Senate Concurrent Resolution No. 35

(By Senators Helmick, Sharpe, Chafin, Plymale, Prezioso, Edgell, Love, Bailey, Bowman, McCabe, Unger, Dempsey, Boley, Minear Facemyer, Guills and Sprouse)

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[Originating in the Committee on Finance;


reported February 24, 2003.]

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Providing for the issuance of bonds not to exceed three billion nine hundred million dollars pursuant to article eight, chapter twelve of the code of West Virginia.

Resolved by the Legislature of West Virginia:
That pension bonds in a principal amount not to exceed three billion nine hundred million dollars are authorized to be sold by the Governor during the time period set forth in section four, article eight, chapter twelve of the code of West Virginia; and, be it
Further Resolved, That the terms of the bonds shall be determined by the Governor as set forth in the trust indenture approved 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 set forth below, provided that before the sale of any such bonds, the Governor shall deliver the written findings required by section five, article eight, chapter twelve of the code of West Virginia; and, be it
Further Resolved, That the maximum costs associated with the issuance of the bonds, excluding fees for bond insurance, credit enhancement and liquidity facilities, plus underwriter's discount and any other costs associated with the issuance, shall not exceed, in the aggregate, the sum of one percent of the aggregate principal amount of bonds issued, the payment of such costs to be subject to final approval by the review committee established pursuant to section four, article eight, chapter twelve of the code of West Virginia; and, be it
Further Resolved, That the net proceeds of sales of all bonds herein authorized shall be paid to the Consolidated Public Retirement Board pursuant to section seven, article eight, chapter twelve of the code of West Virginia and used for the purposes set forth in article eight of said chapter.