HB 5685 — Relating to authorizing bonds for improvements to the West Virginia Science and Culture Center

WEST VIRGINIA LEGISLATURE REGULAR SESSION ENGROSSEDENROLLED House Bill 5685 ByBY Anderson,ANDERSON Riley,, Horst,ILEY, Statler,ORST Mazzocchi,, Dittman,TATLER, Rohrbach,MAZZOCCHI, Fehrenbacher,DITTMAN, Howell,ROHRBACH Zatezalo,, andEHRENBACHER Toney, [OriginatingOWELL in, theZATEZALO,AND CommitteeTONEY on[Passed Finance;March 12, 2026;

reportedin oneffect February90 26,days 2026]from Engpassage (June 10, 2026)] Enr HB 5685 AAN BILLACT to amend and reenact §29-22-18f of the Code of West Virginia, 1931, as amended;

(a) Any and all remaining funds in the State Excess Lottery Revenue Fund after payment of debt service pursuant to sections eighteen-a, eighteen-d, and eighteen-e and eighteen-h of this article shall be made available to pay debt service in connection with any revenue bonds issued pursuant to section eighteen of this article, if and to the extent needed for such purpose from time to time.

(b) Notwithstanding any other provision of this code to the contrary, after first satisfying the requirements for funds dedicated to pay debt service in accordance with bonds payable from the State Lottery Fund pursuant to section eighteen of this article, any and all remaining funds in the State Lottery Fund shall be made available to pay debt service in connection with revenue bondsEnr Eng HB 5685 bonds issued pursuant to sections eighteen-a, eighteen-d, and eighteen-e, and eighteen-h of this article, if and to the extent needed for such purpose from time to time.

(c) Notwithstanding the provisions of subsection (h), section eighteen-a of this article, when bonds are issued for projects under subsection (d) or (e) of section eighteen-a of this article, or for the School Building Authority, infrastructure pursuant to section eighteen-d of this article, higher education, or state park improvements pursuant to section eighteen-e of this article, or improvements to the West Virginia Science and Cultural Center and any other site acquired necessary to preserve any history of the State of West Virginia pursuant to section eighteen-h of this article that are secured by profits from lotteries deposited in the State Excess Lottery Revenue Fund, the Lottery Director shall allocate first to the Economicfund Developmentor Projectfunds Fundfrom which debt service is paid on bonds issued under section eighteen-a of this article for the School Building Authority, infrastructure pursuant to section eighteen-d of this article, higher education, state park improvements pursuant to section eighteen-e of this article, and improvements to the West Virginia Science and Cultural Center and any other site acquired necessary to preserve any history of the State of West Virginia pursuant to section eighteen-h of this article an amount equal to one tenth of the projected annual principal, interest and coverage requirements on any and all revenue bonds issued, or to be issued as certified to the Lottery Director;Director.

and second, to the fund or funds from which debt service is paid on bonds issued under section eighteen-a of this article for the School Building Authority, infrastructure pursuant to section eighteen-d of this article, higher education, and state park improvements pursuant to section eighteen-e of this article, and improvements to the West Virginia Science and Cultural Center and any other site acquired necessary to preserve any history of the State of West Virginia pursuant to section eighteen-h of this article an amount equal to one tenth of the projected annual principal, interest and coverage requirements on any and all revenue bonds issued, or to be issued as certified to the Lottery Director.

Eng HB 5685 Notwithstanding any provision of §29-22-18a(d) of this code to the contrary, the deposit of $19 million into the Economic Development Project Fund is for the fiscal year beginning July 1, 2025, only.

For the fiscal year beginning July 1, 2026, and each fiscal year thereafter through the Enr HB 5685 fiscal year ending June 30, 2047, in lieu of the deposit required under §29-22-18a(d)(3)of this code, the commission shall first deposit an amount equal to the certified debt service requirement, not to exceed $12 million in any one fiscal year, into the Cultural Center Improvements Revenue Debt Service Fund created in §31-15-16e of this code, to be used in accordance with the provisions of §31-15-16e of this code.

All amounts deposited in the fund shall be pledged to the repayment of the principal, interest, and redemption premium, if any, on any revenue bonds Eng HB 5685 or refunding revenue bonds authorized by this section.

The authority may further provide in the trust agreement for priorities on the revenues paid into the Cultural Center Improvements Revenue Debt Service Fund as may be necessary for the protection of the prior rights of the Enr HB 5685 holders of bonds issued at different times under the provisions of this section.

On or before September 30, Eng HB 5685 2026, the Governor shall certify to the authority at any time prior to the issuance of bonds under this section, a list of those capital improvements at the building presently known as the West Virginia Science and Cultural Center and any other site acquired necessary to preserve any Enr HB 5685 history of the State of West Virginia that will receive funds from the proceeds of bonds issued pursuant to this section.

and, in case the seal of the authority has been Eng HB 5685 changed after a facsimile has been imprinted on such bonds or notes, such facsimile seal will continue to be sufficient for all purposes.

Enr HB 5685 The Clerk of the House of Delegates and the Clerk of the Senate hereby certify that the foregoing bill is correctly enrolled.

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Clerk of the House of Delegates ...............................................................

Clerk of the Senate Originated in the House of Delegates.

In effect 90 days from passage.

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Speaker of the House of Delegates ...............................................................

President of the Senate __________ The within is ................................................

this the...........................................

Day of ..........................................................................................................., 2026.

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Governor 7