Bill Text: WV HB2606 | 2017 | Regular Session | Introduced
Bill Title: Maintaining status quo in the event bond indebtedness relative to Parkways Authority is eliminated
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-02-21 - To House Roads and Transportation [HB2606 Detail]
Download: West_Virginia-2017-HB2606-Introduced.html
WEST virginia Legislature
2017 regular session
Introduced
House Bill 2606
By Delegate Walters
[Introduced February 21,
2017; Referred
to the Committee on Roads and Transportation then Finance.]
A BILL to amend and reenact §17-16A-18 of the Code of West Virginia, 1931, as amended, relating to Parkways Authority and maintaining status quo in the event bond indebtedness relative to Parkways Authority is eliminated; continuing tolls; maintaining projects with Parkways Authority; and specifying that certain toll revenues are to be placed into a special revenue account to be used for road projects in counties where the West Virginia Turnpike is located.
Be it enacted by the Legislature of West Virginia:
That §17-16A-18 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND TOURISM AUTHORITY.
§17-16A-18. Use of tolls; toll collection facilities.
(a) Except as provided
herein, when all bonds issued under the provisions of this article in
connection with any parkway project or projects and the interest thereon shall
have been paid or a sufficient amount for the payment of all such bonds and the
interest thereon to the maturity thereof shall have been set aside in trust for
the benefit of the bondholders, such project or projects, if then in good
condition and repair to the satisfaction of the Commissioner of the state
Division of Highways, shall be transferred to the state Division of Highways
and shall thereafter be maintained by the state Division of Highways free of
tolls. After all bonds issued under the provisions of this article in
connection with any parkway project or projects and the interest thereon has
been paid, all toll revenues exceeding $55 million annually shall be placed
into a special revenue account and funds in the account used for road projects
in counties where the West Virginia Turnpike is located.
(b) No later than
February 1, 1990 The Parkways Authority shall discontinue, remove and not
relocate all toll collection facilities on the West Virginia Turnpike as the
same existed on June 1, 1989, except for the three main toll barriers and
collection facilities and, provided solely that the provisions of section
eighteen-a are complied with, the toll collection facilities at the
intersection of U.S. Route 19 (Corridor "L") and said turnpike.
NOTE: The purpose of this bill is to maintain the status quo in the event bond indebtedness is eliminated as the result of being paid off in order to continue collecting revenue for parkways roads and infrastructure projects. Current law would require, in the event bond indebtedness was satisfied, that tolls be eliminated and Parkway Authority roads and infrastructure projects if in good condition be transferred to the Division of Highways. This bill also provides that after all bonds are paid, all toll revenues exceeding $55 million annually shall be placed into a special revenue account and those funds used for road projects in counties where the West Virginia Turnpike is located.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
