WEST virginia Legislature

2016 regular session

Introduced

Senate Bill 618

By Senators Carmichael, Hall and Unger

[Introduced February 17, 2016;
Referred to the Committee on Economic Development; and then to the Committee on Finance]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §31-15-12b, relating generally to economic development; and allowing Economic Development Authority to refinance indebtedness of certain licensed commercial whitewater outfitters.

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 §31-15-12b, to read as follows:

ARTICLE 15. WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY.

§31-15-12b. Loans to support whitewater rafting industry.

(a) In order to preserve jobs and support the New and Gauley River whitewater industries, which are recovering from years of declining rafting visitors, the authority may make loans up to $550,000 per whitewater rafting license owned by a qualifying outfitter, consistent with this section.

(b) For purpose of this section a qualifying outfitter is:

(1) A licensed commercial whitewater outfitter that has filed an application for a loan under this section no later than July 1, 2016;

(2) An outfitter that operates on the New and Gauley Rivers; and

(3) An outfitter that operates an adventure resort comprised of at least seventy-five acres and employing a minimum of one hundred employees.

(c) The proceeds of the loans:

(1) May be used only to refinance the existing indebtedness of qualifying outfitters up to $550,000; and

(2) May not exceed the outstanding indebtedness of the qualifying outfitter as of January 1, 2016.

(d) The loans shall be:

(1) Made for terms of fifteen years;

(2) Amortized over thirty years;

(3) At interest rates commensurate with other loans currently being made by the authority; and

(4) Collateralized as determined by the authority.

NOTE: The purpose of this bill is to support the whitewater rafting industry in West Virginia by allowing the Economic Development Authority to make loans to certain outfitters.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.