H. B. 4033
(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
[Introduced January 14, 2004; referred to the
Committee on Finance.]
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; establish a ceiling on
the aggregate outstanding principal amount of such parkway
revenue bonds issued under such section from time to time
outstanding, which shall not exceed one hundred eighty-three
million dollars from time to time.
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.
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 one 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 in
determining the amount of bonds outstanding from time to time
within the meaning of this section: (i) 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; and (ii) prior bonds of the authority that have been
defeased and refunded and are no longer outstanding under the trust
indenture securing such prior bonds shall not be counted as
"outstanding" for purposes of this section: 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.
NOTE: The purpose of this bill is to authorize the issuance
of new parkway revenue bonds not to exceed one hundred eighty-three
million dollars.
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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