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Introduced Version Senate Bill 722 History

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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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