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Introduced Version Senate Bill 697 History

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Key: Green = existing Code. Red = new code to be enacted
sb697 intr
Senate Bill No. 697

(By Senators Caruth, Foster and Guills)

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[Introduced February 19, 2007; referred to the Committee on Interstate Cooperation; and then to the Committee on the Judiciary.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §7-24-1, §7-24-2, §7-24-3 and §7-24-4, all relating to the Interstate Economic Growth-Sharing Compact; legislative purpose; definitions; and authorizing revenue sharing agreements between county economic opportunity development districts and other county economic opportunity development districts or similar authorities outside the state with respect to tax revenues and other income generated by facilities owned by a county economic opportunity development district.

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 article, designated §7-24-1, §7-24-2, §7-24-3 and §7-24-4, all to read as follows:
ARTICLE 24. INTERSTATE ECONOMIC GROWTH-SHARING COMPACT.
§7-24-1.
Short title.

This article may be cited as the "Interstate Economic Growth-Sharing Compact."
§7-24-2. Legislative purpose.

(a) The economies of many localities within the region have not kept pace with those of the rest of the state. Individual localities often lack the financial resources to assist in the development of economic development projects. Providing a mechanism for localities in the region to cooperate in the development of facilities will assist the region in overcoming this barrier to economic growth. This will assist the areas of the state in achieving a greater degree of economic stability.
(b) The purpose of the "Interstate Economic Growth-Sharing Compact" is to enhance the economic base for the member localities by developing, owning, operating one or more facilities on a cooperative basis involving its member localities.
(c) The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the region and other areas of the state, for the increase of their commerce, and the promotion of their safety, health, welfare, convenience and prosperity.
§7-24-3. Definitions.
As used in this article the following words have the meanings indicated:
"Authority" means the county economic opportunity development district as provided in article twenty-two, chapter seven of this code.
"Board" means the district board of the county economic opportunity development district as provided in section eleven, article twenty-two, chapter seven of this code.
"Facility" means any structure or park, including real estate and improvement as applicable, for manufacturing, warehousing, distribution, office, or other industrial, residential, recreational or commercial purposes. A facility specifically includes structures or parks that are not owned by an authority or its member localities.
"Governing bodies" means the county commissions of counties and the councils of municipalities which are members of an authority.
"Member localities" means the counties, cities, and towns, or combination thereof, which are members of an authority.
§7-24-4. Revenue sharing agreements.
Notwithstanding any other provision of this code, the member localities may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues and other income and revenues generated by any facility owned by an authority or similar authority outside this state, regardless whether inside or outside the boundaries of this state. The obligations of the parties to any such agreement may not be construed to be debt within the meaning of section eight, article X of the West Virginia Constitution. Any such agreement shall be approved by a majority vote of the governing bodies of the member localities reaching such an agreement but does not require any other approval.


NOTE: The purpose of this bill is to create the "Interstate Economic Growth-Sharing Compact" which allows revenue sharing agreements between county economic opportunity development districts and other county economic opportunity development districts or similar authorities outside the state with respect to tax revenues and other income generated by facilities owned by a county economic opportunity development district.

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