Senate Bill No. 660
(By Senators Caruth, Guills, Unger and Chafin)
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[Introduced March 20, 2009; referred to the Committee on
Government Organization; and then to the Committee on Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto two new sections, designated §17-16A-11a and
§17-16A-22a; and to amend and reenact §17-16A-18 and §17-16A-
26 of said code, all relating to the West Virginia Parkways
Authority; requiring an annual legislative audit of the
Parkways Authority; requiring the Parkways Authority to
provide certain information concerning its activities;
terminating tolls on the West Virginia Turnpike no later than
2020; prohibiting the West Virginia Parkways Authority from
issuing any additional revenue bonds; and requiring the West
Virginia Parkways Authority to pay all indebtedness on
schedule without extending or renewing the debt.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto two new sections, designated §17-16A-11a and §17-16A-22a; and that §17-16A-18 and §17-16A-26 of said code be amended
and reenacted, all to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND
TOURISM AUTHORITY.
§17-16A-11a. Parkway revenue bonds may not be issued.
Notwithstanding any provision of this code to the contrary,
the West Virginia Parkways Authority may not issue any additional
parkway revenue bonds.
§17-16A-18. Cessation of tolls.
(a) Except as provided herein, when all bonds issued under the
provisions of this article in connection with any parkway project
or projects and the interest thereon shall have been paid or a
sufficient amount for the payment of all such bonds and the
interest thereon to the maturity thereof shall have been set aside
in trust for the benefit of the bondholders,
no later than the year
2020, such project or projects, if then in good condition and
repair to the satisfaction of the Commissioner of the State
Division of Highways, shall be transferred to the State Division of
Highways and shall thereafter be maintained by the State Division
of Highways free of tolls.
(b) No later than
February 1, 1990 February 1, 2020, the
parkways authority
or its successors shall discontinue, remove and
not relocate all toll collection facilities on the West Virginia
Turnpike as the same existed on June 1, 1989, except for
the three main toll barriers and collection facilities and, provided solely
that the provisions of section eighteen-a
are complied with, as
they apply to the toll collection facilities at the intersection of
U.S. Route 19 (Corridor "L") and said turnpike
unless bonds issued
in connection with that project and the interest thereon have been
paid, in which case, tolls shall discontinue and those toll
facilities shall be removed.
§17-16A-22a. Parkway indebtedness be paid on schedule without
extending or renewing of the debt.
Notwithstanding any provision of this code to the contrary,
the West Virginia Parkways Authority shall pay all indebtedness
owed on schedule without extending or renewing the indebtedness.
§17-16A-26. Annual report; audit.
(a) The parkways authority shall prepare on an annual basis
and provide to each member of the West Virginia Legislature who so
requests an annual report detailing the financial condition and
operations of the parkways authority. The parkways authority shall
provide to the Joint Committee on Government and Finance any
financial statements as may be required under any trust agreement
to which the parkways authority is a party.
(b) Each year, the parkways authority shall file with the
Legislative Auditor's office a full and complete accounting of its
activities, including the collection of all revenues, expenditures
liabilities, assets, bonds and disbursement of funds, including funding for economic development projects. The Legislative Auditor
shall conduct an annual audit of the information provided by the
parkways authority and the audit report of the Legislative Auditor
shall provide the results to each member of the Legislature
requesting a copy.
NOTE: The purpose of this bill is to require an annual
legislative audit of the West Virginia Parkways Authority; to
require the parkways authority to provide certain information
concerning its activities; and terminating tolls on the West
Virginia Turnpike no later than 2020. The bill also prohibits the
West Virginia Parkways Authority from issuing any additional
revenue bonds and requires the West Virginia Parkways Authority to
pay all indebtedness on schedule without extending or renewing the
debt.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
§17-16A-11a and §17-16A-22a are new; therefore strike-throughs
and underscoring are omitted.