HB 3485
Requiring recommendation from the State Treasurer prior to issuing refunding bonds
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires the West Virginia State Treasurer to recommend any refunding bonds issued by the state. It establishes a new chapter in the state code outlining the process for issuing general obligation bonds, including creating debt service funds and specifying how those funds can be used. The bill also addresses the issuance of infrastructure bonds for water and sewage projects, aligning with previous constitutional amendments. It requires the Treasurer to determine bond counsel and financial advisors and establishes a criminal misdemeanor for conflicts of interest.
Key provisions
- The State Treasurer must recommend any refunding bonds before they can be issued.
- A new chapter (13A) is created to govern general obligation bonds.
- Debt service funds are established for each bond series to hold funds for principal and interest payments.
- The Treasurer must select bond counsel and a financial advisor.
- The bill establishes penalties for conflicts of interest related to bond issuance.
- Infrastructure bonds are authorized for water and sewage projects.
- The state covenants to pledge its full faith and credit to secure bond payments.
- The bill requires the Treasurer to determine the minimum price for bond sales.
Who is affected
- State of West Virginia
- West Virginia State Treasurer
- West Virginia Legislature
- Bondholders
- State Agencies (particularly those involved in infrastructure projects)
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
J. Cannon
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