HOUSE CONCURRENT RESOLUTION NO. 54

(By Mr. Speaker, Mr. Kiss and Delegate Trump)

(By Request of the Executive)



Providing for an authorization of the West Virginia Water Development Authority to issue bonds and notes in excess of four hundred million dollars.

 Whereas, The West Virginia Water Development Authority was created to and continues to provide loan financing and other assistance to governmental entities for the acquisition, construction and improvements for drinking water and wastewater systems; and
 Whereas, The West Virginia Water Development Authority issues bonds to the public market and secures those bonds with the repayments from the loans made to governmental entities; and
 Whereas, As of January 1, 2006, the West Virginia Water Development Authority anticipated having $352,695,000 in bonds outstanding; and
Whereas, The West Virginia Infrastructure and Jobs Development Council has adopted a resolution requesting the West Virginia Water Development Authority to issue up to forty-five million dollars in bonds before June 30, 2006, the West Virginia Water Development Authority has project funding requirements pending that will require approximately ten million dollars in bond proceeds within the next year; and
Whereas, To meet the needs for the acquisition, construction and improving of water and sewer projects, the West Virginia Water Development Authority must issue bonds in excess of the four hundred million dollar funding cap; and
Whereas, West Virginia Code section twenty-seven, article one, chapter twenty-two-c requires the Legislature to pass a resolution authorizing the West Virginia Water Development Authority to issue bonds and notes in excess of four hundred million dollars; therefore, be it
Resolved by the Legislature of West Virginia:
That the Legislature hereby authorizes the West Virginia Water Development Authority to issue bonds and notes in excess of four hundred million dollars, not to exceed five hundred million dollars, as provided in West Virginia Code section twenty-seven, article one, chapter twenty-two-c.