HOUSE JOINT RESOLUTION 101

(By Mr. Speaker Mr. Kiss and Delegate Trump)
Introduced January 24,2005; referred to the
Committee on Finance.]






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, W. Va. Code §§ 18-7A-1, et seq., the Judges' Retirement System, W. Va. Code §§ 51-9-1 et seq., and the Public Safety Death, Disability and Retirement System, W. Va. Code §§ 15-2-26 et seq. and paying any costs associated with the issuance of said bonds; authorizing the investment of the funds from such issuance and sale pursuant to the laws and Constitution of the State of West Virginia; 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. 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. The proceeds of the bonds hereby authorized to be issued and sold shall be used solely for funding all or a portion of the unfunded actuarial accrued liabilities of the State Teachers Retirement System, W. Va. Code §§ 18-7A-1, et seq.; the Judges' Retirement System, W. Va. Code §§ 51-9-1 et seq., and the Public Safety Death, Disability and Retirement System, W. Va. Code §§ 15-2-26 et seq. and paying any costs associated with the issuance of the bonds.
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. 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 necessary and proper 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 safety and 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."

NOTE: The propose of this resolution is to authorize the sale of bonds to fund the unfunded liability of the State Teachers Retirement System, the Judges Retirement System and the State Police Retirement System.

This amendment is new; therefore, strike-throughs and underscoring have been omitted.