SENATE CONCURRENT RESOLUTION NO. 101
By Senator Tomblin (Mr. President)
[By Request of the Executive]
Providing for the issuance of not to exceed $6045 million of
refunding bonds pursuant to the "Safe Roads Amendment of
1996", article two-g, chapter thirteen of the Code of West
Virginia and article twenty-six, chapter seventeen of said
code.
Resolved by the Legislature of West Virginia:
That safe road refunding bonds in the principal amount not to
exceed $6045 million are authorized to be issued by the State of West
Virginia and sold by the Governor by the fiscal year ending June
30, 2011; and, be it
Further Resolved, That the bonds shall be issued in registered
form, in such denominations, maturing at such times and bearing
such date or dates as the Governor may determine; and, be it
Further Resolved, That all such bonds shall be payable at the
Office of the Treasurer of the State of West Virginia, or at a bank
in the City of Charleston to be designated by the Governor; and, be
it
Further Resolved, That the bonds shall bear interest at rates
and be payable in amounts as determined by the Governor; and, be it
Further Resolved, That the State Treasurer shall pay the principal and/or interest then due on the bonds to the registered
owners thereon at the addresses shown by the record of
registration; and, be it
Further Resolved, That the bonds shall be signed as provided
in section two, article twenty-six, chapter seventeen of the Code
of West Virginia; and, be it
Further Resolved, That the bonds may be redeemable on such
date or dates prior to maturity as determined by the Governor; and,
be it
Further Resolved, That the Governor shall sell the bonds
herein mentioned at such time or times in such amounts, not
exceeding the aggregate principal amount described above, at such
prices as he may determine necessary to provide funds for the
purposes provided below; and, be it
Further Resolved, That the net proceeds of sales of all bonds
herein authorized shall be paid into a special and irrevocable
trust fund, separate and apart from other funds of the State of
West Virginia, to be held in the custody of an escrow trustee to be
designated by the Governor; and, be it
Further Resolved, That an irrevocable deposit of said moneys
in trust for, and such moneys and the investments thereof, together
with any income or interest earned thereon, shall be applied to the
payment of the principal of and interest on certain issued and
outstanding safe road bonds, to be selected by the Governor, as the
same become due and payable.