SENATE CONCURRENT RESOLUTION 52

(By Senators Blair (Mr. President) and Baldwin)
(By Request of the Executive)

[Introduced March 24, 2021]

Providing for the issuance of, not to exceed $22 million, refunding bonds pursuant to the Safe Roads Amendment of 1996, §13-2G-1 et seq., and §17-26-1 et seq. of the Code of West Virginia.

Resolved by the Legislature of West Virginia:

That safe road refunding bonds in the principal amount not to exceed $22 million are authorized to be issued by the State of West Virginia and sold by the Governor during the fiscal year ending June 30, 2021 or the fiscal year ending June 30, 2022. The bonds shall be issued in registered form and may be issued by the Governor in such amounts and in one or more series, in such denominations, at such times during that fiscal year 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 a paying agent designated by the Governor. The bonds shall be dated and mature on dates and at times as the Governor shall determine. The bonds shall bear interest at rates not exceeding five percent per annum, payable semiannually or annually. The Treasurer of the State of West Virginia shall issue his or her check for the interest and principal then due on the same dates each year and mail it to the registered owner at the addresses shown by the record of registration or shall provide the requisite funds by electronic means acceptable to the public municipal finance industry. 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 bonds shall be signed on behalf of the State of West Virginia as provided under §17-26-2 of the Code of West Virginia; 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 the purposes provided below; and, be it

Further Resolved, That the net proceeds of all sales of bonds herein authorized shall be paid into a special and irrevocable trust fund, separate and apart from other funds of the State of West Virginia, to be held in the custody of an escrow trustee to be designated by the Governor; and, be it

Further Resolved, That an irrevocable deposit of said moneys in trust for, and such moneys and the investments thereof, together with any income or interest earned thereon, shall be applied to the payment of the principal or redemption price of and interest on certain issued and outstanding state road bonds, to be selected by the Governor, as the same become due and payable.