HB 5685
Relating to authorizing bonds for improvements to the West Virginia Science and Culture Center
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the West Virginia Economic Development Authority to issue bonds to fund improvements to the West Virginia Science and Culture Center and other facilities dedicated to preserving West Virginia history. It establishes a dedicated fund for these improvements, primarily drawing on State Excess Lottery Revenue Fund, and outlines specific allocation procedures. The bill also clarifies the priority of debt service payments and requires the Governor to certify approved capital improvements to the Authority.
Key provisions
- Authorizes the issuance of up to $150 million in revenue bonds for the West Virginia Science and Culture Center and related facilities.
- Creates a ‘Cultural Center Improvements Revenue Debt Service Fund’ to hold bond proceeds.
- Requires the Economic Development Authority to allocate a portion of State Excess Lottery Revenue Fund to the Cultural Center Improvements Revenue Debt Service Fund.
- Specifies a priority for debt service payments from the State Lottery Fund.
- Requires the Governor to certify a list of approved capital improvements to the Economic Development Authority.
- Establishes a deposit of $19 million into the Economic Development Project Fund for the fiscal year beginning July 1, 2025.
- Outlines procedures for the Authority to expend bond proceeds and manage the Cultural Center Improvements Revenue Debt Service Fund.
- Requires the Secretary of Tourism to provide a list of capital improvements to the Governor.
Who is affected
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours