CONCURRENT RESOLUTION NO. 3
(By Senator Tomblin, Mr. President) and Sprouse,
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
article twenty-six, chapter seventeen of the code of West
Virginia.
Resolved by the Legislature of West Virginia:
That safe 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, two
thousand two. The bonds shall be issued in registered form, in
such denominations, maturing at such times and bearing such date or
dates as the Governor may determine; and, be it
Further Resolved, That 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; and, be it
Further Resolved, That the bonds shall be signed as provided in section two, article twenty-six, chapter seventeen of the code
of West Virginia; and, be it
Further Resolved, That the bonds may be redeemable on such
date or dates prior to maturity as determined by the Governor; and,
be it
Further Resolved, That 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; and, be it
Further Resolved, That the net proceeds of sales 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 and used for the purposes set forth in article twenty-six
of said chapter and in the "Safe Roads Amendment of 1996".