COMMITTEE SUBSTITUTE

FOR

HOUSE CONCURRENT RESOLUTION NO. 62

(By Mr. Speaker, Mr. Kiss, and Delegate Ashley)

[By Request of the Executive]



Providing for the issuance of two hundred twenty million dollars of bonds pursuant to the "Safe Roads Amendment of 1996" and chapter seventeen, article twenty-six of the code of West Virginia, 1931, as amended.

Resolved by the Legislature of West Virginia:
That state road bonds in the par value of two hundred twenty million dollars are authorized to be sold by the governor during the fiscal year ending the thirtieth day of June, one thousand nine hundred ninety-nine. The bonds shall be issued in registered form, in such denominations, maturing at such times and bear such date or dates as the governor may determine.
All such bonds shall be payable at the office of the treasurer of the State of West Virginia, or at some bank in the City of Charleston to be designated by the governor. The bonds shall bear interest at a rate not exceeding seven percent per annum, in the aggregate, payable semiannually, beginning not more than nine months following the date of issue. The State Treasurer shall pay the interest then due on the bonds to the registered owners thereon, at the addresses shown by the record of registration.
The bonds shall be signed as provided in section two, article twenty-six, chapter seventeen of the code of West Virginia.
The bonds may be redeemable on such date or dates prior to maturity as determined by the governor.
The governor shall sell the bonds herein mentioned at such time or times during the fiscal year as he may determine necessary to provide funds for the purposes provided below, upon recommendation of the commissioner of highways. All sales shall be at par plus accrued interest, if any.
The net proceeds of sale of all bonds herein authorized shall be paid into the state road fund created by section one, article three, chapter seventeen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, and used for the purposes set forth in article twenty-six chapter seventeen of the code of West Virginia and in the Safe Roads Amendment of 1996.
Providing for the issuance of two hundred twenty million dollars of bonds pursuant to the "Safe Roads Amendment of 1996" and chapter seventeen, article twenty-six of the code of West Virginia, 1931, as amended.

Resolved by the Legislature of West Virginia:
That state road bonds in the par value of two hundred twenty million dollars are authorized to be issued by the governor during the fiscal year ending the thirtieth day of June, one thousand nine hundred ninety-nine. Such bonds may be issued by the governor in such amounts, in registered form, in such denominations, at such times during the fiscal year ending the thirtieth day of June, one thousand nine hundred ninety-nine, and bearing such date or dates as the governor may determine.
All such bonds shall be payable at the office of the treasurer of the State of West Virginia, or, at the option of the holder, at some bank in the City of Charleston to be designated by the governor. The bonds shall bear interest at a rate not exceeding six and one-half percent per annum, payable semiannually, beginning six months following the date of issue. The treasurer of the State of West Virginia shall issue his check for the interest then due on the same dates each year, and mail it to the registered owner at the addresses shown by the record of registration.
The bonds and coupons shall be engraved and the bonds shall be signed on behalf of the State of West Virginia, by the treasurer thereof, under the great seal of the State, and countersigned by the auditor of the state.
The bonds will be redeemable on any anniversary date upon payment of the principal amount of the bond and all accrued interest.
The governor shall sell the bonds herein mentioned at such time or times during the fiscal year as he may determine necessary to provide funds for road construction and maintenance purposes, as herein provided, upon recommendation of the commissioner of highways. All sales shall be at not less than par and accrued interest, if any.
The proceeds of all sales of bonds herein authorized shall be paid into the state road fund created by section one, article three, chapter seventeen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, and used for the purposes set forth in article twenty-six chapter seventeen of the code of West Virginia and in the Safe Roads Amendment of 1996.