HB 4430
Eliminating the authority of the West Virginia Parkways Authority to issue further parkway revenue, parkway revenue refunding, or special obligation bonds after July 1, 2025
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill ends the West Virginia Parkways Authority’s ability to issue new parkway revenue bonds, refunding bonds, or special obligation bonds after July 1, 2026. It effectively prevents the Authority from taking on additional debt for parkway projects. Following this date, no new bonds can be issued related to parkways. The bill aims to shift control and responsibility for parkway financing to the West Virginia Department of Highways.
Key provisions
- Eliminates the Parkways Authority’s authority to issue new bonds after July 1, 2026.
- Prohibits the issuance of any new parkway revenue, refunding, or special obligation bonds.
- Transfers control of parkways to the West Virginia Department of Highways.
- Specifies that existing bonds cannot be extended beyond their maturity dates.
- Addresses the potential for issuing special obligation bonds in connection with Title 11 proceedings.
- Provides for the transfer of the Parkways Authority’s assets and rights to the Department of Highways.
- Sets a limit on the amount the Department of Highways can use to acquire the Parkways Authority's assets.
Who is affected
- West Virginia Parkways Authority
- West Virginia Department of Highways
- Motorists using West Virginia parkways
- Bondholders of existing parkway bonds
- Taxpayers in West Virginia
Notable changes
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