Senate Bill No. 722
(By Senator Unger)
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[Introduced March 21, 2005; referred to the Committee
on Economic Development; and then to the Committee on Finance.]
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A BILL to amend of the Code of West Virginia, 1931, as amended, by
adding thereto a new article, designated §31-2C-1, §31-2C-2,
§31-2C-3, §31-2C-4 and §31-2C-5, all relating to establishing
the State Railroad Infrastructure Bank.
Be it enacted by the Legislature of West Virginia:
That of the Code of West Virginia, 1931, as amended, be
amended by adding thereto a new article, designated §31-2C-1,
§31-2C-2, §31-2C-3, §31-2C-4 and §31-2C-5, all to read as follows:
ARTICLE 2C. STATE RAILROAD INFRASTRUCTURE ACT.
§31-2C-1. Short title.
This article shall be known and may be cited as the "State
Railroad Infrastructure Act."
§31-2C-2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the context clearly indicates otherwise:
"Department." The West Virginia Department of Transportation.
"Rail freight infrastructure." All materials including, but
not limited to, ties, rails and ballast, which may include
supporting infrastructure, rail spur lines to customers, crossings
and other similar structures.
§31-2C-3. State Railroad Infrastructure Bank.
The State Railroad Infrastructure Bank is established as an
economic development program and shall be administered by the
department in order to provide low-interest loans to railroads or
their customers, or both, for the financing of rail freight
infrastructure.
§31-2C-4. Loans.
Loans awarded to railroads under this act shall be repaid to
the State Railroad Infrastructure Bank Fund at a rate established
by the Department and shall contain such other terms and conditions
as deemed necessary or desirable by the Department.
§31-2C-5. Effective Date.
This act shall take effect on the first day of July, two
thousand five.
NOTE:
The purpose of this bill is to
establish the State
Railroad Infrastructure Bank, which is an economic development
program that provides low-interest loans to railroads or their
customers for the financing of rail freight infrastructure.
Article 2C is new; therefore, strike-throughs and underscoring
have been omitted.
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