Bill Text: WV SCR101 | 2010 | 1st Special Session | Introduced

Bill Title: Providing for issuance of safe roads refunding bonds

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-05-16 - To Finance [SCR101 Detail]

Download: West_Virginia-2010-SCR101-Introduced.html
SENATE CONCURRENT RESOLUTION NO. 101

By Senator Tomblin (Mr. President)

[By Request of the Executive]



Providing for the issuance of not to exceed $6045 million of refunding bonds pursuant to the "Safe Roads Amendment of 1996", article two-g, chapter thirteen of the Code of West Virginia and article twenty-six, chapter seventeen of said code.

     Resolved by the Legislature of West Virginia:

     That safe road refunding bonds in the principal amount not to exceed $6045 million are authorized to be issued by the State of West Virginia and sold by the Governor by the fiscal year ending June 30, 2011; and, be it

     Further Resolved, That the bonds shall be issued in registered form, in such denominations, maturing at such times and bearing such date or dates as the Governor may determine; and, be it

     Further Resolved, That all such bonds shall be payable at the Office of the Treasurer of the State of West Virginia, or at a bank in the City of Charleston to be designated by the Governor; and, be it

     Further Resolved, That the bonds shall bear interest at rates and be payable in amounts as determined by the Governor; and, be it

     Further Resolved, That the State Treasurer shall pay the
principal and/or interest then due on the bonds to the registered owners thereon at the addresses shown by the record of registration; and, be it
     Further Resolved, That the bonds shall be signed as provided in section two, article twenty-six, chapter seventeen of the Code of West Virginia; and, be it

     Further Resolved, That the bonds may be redeemable on such date or dates prior to maturity as determined by the Governor; and, be it

     Further Resolved, That the Governor shall sell the bonds herein mentioned at such time or times in such amounts, not exceeding the aggregate principal amount described above, at such prices as he may determine necessary to provide funds for the purposes provided below; and, be it

     Further Resolved, That the net proceeds of sales of all bonds herein authorized shall be paid into a special and irrevocable trust fund, separate and apart from other funds of the State of West Virginia, to be held in the custody of an escrow trustee to be designated by the Governor; and, be it

     Further Resolved, That an irrevocable deposit of said moneys in trust for, and such moneys and the investments thereof, together with any income or interest earned thereon, shall be applied to the payment of the principal of and interest on certain issued and outstanding safe road bonds, to be selected by the Governor, as the same become due and payable.

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