HB 2675
Eliminating the authority of the West Virginia Parkways Authority to issue further parkway revenue, parkway revenue refunding, or special obligation bonds after July 1, 2024
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill eliminates the West Virginia Parkways Authority’s ability to issue new parkway revenue, refunding, or special obligation bonds after July 1, 2025. It effectively terminates the authority’s power to borrow money for parkway projects. Subsequent to this date, no new bonds can be issued. The bill also addresses refunding bonds and a specific process for exchanging existing bonds for new ones.
Key provisions
- Eliminates the Parkways Authority’s authority to issue new bonds after July 1, 2025.
- Terminates the authority’s ability to issue parkway revenue refunding bonds.
- Terminates the authority’s ability to issue special obligation bonds.
- Authorizes a process for exchanging existing bonds for new ones (special obligation bonds).
- Specifies that special obligation bonds are not considered state debt.
- Limits the amount of state funds that can be used to acquire the Parkways Authority.
- Sets a date (July 1, 2025) for the termination of the Authority's powers.
- Addresses the transfer of parkway projects to the State Department of Highways.
Who is affected
- West Virginia Parkways Authority
- State Department of Highways
- Motorists using West Virginia parkways
- Bondholders of existing parkway bonds
- Taxpayers in West Virginia
Notable changes
- The West Virginia Parkways Authority will lose its ability to issue new debt for parkway projects.
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