Senate Bill No. 74
(By Senator Bowman)
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[Introduced January 14, 1998; referred to the Committee
on Small Business; and then to the Committee on the Judiciary.]
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A BILL to amend and reenact section seven, article nine, chapter
sixty-four of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to authorizing and
directing the infrastructure and jobs development council to
amend and promulgate a legislative rule relating to the
infrastructure and jobs development council funding rules.
Be it enacted by the Legislature of West Virginia:
That section seven, article nine, chapter sixty-four of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 9. AUTHORIZATION FOR MISCELLANEOUS AGENCIES AND BOARDS
TO PROMULGATE LEGISLATIVE RULES.
§64-9-7. Infrastructure and jobs development council.
The Legislature hereby authorizes and directs the infrastructure and jobs development council to amend and
promulgate the legislative rules rule promulgated and final
filed in the state register on the seventh ninth day of July
May, one thousand nine hundred ninety-five ninety-six, under
the authority of section four, article fifteen-a, chapter
thirty-one of this code, modified by the infrastructure and jobs
development council to meet the objections of the legislative
rule-making review committee and refiled in the state register on
the sixth day of December, one thousand nine hundred ninety-five,
relating to the infrastructure and jobs development council
(infrastructure and jobs development council funding rules,
167CSR1), are authorized, with the amendments amendment set forth
below:
"On page ten, section five, subsection 5.7 5.7.1, by
striking out '1 ½%' '1%' and inserting in lieu thereof '1%'
'6/10%'.;
And,
On page eleven, section five, subsection 5.9, by striking
out all of subsection 5.9 and inserting in lieu thereof
the following: 'Terms of Grant. Where a project sponsor has
received infrastructure grant money to fund a project and the
project is thereafter sold, then to the extent that proceeds are
available, the project sponsor shall reimburse the infrastructure
fund the amount of the infrastructure grant. In the alternative, the council may allow repayment of the grant by converting the
grant into a loan from the infrastructure fund. The proceeds
from the repayment of any such grant or grant which has been
converted to a loan shall retain their character as proceeds
available for grants. The amount of repayment may be reduced by
the applicable share of accumulated depreciation of the project
or the applicable share of accumulated accelerated depreciation
of the project as determined by the council. The infrastructure
council shall review any agreement between the project sponsor
and the person or entity purchasing the project to determine
whether the agreement was structured so that no proceeds would
become available for the repayment of the grant funds. If the
infrastructure council finds that the transaction was structured
by the parties to intentionally preclude the availability of
proceeds for the repayment of the infrastructure grant funds,
then the council may require the project sponsor to repay the
full amount of any infrastructure grant. The council shall
prepare a report listing those projects which received
infrastructure grant money and are sold. The report shall
include a description of the terms by which the infrastructure
grant will be repaid. The report shall be provided on or before
the tenth day of January each year to the Joint Committee on
Government and Finance.'"
NOTE: The purpose of this bill is authorize the
promulgation of a legislative rule which reduces from 1% to 6/10%
the uniform percentage rate used in considering projects for
infrastructure and jobs development grants.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.