Senate Bill No. 384
(By Senators Hall, K. Facemyer, McCabe and Kessler (Acting
President))
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[Introduced February 2, 2011; 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 §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.