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 $500 million, as provided in section twenty-seven, article
one, chapter twenty-two-c of the Code of West Virginia.