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NEWS RELEASES HELPFUL LINKS Enrolled Version - Final Version « Senate Bill 438 History OTHER VERSIONS  —  Committee Substitute (1)  |  Introduced Version  |   |  Email Key:
NEWS RELEASES HELPFUL LINKS SB438 SUB1 « Senate Bill 438 History OTHER VERSIONS  —  Enrolled Version - Final Version  |  Introduced Version  |   |  Email Key:
Red = new code to be enacted WEST virginia legislature regular session ENROLLED Committee Substitute for Senate Bill 438 Senators Maynard, Prezioso, Beach, Plymale, and Jeffries, original sponsors [Passed March 10, 2018;
Red = new code to be enacted WEST virginia legislature regular session Committee Substitute for Senate Bill 438 By Senators Maynard, Prezioso, Beach, Plymale, and Jeffries [Originating in the Committee on Finance;
in effect 90 days from passage]     AN ACT to amend and reenact §29-22-18e of the Code of West Virginia, 1931, as amended;
Reported on February 27, 2018]     A BILL to amend and reenact §29-22-18e of the Code of West Virginia, 1931, as amended;
and to amend said code by adding thereto a new section, designated §31-15-16d, all relating to authorizing additional bonds for state park projects;
and to amend said code by adding thereto a new section, designated §31-15-16d, all relating to debt service on bonds secured by the State Excess Lottery Revenue Fund;
requiring certain deposits from the State Excess Lottery Revenue Fund;
and clarifying the timing of debt service payments to the State Parks Lottery Revenue Debt Service Fund.
providing for allocation of certain funds not needed for debt service to state park improvements;
authorizing the Economic Development Authority to issue certain revenue bonds;
providing limitations on bond issuance;
creating a special revenue account;
and providing for allocation of bond proceeds.
Notwithstanding any provision of §29-22-18a(d) of this code to the contrary, the deposit of $5 million into the State Park Improvement Fund is for the fiscal year beginning July 1, 2012, only.
Notwithstanding any provision of §29-22-18a(d) of this code to the contrary, the deposit of $5 million into the State Park Improvement Fund set forth in section eighteen-a of this article is for the fiscal year beginning July 1, 2012, only.
For the fiscal year beginning July 1, 2013, and each fiscal year through the fiscal year ending June 30, 2018, in lieu of the deposits required under §29-22-18a(d)(7)of this code, the commission shall first deposit an amount equal to the certified debt service requirement, not to exceed $3 million in any one fiscal year, into the Cacapon and Beech Fork State Park Lottery Revenue Debt Service Fund created in §31-15-16b of this code, to be used in accordance with the provisions of §31-15-16b of this code, and second, deposit $5 million into the State Park Improvement Fund, established in §29-22-18a(d) of this code, to be used in accordance with the provisions of §29-22-18a(d) of this code.
For the fiscal year beginning July 1, 2013, and each fiscal year thereafter through the fiscal year ending June 30, 2018, in lieu of the deposits required under §29-22-18a(d)(7)of this code, the commission shall first deposit an amount equal to the certified debt service requirement, not to exceed $3 million in any one fiscal year, into the Cacapon and Beech Fork State Park Lottery Revenue Debt Service Fund created in §31-15-16b of this code, to be used in accordance with the provisions of §31-15-16b of this code, and second, deposit $5 million into the State Park Improvement Fund, established in §29-22-18a(d) of this code, to be used in accordance with the provisions of §29-22-18a(d) of this code.
and (2) deposit an amount equal to the certified debt service requirement, not to exceed $5.9 million in any one fiscal year, into the State Parks Lottery Revenue Debt Service Fund created in §31-15-16d of this code and if the certified debt service requirement is less than $5.9 million, deposit an amount equal to the difference between the certified debt service requirement and $5.9 million into the State Park Improvement Fund, established in §29-22-18a(d) of this code, to be used in accordance with the provisions of §29-22-18a(d) of this code:
and (2) deposit an amount equal to the certified debt service requirement, not to exceed $5.9 million in any one fiscal year, into the State Parks Lottery Revenue Debt Service Fund created in §31-15-16d of this code and second, if the amount deposited into the State Parks Lottery Revenue Debt Service Fund is less than $5.9 million, deposit an amount equal to the difference between such amount deposited in the State Parks Lottery Revenue Debt Service Fund and $5.9 million into the State Park Improvement Fund, established in §29-22-18a(d) of this code, to be used in accordance with the provisions of §29-22-18a(d) of this code:
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  NOTE:
The purpose of this bill is to authorize the issuance of bonds to fund improvements at state parks.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
    Bill Status  |  Bill Tracking  |  Legacy WV Code  |  Bulletin Board  |  District Maps  |  Senate Roster  |  House Roster  |  Live  |  Blog  |  Jobs  |  Links  |  Home This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.
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