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 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 sState of West Virginia, by the treasurer
thereof, under the great seal of the sWState, 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
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 of chapter seventeen of the code of West
Virginia and in the Safe Roads Amendment of 1996.