Senate Bill No. 112
(By Senator Hall)
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[Introduced February 11, 2009; referred to the Committee on
Transportation and Infrastructure; and then to the Committee on
Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §31-15-23a, relating
to the creation of a fund for the repair of bridges in certain
municipalities; and providing for administration by the West
Virginia Economic Development Authority.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §31-15-23a, to read as
follows:
ARTICLE 15. WEST VIRGINIA ECONOMIC DEVELOPMENT AUTHORITY.
§31-15-23a. Revolving municipal roads and bridges repair fund
created; purpose; investment of funds; and
expenditures.
(a) The board shall create and establish a special revolving fund of moneys made available by appropriations, grants,
contributions, bequests, devises, loan payments, interest and
investment income, to be known as "The Municipal Roads and Bridges
Repair Fund" and to be governed, administered and accounted for by
the board, officers and managerial staff of the economic
development authority as a special purpose trust account separate
and distinct from any other moneys, fund or funds owned and managed
by the economic development authority.
(b) The purpose of "The Municipal Roads and Bridges Repair
Fund"
is to provide an emergency source from which the board may
provide funds to Class III and Class IV cities or municipalities
when there is an immediate need to repair a road or bridge. The
cost of the emergency repairs must exceed, by at least ten percent,
the collection of revenues by the city or municipality in the
previous fiscal year.
(c) The economic development authority may invest and reinvest
all moneys in the revolving loan fund in any investments authorized
by section twenty of this article, pending the disbursement thereof
in connection with loans made pursuant to this article.
(d) The economic development authority may expend any income
from loans or investments authorized by this section in payment or
reimbursement of all expenses of the economic development authority
which, as determined in accordance with procedures approved by the
board, are fairly allocable to such financing or activities authorized by this section.
NOTE: The purpose of this bill is to
create a fund for the
repair of bridges in Class III and Class IV municipalities when
there is an immediate need for the repairs. The bill provides for
administration by the West Virginia Economic Development Authority.
This section is new; therefore, strike-throughs and
underscoring have been omitted.