SB729 SFAT Tarr #1 3-1

Johnson  7909

Senator Tarr moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Senate Bill 729—A Bill to repeal §31‑15‑20 of the Code of West Virginia, 1931, as amended; to amend and reenact §12‑6C‑11 of said code; to amend said code by adding thereto a new section, designated §12‑6C‑11b; and to amend said code by adding thereto a new section, designated §31‑15‑23a, all relating generally to funding for infrastructure and economic development projects in the state; discontinuing the revolving loan from the Board of Treasury Investments to the Economic Development Authority upon the authority’s receipt of an appropriation by the Legislature; requiring the Board of Treasury Investments to make a revolving loan available to the Department of Transportation; establishing a special revenue fund to receive loan moneys; permitting the Secretary of Transportation to make certain expenditures of loan moneys; requiring the secretary to reimburse the fund upon receipt of federal reimbursement moneys; providing when moneys in the fund will revert to the Consolidated Fund; establishing reporting requirements related to the fund; allowing the Board of Treasury Investments to inspect records related to the fund; defining terms; establishing a special revenue fund to receive moneys appropriated to the Economic Development Authority; allowing the authority to invest the moneys in the fund; providing that a certain amount of moneys in the fund be used for high impact economic development projects; establishing accounting and auditing standards related to the fund; and establishing project status reporting requirements related to the fund.

Adopted

Rejected