HOUSE CONCURRENT RESOLUTION 9

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

[By Request of the Executive]
Providing for the issuance of one hundred ten million dollars of bonds pursuant to the "Safe Roads Amendment of 1996" and chapter seventeen, article twenty-six of the code of West Virginia, one thousand nine hundred thirty-one, as amended.

Resolved by the Legislature of West Virginia:
That state road bonds in the principal amount of one hundred ten million dollars are authorized to be sold by the governor during the fiscal year ending the thirtieth day of June, in the year two thousand one. 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 rates and be payable at the time, place and in amounts as determined by the governor. 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 in such amounts, not exceeding the aggregate principal amount described above, at such prices during the fiscal year as he may determine necessary to provide funds for the purposes provided below, upon recommendation of the commissioner of highways.
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.

NOTE: The purpose of this resolution is to provide for the issuance of one hundred ten million dollars of bonds pursuant to the "Safe Roads Amendment of 1996."