H. B. 4505
(By Mr. Speaker, Mr. Kiss, and Delegates Martin,
Michael, Trump and Hall)
[Introduced February 11, 2000; referred to the
Committee on Finance.]
A BILL to amend and reenact section twenty-seven, article one,
chapter twenty-two-c of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
increasing the authorized borrowing limit of the West Virginia
water development authority.
Be it enacted by the Legislature of West Virginia:
That section twenty-seven, article one, chapter twenty-two-c
of the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 1. WATER DEVELOPMENT AUTHORITY.
§22C-1-27. Authorized limit on borrowing.
The aggregate principal amount of bonds and notes issued by
the authority shall may not exceed three five hundred million dollars outstanding at any one time: Provided, That before the
authority issues bonds and notes in excess of four hundred million
dollars the Legislature must pass a resolution authorizing this
action: Provided, however, That in computing the total amount of
bonds and notes which may at any one time be outstanding, the
principal amount of any outstanding bonds or notes refunded or to
be refunded either by application of the proceeds of the sale of
any refunding bonds or notes of the authority or by exchange for
any refunding bonds or notes, shall be excluded.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.