Date Requested:March 06, 2009
Time Requested:03:25 PM
Agency: Transportation, Department of
CBD Number: Version: Bill Number: Resolution Number:
2009R2297 Introduced SB328
CBD Subject: WV TRANSPORTATION INFRASTRUCTURE BANK
FUND(S)
STATE ROAD FUND
Sources of Revenue
Special Fund
Legislation creates:
A New Program,A New Fund

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

    This legislation would create the State Transportation Infrastructure Bank which would be funded by:
    
    1. Legislative appropriations from the General Revenue Fund;
    2. A maximum of $10,000,000 by the Division of Highways from the State Road Fund;
    3. Any federal funds specifically made available to the bank;
    4. Contributions or donations from other pubic agencies or private entities;
    5. Payments from loans made by the bank; and
    6. Other lawful donations determined by the board.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2009
Increase/Decrease
(use"-")
2010
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 10,000,000 10,000,000 10,000,000
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 0
3. Explanation of above estimates (including long-range effect):
    
    
    Any monies allocated by the Legislature are unknown; therefore, a figure cannot be included in the estimate.
    
    The MAXIMUM amount of donations from the State Road Fund to the new Infrastructure Bank is capped at a maximum of $10 million.


Memorandum
Person submitting Fiscal Note:
Kathy Holtsclaw
Email Address:
Kathy.J.Holtsclaw@wv.gov
    
    
    1. The name State Infrastructure Bank needs to be changed as the banking industry has codified strict requirements for the word "Bank."
    
    2. The bill currently has a maximum loan period of 40 years. By federal law, the maximum is 30 years.