SENATE CONCURRENT RESOLUTION NO. 40
(By Senators Tomblin, Mr. President, and Sprouse,

By Request of the Executive)

Authorizing the West Virginia Water Development Authority to issue bonds and notes in excess of $400 million.

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 of drinking water and wastewater systems; and

Whereas, The West Virginia Water Development Authority issues bonds to the public market and secures those bonds with repayments from 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 $45 million in bonds before June 30, 2006, and the West Virginia Water Development Authority has project funding requirements pending that will require approximately $10 million in bond proceeds within the next year; and

Whereas, To meet the needs for the acquisition, construction and improvements of water and sewer projects, the West Virginia Water Development Authority must issue bonds in excess of the $400 million funding cap; and

Whereas, Section twenty-seven, article one, chapter twenty- two-c of the Code of West Virginia requires the Legislature to adopt a resolution authorizing the West Virginia Water Development Authority to issue bonds and notes in excess of $400 million; 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 $400 million; and, be it
Further Resolved, That the bonds and notes issued are not to exceed $440 million, as provided in section twenty-seven, article one, chapter twenty-two-c of the Code of West Virginia.