Senate Bill No. 456
(By Senators Tomblin (Mr. President) and Sprouse
By Request of the Executive)
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[Introduced February 5, 2003; referred to the Committee on
Transportation; and then to the Committee on Finance.]
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A BILL to amend and reenact sections one and two, article
seventeen-a, chapter seventeen of the code of West Virginia,
one thousand nine hundred thirty-one, as amended, all relating
to construction financing for surface transportation
improvements through federal grant anticipation notes.
Be it enacted by the Legislature of West Virginia:
That sections one and two, article seventeen-a, chapter
seventeen of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted, all to read as
follows:
ARTICLE 17A. CONSTRUCTION FINANCING FOR SURFACE TRANSPORTATION
IMPROVEMENTS.
§17-17A-1. Purpose and scope.
This article is intended to facilitate the acquisition of
right-of-way for, the construction of, the reconstruction of and the improvement or repair of any interstate or other highway
facility designated as a part of the federal-aid highway system, or
any toll bridge, secondary road, bridge and toll road to be funded
wholly or in part by amounts to be made available pursuant to the
Federal Surface Transportation Assistance Act of one thousand nine
hundred eighty-two Transportation Equity Act for the 21st Century,
or from amounts to be made available pursuant to any
other
succeeding federal legislation, or from amounts specifically
appropriated or dedicated therefor by the state, or from amounts
which may be properly expended from the state road fund under
article three, chapter seventeen of this code. This article
authorizes
federal grant anticipation notes, in an aggregate amount
of outstanding notes not to exceed
two five hundred million
dollars, to be issued to provide financing for such projects in
anticipation of reimbursement from such sources, but such notes
will be special obligations of the state only, and will not be
general obligations of the state or secured by any claim on the
general credit or taxing powers of the state.
§17-17A-2. Definitions.
As used in this article, the following words and terms shall
have the following meaning:
"Commissioner" means the West Virginia commissioner of
highways.
"Cost," when used with respect to any surface transportation improvement, means any and all costs of acquiring, constructing,
reconstructing, replacing, completing or repairing any
surface
transportation improvement, facility designated as a part of the
federal-aid highway system, or any toll bridge, including without
limiting the generality of the foregoing, land, property, rights,
franchises, materials, labor and services, contractors' fees,
planning and engineering expenses, financing costs, legal fees,
trustees' or paying agents' fees and interest on obligations issued
under this article.
"
Federal grant anticipation note" means any note or other
obligation issued
in accordance with 23 U.S.C. §122, as amended,
and pursuant to this article.
"Outstanding note" means a
federal grant anticipation note
which that has been issued pursuant to this article and has not
been repaid, but does not include notes which are to be paid from
designated moneys or securities which are irrevocably held in trust
solely for such purpose.
"Surface transportation improvement" means
any interstate or
other highway, secondary road, bridge and toll road construction,
reconstruction, improvement or repair the construction,
reconstruction, improvement or repair of any interstate or other
highway facility designated as a part of the federal highway system
or any toll bridge, as to which all or a portion of the cost
thereof is to be reimbursed to the state under federal legislation.
NOTE: The purpose of this bill is to allow the Division of
Highways to make application to apply for Federal Grant
Anticipation Notes with anticipation reimbursement from the amounts
made available from the Federal Government's Highway Fund for West
Virginia. Funds obtained through this Federal Grant will be used
solely for completion of interstate or other highway facilities
designated as a part of the federal-aid highway system, or for toll
bridges.
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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