstanding notes not to exceed
two five
hundred million dollars, to be issued to provide financing for
such
the projects in anticipation of reimbursement from
such those
sources, but
such the notes
will be are special obligations of the
state only, and
will are not
be general obligations of the state or
secured by any claim on the general credit or taxing powers of the
state.
§17-17A-2. Definitions.
As used in this article, the following words and terms
shall
have the following meanings:
"Commissioner" means the West Virginia commissioner of highways.
"Cost", when used with respect to any surface transportation
improvement, means any and all costs of acquiring, constructing,
reconstructing, replacing, completing or repairing any
surface
transportation improvement, facility designated as a part of the
federal-aid highway system, or any toll bridge, including,
without
limiting the generality of the foregoing but not limited to, land,
property, rights, franchises, materials, labor and services,
contractors' fees, planning and engineering expenses, financing
costs, legal fees, trustees' or paying agents' fees and interest on
obligations issued under this article.
"
Federal grant anticipation note" means any note or other
obligation issued
in accordance with 23 U. S. C. §122, as amended,
and pursuant to this article.
"Outstanding note" means a
federal grant anticipation note
which that has been issued pursuant to this article and has not
been repaid, but does not include notes which are to be paid from
designated moneys or securities which are irrevocably held in trust
solely for
such that purpose.
"Surface transportation improvement" means
any interstate or
other highway, secondary road, bridge and toll road construction,
reconstruction, improvement or repair as to the construction,
reconstruction, improvement or repair of any interstate or other
highway facility designated as a part of the federal highway system, or any toll bridge, for which all or a portion of the cost
thereof is to be reimbursed to the state under federal legislation.
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