SB 461 Text

Senate Bill No. 461
(By Senators Prezioso, Hunter, Sharpe, Boley and Minard)
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[Introduced February 5, 2004; referred to the Committee on Finance.]
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A BILL to amend the code of West Virginia, 1931, as amended, by adding thereto a new section, designated §31-18-6b, relating to limiting financial assistance from the housing development fund to nonresidential projects .

Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §31-18-6b, to read as follows:

ARTICLE 18. WEST VIRGINIA HOUSING DEVELOPMENT FUND.

§31-18-6b. Limitation on financial assistance to nonresidential projects.

Notwithstanding the powers set forth in section six of this article, the housing development fund may only provide financial assistance to nonresidential projects where the financial assistance:
(1) Is federally insured or guaranteed; or
(2) Is infrastructure financing which has been approved by the infrastructure and jobs development council in accordance with the provisions of article fifteen-a, et. seq., of this chapter; or
(3) Is one million dollars or less; which limitations may not apply to any nonresidential project enacted by the Legislature prior to the enactment date of this provision or which has been approved by the housing development fund prior to the enactment date of this provision.

NOTE: The purpose of this bill is to limit financial assistance from the Housing Development Fund to nonresidential projects.

This section is new; therefore, strike-throughs and underscoring have been omitted.

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