Bill Text: WV SB384 | 2011 | Regular Session | Introduced
Bill Title: Providing for financing to complete Route 35 without using toll booths
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2011-02-02 - To Transportation and Infrastructure [SB384 Detail]
Download: West_Virginia-2011-SB384-Introduced.html
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §17-16A-31, relating to providing for financing to complete Route 35 without constructing or establishing toll booths on the road.
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 §17-16A-31, to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS AUTHORITY
§17-16A-31. Route thirty-five completion to be funded by the Rainy Day Fund.
(a) The construction of the remainder of Route thirty-five shall be funded by either:
(1) The Division of Highways borrowing $65 million from the state's Rainy Day Fund to be used solely for the completion of Route thirty-five; or
(2) The Division of Highways using the state's Rainy Day Fund as a surety for a $65 million loan from a financial institution. Said loan shall be used solely for the completion of Route thirty- five.
(b) The funds discussed in subdivisions (a)(1) and (a)(2) of this section shall be repaid the creditor or creditors by using the following process:
(1) The Department of Revenue shall calculate and publish the combined total revenue from all income taxes collected in Mason and Putnam counties in 2010 to use as a baseline year;
(2) The Department of Revenue shall project the combined total annual revenue from all income taxes that will be collected in Mason and Putnam counties over the next twenty-five years if Route thirty-five is not completed;
(3) The Department of Revenue shall project the combined total annual revenue from all income taxes that will be collected in Mason and Putnam counties over the next twenty-five years if Route thirty-five is completed; and
(4) The Department of Revenue shall annually use the surplus of income tax revenue collected in Mason and Putnam counties as a result of Route thirty-five being completed to pay the outstanding debt for funds borrowed to complete Route thirty-five.
NOTE: The purpose of this bill is to provide for the financing to complete Route thirty-five without the constructing or establishing of toll booths on the road.
§17-16A-31 is new; therefore, strike-throughs and underscoring have been omitted.
