House Concurrent Resolution No. 93
(By Delegates Michael, Doyle, Kominar, Stalnaker, Proudfoot, R.M.
Thompson, H.K. White, Cann, Williams, Palumbo, Frederick,
Houston, Susman, Boggs, Varner, Hall, Anderson, Ashley,
Carmichael, Evans, and G. White)
(Originating in the Committee on Finance)
[April 6, 2005]
Providing for the issuance of not to exceed three hundred seventy-
five million dollars of refunding bonds pursuant to the "Safe
Roads Amendment of 1996", article two-g, chapter thirteen and
article twenty-six, chapter seventeen 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 three hundred seventy-five million dollars are authorized to
be issued by the State of West Virginia and sold by the Governor
during the fiscal year ending the thirtieth day of June, two
thousand five; and, be it
Further Resolved, That the bonds shall be issued in registered
form, in such denominations, maturing at such times and bearing
such date or dates as the Governor may determine:
Provided, that
the average maturity of the bonds to be issued shall not exceed the
average maturity of the refunded bonds:
Provided however, that the
refunding issue be structured to provide for approximately level
annual debt service savings each fiscal year through the final maturity or that the refunding issue be structured to approximate
the level of debt service that would have been paid prior to the
refunding, with a preponderance of the savings being deferred
toward eliminating or reducing the most distant maturities; and, be
it
Further Resolved, That all such bonds shall be payable at the
office of the Treasurer of the State of West Virginia, or at some
bank in the city of Charleston to be designated by the Governor;
and, be it
Further Resolved, That the bonds shall bear interest at rates
and be payable in amounts as determined by the Governor; and, be it
Further Resolved, That the State Treasurer shall pay the
principal and/or interest then due on the bonds to the registered
owners thereon at the addresses shown by the record of
registration; and, be it
Further Resolved, That the bonds shall be signed as provided
in section two, article twenty-six, chapter seventeen of the code
of West Virginia; and, be it
Further Resolved, That the bonds may be redeemable on such
date or dates prior to maturity as determined by the Governor; and,
be it
Further Resolved, That the Governor shall sell the bonds
herein mentioned at such time or times in such amounts, not
exceeding the aggregate principal amount described above, at such
prices 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 sales of all 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 of and interest on certain issued and
outstanding safe road bonds, to be selected by the Governor, as the
same become due and payable.
NOTE: The purpose of this concurrent resolution is to
authorize the issuance of up to $375 million of refunding bonds to
pay off
the principal of and interest on certain issued and
outstanding safe road bonds issued pursuant to the Safe Roads
Amendment of 1996.
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