ENGROSSED
SENATE JOINT RESOLUTION NO. 11
(By Senators Tomblin, Mr. President, Jackson,
Craigo, Buckalew, Anderson and Chafin)
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[Introduced March 20, 1997; referred to the
Committee on Finance.]
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Proposing an amendment to the Constitution of the State of West
Virginia, amending article ten thereof by adding thereto a
new section, designated section eight-a, relating to the
authority of the Legislature to authorize the issuance by
counties of bonds to be payable from revenues derived from
increased real or personal property taxes in the county upon
the approval of a majority of the voters in the county;
numbering and designating the proposed amendment; and
providing a summarized statement of the purpose of the
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-eight, which proposed amendment is that article ten thereof be amended
by adding thereto a new section, designated section eight-a, to
read as follows:
ARTICLE X. TAXATION AND FINANCE.
§8a. Issuance of bonds paying from incremental increases in
property taxes: voter approval required.
Notwithstanding any other provisions of this constitution,
the Legislature by statute may authorize the issuance by counties
of bonds to be payable from all, or any part, of the revenues
derived from taxation of real and personal property in any
issuing county listed by the name or names of one or more current
taxpayers, or otherwise, to the extent of the excess in the
current and subsequent tax years of such revenues over the amount
of the revenues derived from the taxation of real and personal
property in the tax year immediately preceding the year in which
the bonds are authorized by the issuing county: Provided, That
except for excess revenues, no tax revenues of the county issuing
bonds pursuant to statutory authorization by the Legislature
under this section may be pledged to, or used for, the payment of
bonds issued pursuant to such statutory authorization: Provided,
however, That no bonds may be issued pursuant to statutory
authorization by the Legislature under this section unless all
questions in connection with the bond issuance have been first submitted to a vote of the people, and have received a majority
of all votes cast for and against the same.
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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, this proposed
amendment is hereby numbered "Amendment No. 1" and designated as
the "lOVAlocal oLocal Option Economic DevelomppmentTax Increment Financing Amendment", and the
purpose of the proposed amendment is summarized as follows: "To
amend the State Constitution to permit the Legislature to
authorize the issuance by counties of bonds payable from real and
personal property taxes in excess of the current tax years' tax
revenues from one or more current taxpayers upon approval of a
majority of the voters in the county, provided that, except for
the excess, no tax revenues of the county issuing the bonds may
be used for the payment of the bonds."
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(NOTE: The purpose of this resolution is to submit an
amendment to the Constitution which would allow the Legislature
to authorize tax increment financing upon approval of the voters
in counties in which such financing is proposed.
This section is new; therefore, underscoring and strike- throughs have been omitted.)