Source: http://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=SB328%20SUB1.htm&yr=2009&sesstype=RS&i=328
Timestamp: 2018-04-22 09:33:22
Document Index: 613908491

Matched Legal Cases: ['§31', '§31', '§31', '§31', '§31', '§31', '§31', '§31', '§31', '§31']

SB328 SUB1 Senate Bill 328 History
SB328 SUB1
(By Senators Unger, Jenkins, Fanning, K. Facemyer, Plymale, Stollings, D. Facemire, White, Barnes and Foster)
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §31-15D-1, §31-15D-2, §31-15D-3, §31-15D-4, §31-15D-5, §31-15D-6, §31-15D-7, §31-15D-8, §31-15D-9 and §31-15D-10, all relating to establishment of the West Virginia Transportation Finance Commission; definitions; creating a governing board of the commission; appointment, terms, qualifications, compensation and expenses of board members; powers and duties of the commission; creating the West Virginia Transportation Finance Commission Fund; deposits and capitalization; disbursements; subaccounts; requirements for loans and other financial assistance from the commission; requirements for applications for loans and other financial assistance and for approval of qualified projects; finance agreements; payments and repayments of loans; withholding of defaulted payments from funds allotted or payable to a defaulting government unit; annual reports to Governor and Legislature; annual audits of the commission; and assistance of the Department of Transportation to the board.
(a) "Commission" means the West Virginia Transportation Finance Commission created in section three of this article;
(b) "Board" means the board of directors of the commission.
(c) "Bond" means a revenue bond, note, or other evidence of indebtedness.
(d) "Department of Transportation" means the Department of Transportation established in section one, article two, chapter five-f of this code or any successor to all or any substantial part of its powers and duties.
(e) "Division of Highways" means the Division of Highways established in section one, article two-a, chapter seventeen of this code or any successor to all or any substantial part of its powers and duties.
(f) "Eligible costs" means, as applied to a qualified project to be financed, in whole or in part, from funds provided from federal accounts, the costs that are permitted under applicable federal laws, requirements, procedures and guidelines in regard to establishing, operating and providing assistance from the commission. As applied to a qualified project to be financed from other funds otherwise provided by this article, eligible costs include the costs of preliminary engineering, traffic and revenue studies, environmental studies, rights-of-way, legal and financial services associated with the development of a qualified project, construction, construction management, facilities and other costs necessary for the start up of the qualified project. As applied to any qualified project to be financed from the State Road Fund, eligible projects costs are limited to capital expenditures for highway facilities.
(g) "Eligible project" means any public transportation project to acquire, plan, engineer, design, construct, reconstruct, improve, repair, restore, maintain or rehabilitate any highway, road, bridge, tunnel, public transit facility, aviation facility, rail facility, port or public port defined in section five, article sixteen, chapter seventeen of this code; a transportation project eligible for financing or aid under any federal or state program; or any transportation project used for the transportation of people or goods within this state and all structures, equipment, facilities, improvements, appurtenances or activities necessary or incident thereto.
(h) "Federal accounts" means federal highway funds.
(i) "Financing agreement" means an agreement entered into between the commission and a qualified borrower pertaining to or evidencing a loan or other financial assistance. This agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of a qualified project or other provisions as the board may determine. The term includes, without limitation, a loan agreement, trust agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument.
(j) "Federal agency" means the United States of America and any department, corporation, agency or instrumentality created, designated or established by the United States of America.
(k) "Fund" means the West Virginia Transportation Finance Commission Fund established in section five of this article.
(l) "Government unit" means a municipal corporation, county, port, port authority, transit authority and any other state or local authority, board or other political subdivision of the state which may construct, own or operate a qualified project.
(m) "Loan" means an obligation subject to repayment which is provided by the commission to a qualified borrower for all or a part of the cost of a qualified project. A loan may be disbursed in anticipation of reimbursement for or direct payment of eligible costs of a qualified project.
(n) "Loan obligation" means a bond, note or other evidence of obligation issued by a qualified borrower.
(o) "Other financial assistance" means, but is not limited to, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provisions of bond or other debt financing instrument security and other lawful forms of financing and methods of leveraging funds that are approved by the board and as allowed by law.
(p) "Qualified borrower" means any government unit which is authorized to construct, operate or own a qualified project.
(q) "Qualified project" means an eligible project that is compatible with the state transportation plan and with the local comprehensive plan or plans, has been approved by the Department of Transportation and has been selected by the commission to receive a loan or other financial assistance from the commission to defray eligible costs.
(c)(1) The six members appointed by the Governor pursuant to subdivision (2), subsection (b) of this section shall be appointed by the Governor for terms that begin July 1, 2009 and expire as follows:
(A) Two members shall be appointed for a term ending June 30, 2011;
(B) Two members shall be appointed for a term ending June 30, 2012; and
(C) Two members shall be appointed for a term ending June 30, 2013;
(e) The Secretary of the Department of Transportation shall serve as chairperson. The board shall hold meetings at the request of the chairperson or at the request of at least three of the members of the board, but no less frequently than once every month. The chairperson shall determine the date and time of each meeting.
(f) The board shall appoint a vice chairperson and a secretary from among the members. Four members of the board shall constitute a quorum and the affirmative vote of at least a majority of those members present shall be necessary for any action taken by vote of the board: Provided, That approval or rejection of an application for a loan or other financial assistance shall be made by majority vote of the full membership of the board.
(a) In addition to the powers contained elsewhere in this article, the commission shall have all power necessary, useful or appropriate to fund, operate and administer the account and to perform its other functions including, but not limited to, the power to:
(b) The commission is not, nor is it authorized or empowered to be or to constitute, a bank or trust company within the jurisdiction or under the control of the state or any agency thereof or the Comptroller of the Currency or the Treasury Department of the United States or a bank, banker or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange or securities dealers' law of the United States or of the State of West Virginia.
(a) Subject to the provisions of this article, the commission may provide loans and other financial assistance to a government unit to pay for all or a portion of the eligible cost of a qualified project. The term of the loan or other financial assistance shall not exceed thirty years. The commission shall require the government unit to enter into an agreement to evidence all of the terms and conditions of the loan obligation. The commission may require that the government unit obtain or provide matching funds for the qualified project from sources other than the loan from the commission. The board shall determine the form and content of loan applications, financing agreements and loan obligations, including the term and rate or rates of interest on a financing agreement. The terms and conditions of a loan or other financial assistance from a federal account shall comply with applicable federal requirements.
(c) The board shall create a preliminary application form which shall be used by all government units requesting funding assistance from the commission for a qualified project. The preliminary application form shall contain all information required by all state agencies that will be required to issue permits and/or certificates regarding the project. The preliminary application shall require the applicant to set forth the type and proposed location of the project; the estimated total cost of the project; the amount of funding assistance required and the specific uses of the funding; the proposed method of repayment of any loans or other financial assistance for the project provided by the commission; other sources of funding available or potentially available for the project; information demonstrating the need for the project and that the proposed funding of the project is the most economically feasible and viable alternative to completing the project; and such other information as the board considers necessary to enable it to evaluate the project financing, in terms of the kind, amount and source of funding, and to otherwise carry out the intent of this article.
(a) Qualified borrowers are authorized to obtain loans or other financial assistance from the commission through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the commission may perform any acts, take any action, adopt any proceedings and make and carry out any contracts or agreements with the commission as may be agreed to by the commission and the qualified borrower for the purposes of carrying out the provisions contemplated by this article.
(b) Each loan or other financial assistance made or provided by the commission shall be evidenced by a written finance agreement between the commission and the qualified borrower to which the loan or other financial assistance shall be made or provided, setting forth the terms of the loan or other financial assistance, which agreement shall include, without limitation and to the extent applicable, the following provisions:
(5) The agreement of the governmental unit to comply with all applicable federal and state laws and all rules and regulations issued or imposed by the commission or other state, federal or local bodies regarding the acquisition, construction, improvement or operation of the qualified project and granting the commission the right to appoint a receiver for the qualified project if the governmental unit should default on any terms of the agreement.
On October 1 of each year, the commission shall submit an annual report of its activities for the preceding fiscal year to the Governor and the Legislature. Each such report shall set forth a complete operating and financial statement of the commission's operation during the preceding fiscal year. The commission shall also submit an annual report to the appropriate federal agencies in accordance with the requirements of the federal agencies. The commission shall cause an audit of its books and records to be made by an independent certified public accountant for each fiscal year.
(g) Administer the commission's accounts, loans and other financial assistance, including monitoring compliance by government units or private entities with any rules, regulations or other requirements of the commission with respect to the programs and compliance with covenants and agreements made by the government units or private entities with respect to a financing agreement; and