SB 675 Text

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Engrossed Version Senate Bill 675 History

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sb675 eng ENGROSSED
Senate Bill No. 675
(By Senators Hunter, Plymale, Oliverio, Dempsey, Minard and Unger)
____________
[Introduced March 21, 2005; referred to the Committee
on Government Organization; and then to the Committee on Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §18-5-9c, relating to allowing a county board of education to enter into a lease-purchase agreement for land, buildings and equipment; and allowing a county board entering into a lease-purchase agreement to borrow funds from the Department of Education and the School Building Authority to make a one-time payment due at the beginning of the lease term for the purpose of reducing the annual lease payments .

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §18-5-9c, to read as follows:

ARTICLE 5. COUNTY BOARD OF EDUCATION.

§18-5-9c. Lease-purchase agreements to provide school facilities.
(a) Notwithstanding the provisions of section twenty-six, article eight, chapter eleven of this code or any other provision of this code to the contrary, a county board may enter into a lease-purchase agreement for land, buildings and equipment, subject to the following:
(1) Prior to entering into a lease-purchase agreement, the board shall obtain the approval of the School Building Authority to enter into the lease-purchase agreement;
(2) If a building is or has been constructed for the purpose of providing a school through a lease-purchase agreement, the Board may not enter into the lease-purchase agreement for the school unless the lessor complied with the requirements of article five-a, chapter twenty-one of this code relating to the fair minimum rate of wages; and
(3) The county board shall determine whether the provisions of section eight, article X of the West Virginia Constitution; section ten, article X of the West Virginia Constitution or both apply to the lease-purchase agreement, and if so, comply with any limitations or requirements of those constitutional provisions.
(b) Notwithstanding the provisions of section twenty-six, article eight, chapter eleven of this code or any other provision of this code to the contrary, a county board entering into a lease- purchase agreement may borrow funds from the State Department of Education and the School Building Authority pursuant to section fifteen, article nine-d of this chapter to make a one-time payment due at the beginning of the lease term for the purpose of reducing the annual lease payments. The county board shall determine whether the provisions of section eight, article X of the West Virginia Constitution; section ten, article X of the West Virginia Constitution or both apply to this debt, and if so, comply with any limitations or requirements of those constitutional provisions.