ENGROSSED
Senate Bill No. 465
(By Senator Craigo)
____________
[Introduced March 13, 2001; referred to the Committee on
Finance.]
____________
A BILL to amend and reenact section nine, article fifteen-b,
chapter thirty-one of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to authorizing
refunding bonds to be sold at public or private sales at those
prices and at those rates of interest as the state may direct.
Be it enacted by the Legislature of West Virginia:
That section nine, article fifteen-b, chapter thirty-one of
the code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 15B. INFRASTRUCTURE BONDS.
§31-15B-9. Refunding bonds.
Any infrastructure general obligation bonds which are outstanding may at any time be refunded by the issuance of
refunding bonds in an amount deemed considered necessary to refund
the principal of the bonds to be refunded, together with any unpaid
interest thereon; to accomplish the purpose of this article and
article fifteen-a of this chapter; and to pay any premiums and
commissions necessary to be paid in connection therewith with the
refunding. Any refunding may be effected whether the
infrastructure general obligation bonds to be refunded shall have
then matured or shall thereafter matures. Any refunding bonds
issued pursuant to this article shall be are payable from the
infrastructure general obligation bond debt service fund and shall
be are subject to the provisions contained in section eleven,
article fifteen-a of this chapter and shall be secured in
accordance with the provisions of this article. Any refunding
bonds issued pursuant to this section may be sold at a public or
private sale and at a price equal to, above or below par value and
accrued interest as the state may direct. Refunding bonds may also
be sold at a zero rate of interest or at an original issue
discount.