WEST virginia legislature

2018 regular session

Committee Substitute

for

Senate Bill 500

By Senators Baldwin, Mann, Gaunch, Jeffries, Woelfel, and Plymale

[Originating in the Committee on Government Organization; Reported on February 19, 2018]

A BILL to amend and reenact section one, chapter 180, Acts of the Legislature, regular session, 1985, authorizing the City of White Sulphur Springs, Greenbrier County, West Virginia, to expend both principal and interest from a special interest-bearing fund.

Be it enacted by the Legislature of West Virginia:

White Sulphur Springs Capital Improvement Fund.

§1. Governing body of City of White Sulphur Springs authorized to establish an interest-bearing capital improvement fund and to expend money as needed therefrom.

The governing body of the City of White Sulphur Springs is hereby authorized and empowered to establish a special interest bearing fund and to transfer and deposit in the special fund all moneys received by the City of White Sulphur Springs from the sale and exchange of real estate in a deed of exchange between CSX Hotels, Inc., a West Virginia corporation and the City of White Sulphur Springs, dated December 27, 1984, and recorded in the office of the Clerk of the County Commission of Greenbrier County, West Virginia. The governing body is further authorized and empowered to use the income, only, from the special fund created under the authority of this act and to expend the same, year to year, for capital improvements expend both principal and interest from the fund for capital improvements and infrastructure maintenance for the City of White Sulphur Springs.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.