ENROLLED
SENATE JOINT RESOLUTION NO. 101
(By Senators Tomblin, Mr. President, and Sprouse, By Request of the
Executive)
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[Adopted January 29, 2005.]
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Proposing an amendment to the Constitution of the State of
West Virginia authorizing appropriations and the
issuance and sale of additional state general obligation
bonds in an amount not exceeding five billion five
hundred million dollars for the purpose of funding all
or a portion of the unfunded actuarial accrued
liabilities of the state teachers retirement system,
§18-7A-1, et seq., of the Code of West Virginia, the
judges' retirement system, §51-9-1, et seq., of said
Code and the public safety death, disability and
retirement system, §15-2-26, et seq., of said Code and
paying any costs associated with the issuance of said
bonds; requiring the Legislature to direct the
investment of the funds from such issuance and sale
pursuant to the laws and Constitution of the State of West Virginia; requiring the levy, collection and
dedication of an additional tax for the payment of the
principal and interest on the bonds in any year the
moneys from the general revenue fund of the state
irrevocably set aside and appropriated and applied to
the payment of the interest on and the principal of the
bonds becoming due and payable in the year are
insufficient therefor; numbering and designating such
proposed amendment; and providing a summarized statement
of the purpose of such proposed amendment.
Resolved by the Legislature of West Virginia, two thirds
of the members elected to each house agreeing thereto:
That the question of ratification or rejection of an
amendment to the Constitution of the State of West Virginia
be submitted to the voters of the State at the next general
election to be held in the year two thousand six, or at any
special election held prior thereto, which proposed amendment
is as follows:
Pension Bond Amendment
The Legislature may authorize the issuing and selling of
state general obligation bonds not exceeding in the aggregate
five billion five hundred million dollars, which shall be in
addition to all other state bonds heretofore authorized. Such bonds may be issued and sold at such time or times and
in such amount or amounts as the Legislature authorizes. The
proceeds of the bonds hereby authorized to be issued and sold
shall be deposited in the trust funds of the consolidated
public retirement board to fund all or a portion of the
unfunded actuarial accrued liabilities of the state teachers
retirement system, §18-7A-1, et seq., of the Code of West
Virginia; the judges' retirement system, §51-9-1, et seq.,
of said Code; and the public safety death, disability and
retirement system, §15-2-26, et seq., of said Code and used
to pay any costs associated with the issuance of the bonds.
When a bond issue as aforesaid is authorized, the
Legislature shall direct the investment of such proceeds as
permitted by the laws and the Constitution of the State of
West Virginia.
When a bond issue as aforesaid is authorized, the
Legislature shall at the same time provide for the levy,
collection and dedication of an additional state tax, or
enhancement to such other tax as the Legislature may
determine, in such amount as may be required to pay annually
the interest on such bonds and the principal thereof or
premium, if any, within and not exceeding thirty years and
all such taxes so levied shall be irrevocably dedicated for the payment of the principal of or premium, if any, and
interest on such bonds until such principal of and interest
on such bonds are finally paid and discharged. Such
additional tax shall be levied in any year only to the
extent that the moneys from the general revenue fund of the
state irrevocably set aside and appropriated and applied to
the payment of the interest on and the principal of the
bonds becoming due and payable in the year are insufficient
therefor. Any of the covenants, agreements or provisions in
the acts of the Legislature levying such taxes shall be
enforceable in any court of competent jurisdiction by any of
the holders of the bonds.
The Legislature may enact legislation to implement the
provisions of this amendment.
Resolved further, That in accordance with the
provisions of article eleven, chapter three of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, such proposed amendment is hereby numbered
"Amendment No. 1" and designated as the "Pension Bond
Amendment" and the purpose of the proposed amendment is
summarized as follows: "To amend the State Constitution to
permit the issuance and sale of additional state general
obligation bonds not exceeding five billion five hundred million dollars to help provide for the fiscal soundness of
the State Teachers Retirement System, the Judges' Retirement
System, and the Public Safety Death, Disability and
Retirement System. These additional state general obligation
bonds will help the State to fund the unfunded actuarial
accrued liabilities of these systems."