ENGROSSED
COMMITTEE SUBSTITUTE
FOR
H. B. 4033
(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
(Originating in the House Committee on Finance)
[February 27, 2004]
A BILL to amend and reenact §17-16A-11 of the code of West
Virginia, 1931, as amended, relating to authorizing the
issuance of new parkway revenue bonds; establishing a two
hundred million dollar ceiling on the aggregate outstanding
principal amount of such parkway revenue bonds issued under
such section from time to time outstanding; setting forth
method of calculation of outstanding bond indebtedness;
limitations; authorized expenditures of bond proceeds;
specifying condition precedent to issuance of additional
bonds; and limiting effect of amendments to section.
Be it enacted by the Legislature of West Virginia:
That §17-16A-11 of the code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND
TOURISM AUTHORITY.
§17-16A-11. Parkway revenue bonds - West Virginia Turnpike;
related projects.
(a) The parkways authority is hereby authorized to provide by
resolution, at one time or from time to time, for the issuance of
parkway revenue bonds of the state in an aggregate
outstanding
principal amount not to exceed
from time to time two hundred
eighty-three million dollars for the purpose of paying: (i) All or
any part of the cost of the West Virginia turnpike, which cost may
include, but not be limited to, an amount equal to the state funds
used to upgrade the West Virginia turnpike to federal interstate
standards; (ii)
all or any part of the cost of any one or more
parkway projects that involve improvements to or enhancements of
the West Virginia turnpike including, without limitation,
lane-widening on the West Virginia turnpike and that are or have
been recommended by the parkways authority's traffic engineers or
consulting engineers or by both of them prior to the issuance of
parkway revenue bonds for such project or projects; and
(iii) to
the extent permitted by federal law, all or any part of the cost of
any related parkway project. For purposes of this section eleven
only, a "related parkway project" means any information center,
visitors' center or rest stop, or any combination thereof, and any
expressway, turnpike, trunkline, feeder road, state local service
road or park and forest road which connects to or intersects with
the West Virginia turnpike and is located within seventy-five miles of said turnpike as it exists on the first day of June, one
thousand nine hundred eighty-nine, or any subsequent expressway,
trunkline, feeder road, state local service road or park and forest
road constructed pursuant to this article:
Provided, That nothing
herein shall be construed as prohibiting the parkways authority
from issuing parkway revenue bonds pursuant to section ten of this
article for the purpose of paying all or any part of the cost of
any such related parkway project:
Provided, however, That none of
the proceeds of the issuance of parkway revenue bonds under this
section shall be used to pay all or any part of the cost of any
economic development project, except as provided in section
twenty-three of this article:
Provided further, That nothing
herein shall be construed as prohibiting the parkways authority
from issuing additional parkway revenue bonds to the extent
permitted by applicable federal law for the purpose of
constructing, maintaining and operating any highway constructed in
whole or in part with money obtained from
the Appalachian regional
commission so long as said highway connects to the West Virginia
turnpike as it existed as of the first day of June, one thousand
nine hundred eighty-nine:
And provided further, That for purposes
of this section, in determining the amount of bonds outstanding
from time to time within the meaning of this section: Original par
amount or original stated principal amount at the time of issuance
of bonds shall be used to determine the principal amount of bonds outstanding, except that the amount of parkway revenue bonds
outstanding under this section may not include any bonds that have
been retired through payment, defeased through the deposit of funds
irrevocably set aside for payment, or otherwise refunded so that
they are no longer secured by toll revenues of the West Virginia
turnpike: And provided further, That the authorization to issue
bonds under this section shall be in addition to authorization and
power to issue bonds under any other section of the West Virginia
code: And provided further, That, without limitation of the
authorized purposes for which parkway revenue bonds are otherwise
permitted to be issued under this section, and without increasing
the maximum principal par amount of parkway revenue bonds permitted
to be outstanding from time to time under this section, the
authority is specifically authorized by this section to issue, at
one time or from time to time, by resolution or resolutions under
this section, parkway revenue bonds under this section for the
purpose of paying all or any part of the cost of one or more
parkway projects that: (i) Consist of enhancements or
improvements to the West Virginia turnpike including without
limitation projects involving lane widening, resurfacing, surface
replacement, bridge replacement, bridge improvements and
enhancements, other bridge work, drainage system improvements and
enhancements, drainage system replacements, safety improvements and
enhancements, and traffic flow improvements and enhancements; and (ii) have been recommended by the authority's consulting engineers
or traffic engineers, or both, prior to the issuance of such bonds.
Except as otherwise specifically provided in this section, the
issuance of parkway revenue bonds pursuant to this section, the
maturities and other details thereof, the rights of the holders
thereof, and the rights, duties and obligations of the parkways
authority in respect of the same, shall be governed by the
provisions of this article insofar as the same may be applicable.
(b) Notwithstanding the provisions of subsection (a) of this
section, no additional bonds authorized by the amendments to this
section enacted during the regular session of the Legislature in
the year two thousand four may be issued until the parkways
authority has adopted by written resolution a final, irrevocable
decision to fully fund and complete the construction of a Shady
Spring connector and interchange connecting to the West Virginia
turnpike from its toll funds or from the proceeds of bonds issued
for such purpose pursuant to subsection (a) hereof, or from both,
or funded in whole or in part by federal highway funds if the same
are available.