HOUSE JOINT RESOLUTION NO. 20

(By Mr. Speaker, Mr. Chambers, and Delegates Michael, Martin,
Houvouras, Kiss and Burk)

(Introduced February 23, 1994; referred to the
Committee on Constitutional Revision.)

Proposing an amendment to the Constitution of the State of West Virginia authorizing the issuing and selling of state bonds in an amount not exceeding three hundred million dollars and the distribution of the proceeds thereof for the construction, extension, expansion, rehabilitation, repair and improvement of water supply and sewage treatment systems and for the acquisition, preparation, construction and improvement of sites for economic development in this state; numbering and designating such proposed amendment; and providing a summarized statement of the purpose of such proposed amendment.

Resolved by the Legislature of West Virginia, two thirds of the members elected to each House agreeing thereto:

That the question of ratification or rejection of an amendment to the Constitution of the State of West Virginia be submitted to the voters of the State at the next general election to be held in the year one thousand nine hundred ninety-four, which proposed amendment is to read as follows:
INFRASTRUCTURE IMPROVEMENT AMENDMENT.
The Legislature shall have power to authorize the issuing and selling of state bonds not exceeding in the aggregate three hundred million dollars, which shall be in addition to all other bonds heretofore authorized. The proceeds of said bonds hereby authorized to be issued and sold shall be used and appropriated solely for the construction, extension, expansion, rehabilitation, repair and improvement of water supply and sewage treatment systems and for the acquisition, preparation, construction and improvement of sites for economic development in this state in a manner and subject to such conditions, qualifications and requirements as shall be prescribed by general law. Such bonds may be issued and sold at such time or times and in such amount or amounts as the Legislature shall authorize. When a bond issue as aforesaid is authorized, the Legislature shall, at the same time, provide for the irrevocable dedication of an annual portion of any gross receipts tax which is then currently imposed on businesses that sever, extract and, or produce natural resources within this state which will be sufficient to pay, as it may accrue, the interest on such bonds and the principal thereof, within and not exceeding thirty years and until such principal and interest on such bonds are finally paid and discharged: Provided, That nothing herein shall be construed as a mandate to the Legislature that any existing tax be increased or as a mandate for the imposition of an additional tax to pay the interest and principal of any bonds issued hereunder. Any of the convenants, agreements, or provisions in the acts of the Legislature levying and dedicating such taxes shall be enforceable in any court of competent jurisdiction by any of the holders of the bonds.
Resolved further, That in accordance with the provisions of article eleven, chapter three of the code of West Virginia, one thousand nine hundred thirty-one, as amended, such amendment is hereby numbered "Amendment No. 1" and designated as the "Infrastructure Improvement Amendment" and the purpose of the proposed amendment is summarized as follows: "To allow the issuing and selling of state bonds, the proceeds of which will be used to construct and improve water systems, sewage systems and to acquire and improve economic development sites; to dedicate a portion of the existing gross receipts tax on the activity of severing, extracting or producing natural resources for repayment of the principal and interest on the bonds; providing that the Legislature is to use existing tax revenues for the repayment of the bonds and is not directed to impose any additional tax or increase in tax for repayment of the bonds."