§64-8-2. Division of Highways.
The legislative rule filed in the State Register on July 31, 2015, authorized under the authority of section five, article seventeen-b, chapter seventeen of this code, modified by the Division of Highways to meet the objections of the Legislative Rule-Making Review Committee and refiled in the State Register on September 30, 2015, relating to the Division of Highways (state transportation infrastructure fund program, 157 CSR 11), is authorized with the following amendments:
On page one, subsection 2.1, following the words “’Board’ means the”, by striking out the words “board of directors of the fund” and inserting in lieu thereof the words “State Transportation Infrastructure Fund Advisory Board”;
On page three, subsection 3.1, line one, by striking out the words “A Board is hereby created” and inserting in lieu thereof the words “The State Transportation Infrastructure Fund Advisory Board is hereby created”;
On page three, following subsection 3.3, by striking out all of subsection four and inserting in lieu thereof the following:
“157-11-4. Powers and Duties of the Commissioner.
4.1 The Commissioner, in consultation with the Board, shall adopt policies and procedures consistent with W.Va. Code §17-17B-1 et seq., for the administration of the fund’s affairs and the implementation of the fund’s functions, including, but not limited to, the identification and selection of eligible borrowers, eligible costs, and eligible projects as well as the determination of the amount of initial assistance and the manner in which the fund shall be capitalized.
4.2 The Commissioner shall have the following powers:
4.2.a. Make loans to eligible borrowers to finance the eligible costs of eligible projects and to acquire, hold, and subordinate loan obligations in a manner as the Board determines advisable;
4.2.b. Provide eligible borrowers with other financial assistance necessary to defray eligible costs of an eligible project;
4.2.c. Enter into contracts, arrangements, and agreements with eligible borrowers and other persons and execute and deliver all financing agreements and other instruments necessary or convenient to the exercise of the powers granted by W.Va. Code §17-17B-1 et seq.;
4.2.d. Enter into agreements with a government unit, private entity, department, agency, or instrumentality of the United States or of this State or another state for the purpose of planning and providing for the financing of eligible projects;
4.2.e. Establish policies and procedures for the making and administering of loans and other financial assistance and fiscal controls and accounting procedures to ensure proper accounting and reporting of the fund, government units, eligible borrowers, and private entities;
4.2.f. Collect or authorize the trustee under any trust indenture securing any bonds to collect amounts due under any loan obligations owned by it, including taking the action required to obtain payment of any sums in default;
4.2.g. Consent to any modification with respect to the rate of interest, time, and payment of any installment of principal or interest, or any other term of any loan obligations owned by it;
4.2.h. Expend funds to obtain accounting, management, legal, financial consulting, and other professional services necessary to the operations of the fund;
4.2.i. Expend funds credited to the fund as the Board determines necessary for the costs of administering the operations of the fund;
4.2.j. Procure insurance against losses in connection with its property, assets, or activities including insurance against liability for its acts or the acts of its employees or agents or to establish cash reserves to enable it to act as a self-insurer against any and all such losses;
4.2.k. Collect fees and charges in connection with its loans or other financial assistance;
4.2.l. Apply for, receive and accept from any source, aid, grants, and contributions of money, property, labor, or other things of value to be used to carry out the purposes of the fund;
4.2.m. Enter into contracts or agreements for the servicing and processing of financial agreements;
4.2.n. Enter into loan obligations and loans that may be secured or unsecured;
4.2.o. Accept notes and other forms of obligation to evidence any indebtedness as well as mortgages, liens, pledges, assignments or other security interests to secure such indebtedness;
4.2.p. Take all actions that are appropriate to protect security interests, ensure repayment of any indebtedness, and safeguard against losses of the fund, including, but not limited to, initiating foreclosures, default proceedings, and all other forms of redress, whether legal or equitable in nature;
4.2.q. Determine future capital needs of the fund. The future capital needs of the fund may be determined each year based on an actuarial valuation that reflects, among other things, anticipated revenues, project revenues, amounts in federal accounts and state accounts, fund costs, loan defaults and related risk exposure to the extent such valuation is consistent with the Actuarial Standards of Practice published by the Actuarial Standards Board.
4.2.r. Do all other things necessary or convenient to exercise powers granted or reasonably implied by W.Va. Code §17-17B-1 et seq.”