Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb272%20intr.htm&yr=2011&sesstype=RS&i=272
Timestamp: 2018-04-21 00:43:56
Document Index: 327955330

Matched Legal Cases: ['§7', '§7', '§7', '§7', '§7', '§7', '§7', '§7']

[Introduced January 25, 2011; referred to the Committee on Energy, Industry and Mining; and then to the Committee on Finance.]
A BILL to amend and reenact §7-11B-3, §7-11B-4, §7-11B-7, §7-11B-8, §7-11B-9, §7-11B-10, §7-11B-17 and §7-11B-22 of the Code of West Virginia, 1931, as amended, all relating to the West Virginia Tax Increment Financing Act; revising definitions relating to governing bodies of counties and municipalities; adding definition for “municipality”; adding remediation of property to definition of “development or redevelopment project”; redefining “project costs” to include remediation costs for landfills, former coal mining sites, solid waste facilities or hazardous waste sites; defining “remediation”; requiring the Director of the Development Office to provide the Legislature with an itemized list of applications seeking approval of development and redevelopment districts along with a status explanation of applications on dates certain; clarifying municipalities’ power to utilize tax increment financing and to finance project costs by other means; clarifying that municipalities are not required to seek approval when amending project plans if the project is not enlarged or the total amount of indebtedness increased; providing that development or redevelopment districts shall not be terminated so long as tax increment financing obligations remain outstanding; clarifying the time when bonds may be refunded or refinanced and when refunding bonds may be issued in principal amounts; and providing technical corrections.