West Virginia Code of State Rules › Agency 157 - Highways › Title 157 - PROCEDURAL RULE DEPARTMENT OF TRANSPORTATION DIVISION OF HIGHWAYS › Series 157-11 - State Transportation Infrastructure Fund Program › Section 157-11-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Board" means
				State Transportation Infrastructure Fund Advisory Board.
2.2. "Capitalized" means depositing funds as
				initial capital into the fund.
2.3.
				"Commissioner" means the West Virginia Commissioner of Highways.
2.4. "Cooperative agreement" means written
				consent between the state and the United States Department of Transportation
				Secretary pursuant to Title 23, Chapter 6 of the United States Code.
2.5. "Department" means the West Virginia
				Department of Transportation.
2.6.
				"Division" means the West Virginia Division of Highways, a division within the
				West Virginia Department of Transportation.
2.7. "Eligible borrower" means any government
				unit which is authorized to develop or construct an eligible project.
2.8. "Eligible cost" means as applied to an
				eligible project to be financed from the 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 fund. As applied to an eligible project to be financed from the state
				accounts, these costs include the costs of preliminary engineering, traffic and
				revenue studies, environmental studies, right-of-way acquisition, legal and
				financial services associated with the development of the eligible project,
				construction, construction management, facilities, and other costs necessary
				for the eligible project.
2.9.
				"Eligible project" means a project of a government unit that meets the
				eligibility criteria of the National Highway System Designation Act of 1995,
				Public Law
				104-59,
				Section
				350, which provides public benefits by
				enhancing mobility and safety, promoting economic development, or increasing
				the quality of life and general welfare of the public. The eligible project may
				be done by a private entity provided that it is an eligible project of a
				government unit.
2.10. "Federal
				accounts" means, collectively, the separate accounts for federal highway
				funds.
2.11. "Financing agreement"
				means any agreement entered into by an eligible borrower pertaining to a loan
				or other financial assistance. This agreement may contain, in addition to
				financial terms, provisions relating to the regulation and supervision of
				eligible project, or other provisions as the Commissioner in consultation with
				the board may determine. The term "financing agreement" includes, without
				limitation, a loan agreement, trust indenture, security agreement,
				reimbursement agreement, guarantee agreement, bond or note, ordinance or
				resolution, or similar instrument.
2.12. "Fund" means the State Transportation
				Infrastucture Fund that is in the West Virginia Treasury. The fund shall be a
				revolving fund to be administered by the Commissioner of the Division to enter
				loan obligations or make loans to or for the benefit of an eligible borrower
				for the undertaking of an eligible project by a project sponsor.
2.13. "Government unit" means municipalities,
				counties, state agencies, and quasi-state government agencies.
2.14. "Initial assistance" means the first
				round of funds that are loaned or used for credit enhancement from the fund for
				eligible projects. The initial assistance shall not be made in the form of a
				grant.
"Loan" means any form of direct financial assistance from the
				  fund that is required to be repaid over a period of time and that is provided
				  to a project sponsor for all or part of the eligible costs of an eligible
				  project. A loan maybe disbursed in anticipation of reimbursement for or direct
				  payment of eligible costs of a eligible project.
2.15. "Loan obligation" means a bond, note,
				or other evidence of an obligation.
2.16. "Private entity" means a private person
				or entity, that has entered into an approved contract with a government unit to
				undertake an eligible project.
2.17. "Project revenues" means all rates,
				rents, fees, assessments, charges, and other receipts derived or to be derived
				by an eligible borrower from a eligible project or made available from a
				special source, and, as provided in the applicable financing agreement, derived
				from any system of which the eligible project is a part of, from any other
				revenue producing facility under the ownership or control of the eligible
				borrower including, without limitation, proceeds of grants, gifts,
				appropriations and loans, including the proceeds of loans made from the fund,
				investment earnings, reserves for capital and current expenses, proceeds of
				insurance or condemnation and proceeds from the sale or other disposition of
				property and from any other special source as may be provided by the eligible
				borrower.
2.18. "Project sponsor"
				may be a government unit to undertake completion of construction of an eligible
				project.
2.19. "Revenues" means,
				when used with respect to the fund, any receipts, fees, income, or other
				payments received or to be received by the fund including, without limitation,
				receipts and other payments deposited in the fund and investment earnings on
				its funds and accounts.
2.20.
				"State accounts" means, collectively, the separate accounts for state highway
				funds.