HB 4431
Requiring the approval of the Legislature and the Governor before additional bonds may be issued by the Parkways Authority
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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 Legislature and the Governor to approve any additional bonds issued by the Parkways Authority. It also mandates that tolls be removed six months after any outstanding bond debt or encumbrances are paid. The bill aims to increase transparency and accountability in the Authority’s financing practices.
Key provisions
- Requires legislative and gubernatorial approval for new Parkways Authority bond issuances.
- Mandates toll removal six months after bond debt is paid.
- Prohibits the use of bond proceeds for economic development or tourism projects.
- Authorizes the issuance of interim receipts or temporary bonds.
- Allows for the issuance of bonds to cover deficits in project costs.
- Specifies that bond proceeds can be credited to the State Road Fund.
- Outlines procedures for bond replacement and mutilated bonds.
- Requires compliance with state procurement regulations.
Who is affected
- Parkways Authority
- West Virginia Legislature
- Governor of West Virginia
- Taxpayers of West Virginia
- Motorists using Parkways Authority roadways
Notable changes
- Previously, the Parkways Authority could issue bonds without legislative or gubernatorial approval.
- The bill introduces a requirement for toll removal after bond debt is cleared.
Sponsors
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Primary sponsor
Cosponsors
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