H. B. 4505
(By Mr. Speaker, Mr. Kiss, and Delegates Martin,
Michael, Trump and Hall)
[Passed March 11, 2000; in effect from passage.]
AN ACT 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 may not exceed 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.