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Introduced Version House Bill 2822 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 2822


(By Delegates Porter, Sumner and Lane)
[Introduced January 9, 2008; referred to the
Committee on Government Organization then Finance.]




A BILL to amend and reenact §17-16A-6, §17-16A-7, §17-16A-10, §17-16A-11, §17-16A-21, §17-16A-22, §17-16A-23 and §17-16A-25 of the Code of West Virginia, 1931, as amended, all relating to modifying the West Virginia Parkways, Economic Development and Tourism Authority's power and authority to charge tolls and issue bonds; and to transfer duties and responsibilities of the Parkways, Economic Development and Tourism Authority to the Division of Highways.

Be it enacted by the Legislature of West Virginia:
That §17-16A-6, §17-16A-7, §17-16A-10, §17-16A-11, §17-16A-21, §17-16A-22, §17-16A-23 and §17-16A-25 of the Code of West Virginia, 1931, as amended, be amended and reenacted, all to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND TOURISM AUTHORITY.

§17-16A-6. Parkways authority's powers.
(a) The parkways authority is hereby authorized and empowered:
(1) To adopt bylaws for the regulation of its affairs and the conduct of its business;
(2) To adopt an official seal and alter the same at pleasure;
(3) To maintain an office at such place or places within the state as it may designate;
(4) To sue and be sued in its own name, plead and be impleaded. Any and all actions against the parkways authority shall be brought only in the county in which the principal office of the parkways authority shall be located;
(5) To construct, reconstruct, improve, maintain, repair and operate projects at such locations within the state as may be determined by the parkways authority: Provided, That the parkways authority shall be prohibited from constructing motels or any other type of lodging facility within five miles of the West Virginia Turnpike: Provided, however, That as of the first day of July, two thousand seven, once all existing bonds issued have been repaid, all such administrative duties with respect to roads, highways and the West Virginia Turnpike shall be assumed by and transferred to the Division of Highways.
(6) To issue parkway revenue bonds of the State of West Virginia, payable solely from revenues, for the purpose of paying all or any part of the cost of any one or more projects, which costs may include, with respect to the West Virginia Turnpike, such funds as are necessary to repay to the State of West Virginia all or any part of the state funds used to upgrade the West Virginia Turnpike to federal interstate standards: Provided, That upon the effective date of the amendments to this section enacted during the regular session of the Legislature in two thousand six, the authorization to issue bonds pursuant to this subsection is limited to that of refunding bonds pursuant to subdivision seven of this subsection;
(7) To issue parkway revenue refunding bonds of the State of West Virginia, payable solely from revenues, for any one or more of the following purposes: (i) Refunding any bonds which shall have been issued under the provisions of this article or any predecessor thereof; and (ii) repaying to the state all or any part of the state funds used to upgrade the West Virginia Turnpike to federal interstate standards: Provided, That beginning the first day of July, two thousand seven, and notwithstanding any other provision of this code, the parkways authority may not issue refunding bonds unless the Legislature specifically authorizes it to do so;
(8) To fix and revise, from time to time, tolls for transit over each parkway project constructed by it or by the West Virginia Turnpike Commission;
(9) To fix and revise, from time to time, rents, fees or other charges, of whatever kind or character, for the use of each tourism project or economic development project constructed by it or for the use of any building, structure or facility constructed by it in connection with a parkway project;
(10) To acquire, hold, lease and dispose of real and personal property in the exercise of its powers and the performance of its duties under this article: Provided, That the authority may not finance any transaction to acquire, hold or lease real property;
(11) To acquire in the name of the state by purchase or otherwise, on such terms and conditions and in such manner as it may deem proper, or by the exercise of the right of condemnation in the manner hereinafter provided, such public or private lands, including public parks, playgrounds or reservations, or parts thereof or rights therein, rights-of-way, property, rights, easements and interests, as it may deem necessary for carrying out the provisions of this article: Provided, That the authority may not finance any transaction to acquire real property. No compensation shall be paid for public lands, playgrounds, parks, parkways or reservations so taken, and all public property damaged in carrying out the powers granted by this article shall be restored or repaired and placed in its original condition as nearly as practicable;
(12) To designate the locations, and establish, limit and control such points of ingress to and egress from each project as may be necessary or desirable in the judgment of the parkways authority to ensure the proper operation and maintenance of such project, and to prohibit entrance to such project from any point or points not so designated;
(13) To make and enter into all contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this article, and to employ consulting engineers, attorneys, accountants, architects, construction and financial experts, trustees, superintendents, managers and such other employees and agents as may be necessary in its judgment, and to fix their compensation. All such expenses shall be payable solely from the proceeds of parkway revenue bonds or parkway revenue refunding bonds issued under the provisions of this article, tolls or from revenues;
(14) To make and enter into all contracts, agreements or other arrangements with any agency, department, division, board, bureau, commission, authority or other governmental unit of the state to operate, maintain or repair any project;
(15) To receive and accept from any federal agency grants for or in aid of the construction of any project, and to receive and accept aid or contributions from any source of either money, property, labor or other things of value, to be held, used and applied only for the purposes for which such grants and contributions may be made;
(16) To do all acts and things necessary or convenient to carry out the powers expressly granted in this article; and
(17) To file the necessary petition or petitions pursuant to Title 11, United States Code, Sec. 401 (being section 81 of the Act of Congress entitled "An act to establish a uniform system of bankruptcy throughout the United States", approved July 1, 1898, as amended) and to prosecute to completion all proceedings permitted by Title 11, United States Code, Secs. 401-403 (being sections 81 to 83, inclusive, of said Act of Congress). The State of West Virginia hereby consents to the application of said Title 11, United States Code, Secs. 401-403, to the parkways authority.
(b) Nothing in this article shall be construed to prohibit the issuance of parkway revenue refunding bonds in a common plan of financing with the issuance of parkway revenue bonds: Provided, That upon the effective date of the amendments to this section enacted during the regular session of the Legislature in two thousand six, the authorization to issue bonds pursuant to this subsection is limited to that of refunding bonds pursuant to sections twenty-one and twenty-two of this article.
§17-16A-7. Parkways authority's incidental powers.

The parkways authority shall have authority to construct grade separations at intersections of any project with public roads and state highways and to change and adjust the lines and grades of such roads and highways so as to accommodate the same to the design of such grade separation. The cost of such grade separations and any damage incurred in changing and adjusting the lines and grades of such roads and highways shall be ascertained and paid by the parkways authority as a part of the cost of such project.
If the parkways authority shall find it necessary to change the location of any portion of any public road or state highway, it shall cause the same to be reconstructed at such location as the parkways authority shall deem most favorable and of substantially the same type and in as good condition as the original road or highway. The cost of such reconstruction and any damage incurred in changing the location of any such road or highway shall be ascertained and paid by the parkways authority as a part of the cost of such project.
Upon the request of the parkways authority, the Commissioner of the State department Division of Highways shall relocate or discontinue any road or highway over which he has authority and control which is affected by the construction of any project.
In addition to the foregoing powers, the parkways authority and its authorized agents and employees may enter upon any lands, waters and premises in the state for the purpose of making surveys, soundings, drillings and examinations as it may deem necessary or convenient for the purposes of this article, and such entry shall not be deemed a trespass, nor shall an entry for such purposes be deemed an entry under any condemnation proceedings which may be then pending. The parkways authority shall make reimbursement for any actual damages resulting to such lands, waters and premises as a result of such activities.
Beginning the first day of July, two thousand seven, once all existing bonds are repaid, all duties and responsibilities relating to roads, highways and the West Virginia Turnpike mentioned in this section are to be assumed by and transferred to the Division of Highways.
The State of West Virginia hereby consents to the use of all lands owned by it, including lands lying under water, which are deemed by the parkways authority to be necessary for the construction or operation of any project.
§17-16A-10. Parkway revenue bonds generally.
(a) The parkways authority is authorized to provide by resolution for the issuance of parkway revenue bonds of the state for the purpose of paying all or any part of the cost of one or more projects: Provided, That this section shall not be construed as authorizing the issuance of parkway revenue bonds for the purpose of paying the cost of the West Virginia Turnpike, which parkway revenue bonds may be issued only as authorized under section eleven of this article. The principal of and the interest on bonds shall be payable solely from the funds provided for payment.
(b) The bonds of each issue shall be dated, shall bear interest at a rate as may be determined by the parkways authority in its sole discretion, shall mature at a time not exceeding forty years from their date or of issue as may be determined by the parkways authority, and may be made redeemable before maturity, at the option of the parkways authority at a price and under the terms and conditions as may be fixed by the parkways authority prior to the issuance of the bonds.
(c) The parkways authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination of the bonds and the place of payment of principal and interest, which may be at any bank or trust company within or without the state.
(d) The bonds shall be executed by manual or facsimile signature by the chair of the parkways authority, and the official seal of the parkways authority shall be affixed to or printed on each bond, and attested, manually or by facsimile signature, by the secretary and treasurer of the parkways authority. Any coupons attached to any bond shall bear the manual or facsimile signature of the chair of the parkways authority.
(e) In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be an officer before the delivery of the bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he the officer had remained in office until delivery. In case the seal of the parkways authority has been changed after a facsimile has been imprinted on the bonds, then the facsimile seal will continue to be sufficient for all purposes.
(f) All bonds issued under the provisions of this article shall have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state. The bonds may be issued in coupon or in registered form, or both, as the parkways authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the recorders into coupon bonds of any bonds registered as to both principal and interest.
(g) The parkways authority may sell the bonds at a public or private sale at a price it determines to be in the best interests of the state.
(h) The proceeds of the bonds of each issue shall be used solely for the payment of the cost of the parkway project or projects for which the bonds were issued, and shall be disbursed in a manner consistent with the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds.
(i) If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than the cost, then additional bonds may in like manner be issued to provide the amount of the deficit. Unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, the additional bonds shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued.
(j) If the proceeds of the bonds of any issue exceed the cost of the project or projects for which the bonds were issued, then the surplus shall be deposited to the credit of the sinking fund for the bonds.
(k) Prior to the preparation of definitive bonds, the parkways authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds have been executed and are available for delivery. The parkways authority may also provide for the replacement of any bonds that become mutilated or are destroyed or lost.
(l) Bonds may be issued under the provisions of this article without obtaining the consent of any department, division, commission, board, bureau or agency of the state in accordance with this article.
(m) Notwithstanding any other provision of this code to the contrary, the authority may not issue parkway revenue bonds after the effective date of the amendments to this section enacted in the regular session of the Legislature in two thousand six. Provided, That the authority may issue revenue refunding bonds pursuant to sections twenty-one and twenty-two of this article for parkway revenue bonds previously issued prior to the effective date of the amendments to this section enacted in the regular session of the Legislature in two thousand six, only if the Legislature specifically authorizes it to do so.
§17-16A-11. Parkway revenue bonds--West Virginia Turnpike; related projects.
(a) The parkways authority is authorized to provide by resolution, at one time or from time to time, for the issuance of parkway revenue bonds of the state in an aggregate outstanding principal amount not to exceed, from time to time, two hundred million dollars for the purpose of paying: (i) All or any part of the cost of the West Virginia Turnpike, which may include, but not be limited to, an amount equal to the state funds used to upgrade the West Virginia Turnpike to federal interstate standards; (ii) all or any part of the cost of any one or more parkway projects that involve improvements to or enhancements of the West Virginia Turnpike, including, without limitation, lane-widening on the West Virginia Turnpike and that are or have been recommended by the parkways authority's traffic engineers or consulting engineers or by both of them prior to the issuance of parkway revenue bonds for the project or projects; and (iii) to the extent permitted by federal law, all or any part of the cost of any related parkway project. For purposes of this section only, a "related parkway project" means any information center, visitors' center or rest stop, or any combination thereof, and any expressway, turnpike, trunkline, feeder road, state local service road or park and forest road which connects to or intersects with the West Virginia Turnpike and is located within seventy-five miles of the turnpike as it exists on the first day of June, one thousand nine hundred eighty-nine, or any subsequent expressway, trunkline, feeder road, state local service road or park and forest road constructed pursuant to this article: Provided, That nothing in this section shall be construed as prohibiting the parkways authority from issuing parkway revenue bonds pursuant to section ten of this article for the purpose of paying all or any part of the cost of any related parkway project: Provided, however, That none of the proceeds of the issuance of parkway revenue bonds under this section shall be used to pay all or any part of the cost of any economic development project, except as provided in section twenty-three of this article: Provided further, That nothing in this section shall be construed as prohibiting the parkways authority from issuing additional parkway revenue bonds to the extent permitted by applicable federal law for the purpose of constructing, maintaining and operating any highway constructed, in whole or in part, with money obtained from the Appalachian Regional Commission as long as the highway connects to the West Virginia Turnpike as it existed as of the first day of June, one thousand nine hundred eighty-nine: And provided further, That, for purposes of this section, in determining the amount of bonds outstanding, from time to time, within the meaning of this section: Original par amount or original stated principal amount at the time of issuance of bonds shall be used to determine the principal amount of bonds outstanding, except that the amount of parkway revenue bonds outstanding under this section may not include any bonds that have been retired through payment, defeased through the deposit of funds irrevocably set aside for payment or otherwise refunded so that they are no longer secured by toll revenues of the West Virginia Turnpike: And provided further, That the authorization to issue bonds under this section is in addition to the authorization and power to issue bonds under any other section of this code: And provided further, That, without limitation of the authorized purposes for which parkway revenue bonds are otherwise permitted to be issued under this section, and without increasing the maximum principal par amount of parkway revenue bonds permitted to be outstanding, from time to time, under this section, the authority is specifically authorized by this section to issue, at one time or from time to time, by resolution or resolutions under this section, parkway revenue bonds under this section for the purpose of paying all or any part of the cost of one or more parkway projects that: (i) Consist of enhancements or improvements to the West Virginia Turnpike, including, without limitation, projects involving lane widening, resurfacing, surface replacement, bridge replacement, bridge improvements and enhancements, other bridge work, drainage system improvements and enhancements, drainage system replacements, safety improvements and enhancements, and traffic flow improvements and enhancements; and (ii) have been recommended by the authority's consulting engineers or traffic engineers, or both, prior to the issuance of the bonds. Except as otherwise specifically provided in this section, the issuance of parkway revenue bonds pursuant to this section, the maturities and other details of the bonds, the rights of the holders of the bonds, and the rights, duties and obligations of the parkways authority in respect of the bonds shall be governed by the provisions of this article insofar as the provisions are applicable.
(b) Notwithstanding any other provision of this code to the contrary, the authority may not issue parkway revenue bonds after the effective date of the amendments to this section enacted in the regular session of the Legislature in two thousand six: Provided, That the authority may issue revenue refunding bonds pursuant to sections twenty-one and twenty-two of this article for parkway revenue bonds previously issued prior to the effective date of the amendments to this section enacted during the regular session of the Legislature in two thousand six, only the Legislature specifically authorizes it to do so.
§17-16A-21. Parkway revenue refunding bonds-Generally.
The parkways authority is hereby authorized to provide by resolution for the issuance of parkway revenue refunding bonds of the state for the purpose of refunding any bonds then outstanding which shall have been issued under the provisions of this article, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds; and, if deemed advisable by the parkways authority, for the additional purpose of constructing improvements, extensions or enlargements of the project or projects in connection with which the bonds to be refunded shall have been issued: Provided, That this section shall not be construed as authorizing the issuance of parkway revenue refunding bonds for the purpose of refunding any bonds then outstanding which shall have been issued under the provisions of this article, or any predecessor thereof, in connection with the construction of the West Virginia Turnpike, which revenue refunding bonds may be issued only as authorized under section twenty-two of this article. The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof and the rights, duties and obligations of the parkways authority in respect of the same shall be governed by the provisions of this article insofar as the same may be applicable. After the effective date of the amendments to this article enacted by the Legislature during the regular session in two thousand six, no issuance of a refunding bond may extend the maturity date of such bond being refunded and may not exceed the outstanding principal of such bond being refunded. Any refunding bond issued after the effective date of the amendments to this article enacted by the Legislature during the regular session in two thousand six shall be structured to provide for approximately level annual debt service savings each fiscal year through the final maturity or structured to approximate the level of debt service that would have been paid prior to the refunding, with a preponderance of the savings being deferred toward eliminating or reducing the most distant maturities. For purposes of this section, the outstanding principal is to be determined as of the date on which the revenue bond is refinanced.
Beginning the first day of July, two thousand seven, the parkways authority may not issue any bonds as provided in this section unless the Legislature specifically grants it the authority to do so.
§17-16A-22. Parkway revenue refunding bonds--West Virginia Turnpike.

The parkways authority is hereby authorized to provide by resolution for the issuance of parkway revenue refunding bonds of the state in an aggregate principal amount not to exceed sixty million dollars for the purpose of refunding any bonds which shall have been issued under this article, or any predecessor thereof, in connection with the construction of the West Virginia Turnpike, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds, and, to the extent permissible under federal law and if deemed advisable by the parkways authority, for repaying to the state all or any part of the state funds used to upgrade the West Virginia Turnpike to federal interstate standards: Provided, That any proceeds derived from the issuance of such bonds which are used on any parkway project other than the West Virginia Turnpike must be used solely on parkway projects: (i) Which are either connected to or intersect with the West Virginia Turnpike and are within seventy-five air miles of said turnpike as it exists on the first day of June, one thousand nine hundred eighty-nine, or any subsequent expressway, trunkline, turnpike, feeder road, state local service road or park and forest road constructed pursuant to this article; and (ii) which involve the upgrading or addition of interchanges, the construction of expressways or feeder roads, or the upgrading or construction of information centers, visitors' centers, rest stops or any combination thereof: Provided, however, That none of the proceeds of the issuance of parkway revenue refunding bonds issued under this section shall be used to pay all or any part of the cost of any economic development project. Except as otherwise specifically provided in this section, the issuance of parkway revenue refunding bonds pursuant to this section, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the parkways authority in respect of the same, shall be governed by the provisions of this article insofar as the same may be applicable.
After the effective date of the amendments to this article enacted by the Legislature during the regular session in two thousand six, no issuance of a refunding bond may extend the maturity date of such bond being refunded and may not exceed the outstanding principal of such bond being refunded. Any refunding bond issued after the effective date of the amendments to this article enacted by the Legislature during the regular session in two thousand six shall be structured to provide for approximately level annual debt service savings each fiscal year through the final maturity or structured to approximate the level of debt service that would have been paid prior to the refunding, with a preponderance of the savings being deferred toward eliminating or reducing the most distant maturities. For purposes of this section, the outstanding principal is to be determined as of the date on which the revenue bond is refinanced.
Beginning the first day of July, two thousand seven, the parkways authority may not issue any parkway revenue bonds as mentioned in this section unless the Legislature has specifically granted it the authority to do so.
§17-16A-23. Special Highway Fund; appropriations from fund.

(a) There is hereby created a special fund in the State Treasury which shall be designated and known as the "West Virginia Special Highway Fund." The special highway fund shall consist of (i) all funds allocated and disbursed to the state department Division of Highways by the parkways authority, including without limitation the proceeds of any parkway revenue bonds or revenue refunding bonds issued by the parkways authority pursuant to sections eleven, twenty-one or twenty-two of this article, in repayment of the amount of state funds used to upgrade the West Virginia Turnpike to federal interstate standards, (ii) any appropriations, grants, gifts, contributions or other revenues received by the special highway fund from any source, and (iii) all interest earned on moneys held in the fund. When any funds are received by the state department Division of Highways from the parkways authority pursuant to this section, they shall be paid into the State Treasury by the Commissioner of the department Division of Highways and credited to the Special Highway Fund, and shall be disbursed in the manner set forth in subsections (b) and (c) of this section. The special highway fund shall not be treated by the Auditor and Treasurer as part of the State Road Fund or as part of the general revenues of the state.
(b) The Governor shall have the authority to transfer to the Insurance Fund created in section eight, article fifteen, chapter thirty-one of this code, on any date or dates after the enactment of this section, up to thirty-five million dollars of the funds received or earned by the Special Highway Fund, which funds may be used and applied by the West Virginia Economic Development Authority in the manner and to the extent set forth in article fifteen of said chapter thirty-one. On or before the thirty-first day of December, one thousand nine hundred ninety-four, the Economic Development Authority shall retransfer to the special highway fund the thirty-five million dollars advanced to the Insurance Fund pursuant to this section. All interest earned on the thirty-five million dollars while being held in the Insurance Fund shall remain in, and be the property of, said Insurance Fund: Provided, That on and after the first day of July, one thousand nine hundred ninety-two, the Governor shall have the authority to transfer six million dollars from the Insurance Fund created in section eight, article fifteen, chapter thirty-one of this code to a special fund hereby created in the state treasury and designated "the West Virginia Economic Development Fund." Expenditures from the fund are to be made only in accordance with appropriations by the Legislature.
(c) Upon the transfer of thirty-five million dollars to the Insurance Fund as provided in subsection (b) of this section, the Legislature shall annually appropriate all or any part of the balance of the funds deposited in the special highway fund for the construction, reconstruction, improvement, maintenance or repair of any parkway project or projects: Provided, That all of such funds shall be appropriated to (i) the upgrading or addition of interchanges; (ii) the construction of expressways or feeder roads; or (iii) the upgrading or construction of information centers, visitors' centers, rest stops, or any combination thereof, and that all such feeder roads, expressways, interchanges, information centers, visitors' centers or rest stops shall connect to the West Virginia Turnpike and within seventy-five air miles of the West Virginia Turnpike as it existed on the effective date of this legislation, or any subsequent expressway, turnpike or feeder road constructed pursuant to this subsection. The appropriation of funds pursuant to this subsection shall be expended on more than one project.
(d) Beginning the first day of July, two thousand seven, once all existing bonds are repaid by the parkways authority, all funds in the West Virginia Special Highway Fund granted to it shall be allocated and dispersed to the Division of Highways.
§17-16A-25. Additional powers of parkways authority; issuance of special obligation bonds.

(a) In addition to all powers granted by the foregoing sections of this article, the parkways authority in connection with a proceeding prosecuted to completion under Title 11, United States Code, Secs. 401-403, as permitted by subdivision (17), section six of this article is hereby authorized to provide by resolution for the issuance of special obligation bonds of the state for the purpose of exchanging such special obligation bonds for all bonds then outstanding which shall have been issued under the provisions of this article. Special obligation bonds issued under the provisions of this section shall not be deemed to constitute a debt of the state or of any political subdivision thereof or a pledge of the faith and credit of the state or of any such political subdivision, but such bonds shall be payable solely from the funds herein provided therefor from pledged property and income therefrom as provided in subdivision (1) of this subsection. All such special obligation bonds shall contain on the face thereof a statement in accordance with the preceding sentence. The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties and obligations of the parkways authority in respect of the same shall be governed by the provisions of this article insofar as the same may be applicable with the following express exceptions:
(1) The principal of and the interest on such special obligation bonds shall not be payable from tolls, rents, fees, charges or revenues of any parkway project but shall be payable solely from such other property purchased and pledged as security therefor as the parkways authority shall determine together with the income derived therefrom which other property may include direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States government or participation certificates or other obligations issued by or by authority of the United States government; and
(2) Following the issuance of such special obligation bonds there shall be no obligation to fix, revise, charge and collect tolls for the use of any parkway project and any parkway project shall be transferred to the state department Division of Highways and shall thereafter be maintained by the state department Division of Highways free of tolls. At such time as the special obligation bonds are issued, then section eighteen of this article shall be of no further force and effect.
(b) Financial, legal, engineering and feasibility consultants may be employed to perform such services as the parkways authority shall deem necessary or desirable in connection with the Title 11 proceedings mentioned above and the issuance and exchange of the special obligation bonds.
(c) The entire powers herein granted by this section to the parkways authority may be exercised by the state department Division of Highways in which event the special obligation bonds herein authorized shall be executed by manual or facsimile signature by the Governor and by the Commissioner of the department Division of Highways, and the official seal of the department Division of Highways shall be affixed to or printed on each bond, and any coupons attached to such bonds shall bear the manual or Commissioner of the state department Division of Highways. In the event that the state department Division of Highways shall elect to exercise the powers granted by this section, it shall file a statement to that effect in the office of the chairman of the parkways authority and in the office of the Secretary of State, and upon the issuance of the special obligation bonds herein provided, for the state department Division of Highways shall succeed immediately to the principal functions of the parkways authority and the parkways authority shall then be abolished.
(d) Beginning the first day of July, two thousand seven, the parkways authority may not issue such special obligation bonds unless the Legislature grants it the authority to do so.
(e) The state department Division of Highways is hereby empowered to acquire by purchase the parkways authority and all its rights-of-way, equipment, facilities and any and all other rights or interest the parkways authority has or had in any project, from any funds available to it, and to pay any expenses incident to such acquisition under the provisions of this article: Provided, That the contribution of the state department Division of Highways in making such acquisition shall not exceed the sum of twenty million dollars from all sources of public moneys of the State of West Virginia, excluding any funds reimbursed or reimbursable or otherwise provided or to be provided by the federal government. No funds derived from the sale of the three hundred fifty million dollars bond issue authorized by the Roads Development Amendment shall be included in the acquisition of the West Virginia Turnpike.


NOTE: The purpose of this bill is to modify the West Virginia Parkways, Economic Development and Tourism Authority's power and authority to charge tolls and issue bonds and to transfer duties and responsibilities of the parkways authority to the Division of Highways.

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