HB3517 HFAT Kelly 4-12

Morgan 3345

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

H. B. 3517 -- “A Bill to amend and reenact §8-35-1 and §8-35-2 of the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §6-9D-1, §6-9D-2, §6-9D-3, §6-9D-4, §6-9D-5, §6-9D-6, §6-9D-7, §6-9D-8, §6-9D-9,§6-9D-10, §6-9D-11, §6-9D-12, §6-9D-13, and §6-9D-14; and to amend said code by adding thereto by adding four new sections, designated §8-35-3, §8-35-4, §8-35-5 and §8-35-6, all relating generally to fiscal watch or fiscal emergencies of local governments; setting out findings; defining terms; setting out auditable conditions of local governments; providing details of initiation of a fiscal watch review; providing guidelines for identifying potential for declarations of a fiscal watch or fiscal emergency; providing for rulemaking; providing conditions constituting grounds for a fiscal watch; relating to the declaration of the existence of a fiscal watch; providing for a financial recovery plan;  relating to determining the existence of a fiscal emergency; providing conditions constituting grounds for a fiscal emergency; establishing a process for appeal of a decision of the State Auditor that a fiscal emergency exists; relating to the establishment of a financial planning and supervision committee and further rulemaking authority of the State Auditor; relating to what constitutes compliance of this article by a local government; relating to a prohibition against relief under federal bankruptcy laws unless otherwise authorized; providing a severability clause; modernizing the process for the dissolution and forfeiture of certain municipalities; ; modernizing the process for the voluntary dissolution of municipal corporations; establishing the process for the involuntary dissolution of municipal corporations; establishing that the State Auditor shall serve as a special receiver upon declaration of the forfeiture of the charter or certificate of incorporation, or the certification of the election for voluntary dissolution, or upon an order by the Circuit Court for involuntary dissolution of a municipality; establishing and relating to the disposition of property belonging to a dissolved municipal corporation; establishing the process for sale and liquidation of a dissolved municipality’s assets; ”

Adopted

Rejected