H. B. 2866


(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
[Introduced February 5, 2003; referred to the
Committee on Finance.]



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 by the state, or from amounts which may be properly expended from the state road fund under article three, chapter seventeen of this code. 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 projects in anticipation of reimbursement from such sources, but such notes will be special obligations of the state only, and will 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 meaning:
"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, 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 purpose.
"Surface transportation improvement" means any interstate or other highway, secondary road, bridge and toll road construction, reconstruction, improvement or repair 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, as to which all or a portion of the cost thereof is to be reimbursed to the state under federal legislation.

NOTE: The purpose of this bill is to allow the Division of Highways to make application to apply for Federal Grant Anticipation Notes with anticipation reimbursement from the amounts made available from the Federal Government's Highway Fund for West Virginia. Funds obtained through this Federal Grant will be used solely for completion of interstate or other highway facilities designated as a part of the federal-aid highway system, or for toll bridges.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.