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Introduced Version Senate Bill 465 History

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


Senate Bill No. 465

(By Senator Craigo)

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[Introduced March 13, 2001; referred to the Committee on Finance.]

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A BILL to amend and reenact section nine, article fifteen-b, chapter thirty-one of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to authorizing refunding bonds to be sold at public or private sales at those prices and at those rates of interest as the state may direct.

Be it enacted by the Legislature of West Virginia:
That section nine, article fifteen-b, chapter thirty-one of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 15B. INFRASTRUCTURE BONDS.
§31-15B-9. Refunding bonds.

Any infrastructure general obligation bonds which are outstanding may at any time be refunded by the issuance of refunding bonds in an amount deemed considered necessary to refund the principal of the bonds to be refunded, together with any unpaid interest thereon; to accomplish the purpose of this article and article fifteen-a of this chapter; and to pay any premiums and commissions necessary to be paid in connection therewith with the refunding. Any refunding may be effected whether the infrastructure general obligation bonds to be refunded shall have then matured or shall thereafter matures. Any refunding bonds issued pursuant to this article shall be are payable from the infrastructure general obligation bond debt service fund and shall be are subject to the provisions contained in section eleven, article fifteen-a of this chapter and shall be secured in accordance with the provisions of this article. Any refunding bonds issued pursuant to this section may be sold at a public or private sale and at a price equal to, above or below par value and accrued interest as the state may direct. Refunding bonds may also be sold at a zero rate of interest or at an original issue discount.
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(NOTE: The purpose of this bill is to allow the state to issue refunding bonds without restriction as to the manner of sale, the price thereof or the interest thereon.

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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FINANCE COMMITTEE AMENDMENT


On page one, by striking out the title and substituting therefor a new title, to read as follows:
Eng. Senate Bill No. 465--A Bill
to amend and reenact section nine, article fifteen-b, chapter thirty-one of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to authorizing infrastructure general obligation refunding bonds to be sold at public or private sales at those prices and at those rates of interest as the state may direct.

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