WEST virginia Legislature
2016 regular session
Introduced
Senate Bill 689
[Introduced February
22, 2016;
Referred to the Committee on Finance.]
A BILL to amend the Code
of West Virginia, 1931, as amended, by adding thereto a new section, designated
§17-17A-8, relating to providing for special obligation notes to finance
construction of completion of Interstate 73 and Interstate 74 through West
Virginia; and providing for the repayment of the bonds by unmanned toll booth
collections.
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
§17-17A-8, to read as follows:
ARTICLE 17A.
CONSTRUCTION FINANCING FOR SURFACE TRANSPORTATION IMPROVEMENTS.
§17-17A-8. Legislative
finding and declaration; commissioner to issue special obligation notes as funding
for the completed construction of Interstates 73 and 74 within the boundaries
of the state; commissioner to propose legislative rules for the placement of
automated toll booths to collect tolls to be dedicated to repayment of special
obligation notes.
(a) The Legislature makes
the following findings and declarations:
(1) Interstate 73 is
planned to continue next to U.S. Route 60 (Corridor Q) from the Virginia state
line west to Bluefield. There it will join Interstate 74, which splits from
Interstate 77 across the border from Virginia.
(2) For the rest of its
path through this state, from Bluefield to Huntington and Ohio, Interstate 73
will follow U.S. Route 52 which is in the process of being upgraded to a four
lane divided highway, known as the “King Coal Highway,” to Williamson and the
“Tolsia” Highway the rest of the way to Huntington. This section of highway has
been designated as the future Interstate 73 and Interstate 74 Corridor, but it is
not being built to interstate standards.
(3) Interstate 73, when
completed, will provide much needed interstate access in this state, opening up
economic development opportunities that do not currently exist.
(4) Currently,
Interstate 73 is an important road project for the West Virginia Department of
Transportation, but is not fully funded.
(b) In accordance with
the findings and declarations contained in subsection (a) of this section, as
well as the provisions of this article, the commissioner is directed, where
feasible, to issue special obligation notes and where available, to secure federal
matching funds, to contribute to the cost of completing the construction of
Interstates 73 and 74 through the borders of this state in accordance with
interstate standards.
(c) The commissioner is
further directed to seek as a revenue source proceeds from automated toll
booths capable of obtaining payment from credit and debit cards and United
States currency. The commissioner shall propose rules for legislative approval
in accordance with the provisions of article three, chapter twenty-nine-a of
this code designed to implement the placement of tolls along appropriate
highways located in appropriate regions and to designate appropriate intervals
of distance from one toll booth to another. The commissioner is authorized to
seek agreements with the United States Department of Transportation for the
placement of automated toll booths along Interstate Highways in order to
generate revenue to pay special obligation notes issued in accordance with this
section and to otherwise pay towards the cost of completion of construction of
Interstates 73 and Interstate 74 within the boundaries of the state.
NOTE: The purpose of this bill is
to seek funding, where feasible, for completing construction of Interstates 73
and 74 in the state.
Strike-throughs indicate language
that would be stricken from a heading or the present law, and underscoring
indicates new language that would be added.