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.