Source: http://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=sb783%20org.htm&yr=2008&sesstype=RS&i=783
Timestamp: 2018-02-19 04:45:27
Document Index: 74927490

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

SB 783 Text
Introduced Version - Originating in Committee Senate Bill 783 History
sb783 org
(By Senators Helmick, Sharpe, Plymale, Chafin, Prezioso
Edgell, Love, Bailey, Bowman, McCabe, Unger, Sypolt,
Fanning, Facemyer, Boley, Sprouse and Guills)
A BILL to amend and reenact §7-22-3, §7-22-5, §7-22-7 and §7-22-16 of the Code of West Virginia, 1931, as amended, all relating to modifying the County Economic Opportunity Development Act to promote development of municipal areas which are unusable without extraordinary expenditures.
That §7-22-3, §7-22-5, §7-22-7 and §7-22-16 of the Code of West Virginia, 1931, as amended, be amended and reenacted, all to read as follows:
(3) "Remediation" means measures undertaken to bring about the reconditioning or restoration of property located within the boundaries of a county economic opportunity development district project that has been affected by exploration, industrial operations or solid waste disposal and which measures, when undertaken, will eliminate or ameliorate the existing state of such property and enable the property to be commercially developed.
(3) (4) "District" means an economic opportunity development district created pursuant to this article;
(4) (5) "District board" means a district board created pursuant to section ten of this article; and
(5) (6) "Eligible property" means any taxable or exempt real property located in a district established pursuant to this article.
(13) The Tax Commissioner's certification of: (i) The amount of consumers sales and service taxes collected from businesses located in the economic opportunity district during the twelve calendar months preceding the calendar quarter during which the application will be submitted to the development office; (ii) the estimated amount of economic opportunity district excise tax that will be collected during the first twelve months after the month in which the Tax Commissioner would first begin to collect that tax; and (iii) the estimated amount of economic opportunity district excise tax that will be collected during the first thirty-six months after the month in which the Tax Commissioner would first begin to collect that tax: Provided, That for county economic opportunity development district projects involving remediation, the period shall be forty-eight months. 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 does not constitute more than twenty-five percent of the total development expenditures associated with the project; and
(13) The ability of the county commission and the project developer or project team to carry out the project: Provided, That no project may be approved by the development office unless the amount of all development expenditures proposed to be made in the first twenty-four months following the creation of the district results in capital investment of more than fifty million dollars in the district and the county submits clear and convincing information, to the satisfaction of the development office, that such investment will be made if the development office approves the project and the Legislature authorizes the county commission to levy an excise tax on sales of goods and services made within the economic opportunity district as provided in this article.
§7-22-16. Bonds issued to finance downtown redevelopment district projects.
(a) General. -- The county commission that established the economic opportunity development district may issue bonds or notes for the purpose of financing development expenditures, as described in section five of this article, with respect to one or more projects within the economic opportunity development district.
(b) Limited obligations. -- All bonds and notes issued by a county commission under the authority of this article are limited obligations of the county.
(c) Term of obligations. -- No county commission may issue notes, bonds or other instruments for funding district projects or improvements that exceed a repayment schedule of thirty years: Provided That the maximum repayment schedule of bonds issued to finance remediation authorized under section five of this article may not exceed twenty years.
(d) Debt service. -- The principal and interest on the bonds shall be payable out of the funds on deposit in the subaccount established for the economic opportunity development district pursuant to section eight of this article, including, without limitation, any funds derived from the special district excise tax imposed by section twelve of this article or other revenues derived from the economic opportunity development district to the extent pledged for the purpose by the county commission in the resolution authorizing the bonds.
(f) Debt not general obligation of county. -- Neither the notes or bonds and any interest coupons issued under the authority of this article shall ever constitute an indebtedness of the county commission issuing the notes or bonds within the meaning of any constitutional provision or statutory limitation and shall never constitute or give rise to a pecuniary liability of the county commission issuing the notes or bonds.
(g) Debt not a charge general credit or taxing powers of county. -- Neither the bonds or notes, nor interest thereon, is a charge against the general credit or taxing powers of the county commission and that fact shall be plainly stated on the face of each bond or note.
(i) Additional bonds or notes. -- If the proceeds of the bonds or notes, by error of calculation or otherwise, are less than the cost of the economic opportunity development district project, or if additional real or personal property is to be added to the district project or if it is determined that financing is needed for additional development or redevelopment expenditures, additional bonds or notes may, in like manner, be issued to provide the amount of the deficiency or to defray the cost of acquiring or financing any additional real or personal property or development or redevelopment expenditures and, unless otherwise provided for in the trust agreement, mortgage or deed of trust, are considered to be of the same issue and shall be entitled to payment from the same fund, without preference or priority, and shall be of equal priority as to any security.