HB 5431
Relating generally to bonded indebtedness of the State of West Virginia
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill makes significant changes to how West Virginia can issue and manage bonded debt, particularly for infrastructure projects. It establishes a new chapter for general obligation bonds and creates a specific fund for infrastructure bonds. The bill requires the State Treasurer to recommend before issuing refunding bonds and sets rules for the sale and investment of these funds. It also clarifies the role of the West Virginia Infrastructure and Jobs Development Council in overseeing bond issuance and establishes a criminal misdemeanor offense for conflicts of interest related to bond transactions.
Key provisions
- Requires the State Treasurer to recommend before issuing refunding bonds.
- Authorizes the issuance of general obligation bonds for infrastructure projects, subject to legislative approval.
- Creates a dedicated debt service fund for infrastructure bonds.
- Establishes a process for investment of the debt service fund.
- Sets forth rules for the sale of bonds, including a minimum price.
- Prohibits conflicts of interest related to bond issuance and administration.
- Relocates existing statutory language regarding state bonds to a single chapter.
- Requires the Treasurer to determine bond counsel and financial advisor.
Who is affected
- State of West Virginia government
- West Virginia taxpayers
- West Virginia Department of Transportation
- West Virginia Infrastructure and Jobs Development Council
- Bondholders
Notable changes
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