Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb235%20intr.htm&yr=2011&sesstype=RS&i=235
Timestamp: 2018-01-20 09:09:27
Document Index: 236061498

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

[Introduced January 21, 2011; referred to the Committee on Energy, Industry and Mining; and then to the Committee on Finance.]
A BILL to amend and reenact §7-22-3, §7-22-4, §7-22-5, §7-22-7, §7-22-10, §7-22-12, §7-22-15, §7-22-17 and §7-22-20 of the Code of West Virginia, 1931, as amended, all relating to revising the County Economic Opportunity Development District Act generally; defining the term “remediation”; including remediation of landfills, former coal mining sites, solid waste facilities or hazardous waste sites as permissible development expenditures for approved projects; changing standard by which the maximum amounts of reserves that may be established in the financing of a project are measured; providing that the Development Office cannot approve a project involving remediation unless all development expenditures proposed within a certain timeframe result in more than $50 million in capital investment in the district; changing “ordinance” to “order”; correcting language by changing “municipality” to “county”; providing that the Development Office may not approve a project involving remediation unless the county commission submits clear and convincing information that the proposed remediation expenditures to be financed with bonds or notes do not constitute more than twenty-five percent of a project’s total development expenditures; and providing technical and clerical cleanup.
(B) Notwithstanding any provision of paragraph (A) of this subdivision to the contrary, no project involving remediation may be approved by the Development Office unless the amount of all development expenditures proposed to be made in the first forty-eight months following the creation of the district results in capital investment of more than $50 million in the district. In addition to the remaining provisions of paragraph (A) of this subdivision the development office may not approve a project involving remediation authorized under section five of this article unless the county commission submits clear and convincing information, to the satisfaction of the development office, that the proposed remediation expenditures to be financed by the issuance of bonds or notes pursuant to section sixteen of this article do not constitute more than twenty-five percent of the total development expenditures associated with the project.