COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 456

(By Senators Tomblin, Mr. President, and Sprouse,

By Request of the Executive)

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[Originating in the Committee on Finance;

reported February 25, 2003.]

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A BILL to amend and reenact sections one and two, article seventeen-a, chapter seventeen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, all relating to construction financing for surface transportation improvements through federal grant anticipation notes.

Be it enacted by the Legislature of West Virginia:
That sections one and two, article seventeen-a, chapter seventeen of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted, all to read as follows:
ARTICLE 17A. CONSTRUCTION FINANCING FOR SURFACE TRANSPORTATION IMPROVEMENTS.

§17-17A-1. Purpose and scope.
This article is intended to facilitate the acquisition of right-of-way for, the construction of, the reconstruction of and the improvement or repair of any interstate or other highway facility designated as a part of the federal-aid highway system or any toll bridge, secondary road, bridge and toll road to be funded, wholly or in part, by amounts to be made available pursuant to the Federal Surface Transportation Assistance Act of one thousand nine hundred eighty-two transportation equity act for the 21st century, or from amounts to be made available pursuant to any other succeeding federal legislation, or from amounts specifically appropriated or dedicated therefor for the highway facility or toll bridge by the state, or from amounts which may be properly expended from the state road fund under article three of this chapter. This article authorizes federal grant anticipation notes, in an aggregate amount of outstanding notes not to exceed two five hundred million dollars, to be issued to provide financing for such the projects in anticipation of reimbursement from such those sources, but such the notes will be are special obligations of the state only, and will are not be general obligations of the state or secured by any claim on the general credit or taxing powers of the state.
§17-17A-2. Definitions.
As used in this article, the following words and terms shall have the following meanings:
"Commissioner" means the West Virginia commissioner of highways.
"Cost", when used with respect to any surface transportation improvement, means any and all costs of acquiring, constructing, reconstructing, replacing, completing or repairing any surface transportation improvement, facility designated as a part of the federal-aid highway system, or any toll bridge, including, without limiting the generality of the foregoing but not limited to, land, property, rights, franchises, materials, labor and services, contractors' fees, planning and engineering expenses, financing costs, legal fees, trustees' or paying agents' fees and interest on obligations issued under this article.
"Federal grant anticipation note" means any note or other obligation issued in accordance with 23 U. S. C. §122, as amended, and pursuant to this article.
"Outstanding note" means a federal grant anticipation note which that has been issued pursuant to this article and has not been repaid, but does not include notes which are to be paid from designated moneys or securities which are irrevocably held in trust solely for such that purpose.
"Surface transportation improvement" means any interstate or other highway, secondary road, bridge and toll road construction, reconstruction, improvement or repair as to the construction, reconstruction, improvement or repair of any interstate or other highway facility designated as a part of the federal highway system, or any toll bridge, for which all or a portion of the cost thereof is to be reimbursed to the state under federal legislation.