§5-6-2. Legislative findings; purpose of revision of article


Published: 2015

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WEST VIRGINIA CODE











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WVC 5-6-2

§5-6-2. Legislative findings; purpose of revision of article.

(a) The Legislature hereby finds that, with the concurrence of

the Legislature, the commission heretofore authorized pursuant to

resolution adopted on the eleventh day of March, one thousand nine

hundred sixty-eight, the issuance of "State Building Revenue Bonds,

Series 1968," in the aggregate principal amount of twenty-four

million two hundred thousand dollars; pursuant to resolution

adopted the fourteenth day of October, one thousand nine hundred

sixty-eight, the issuance of "State Building Revenue Bonds, Public

Safety Series," in the aggregate principal amount of two million

five hundred thousand dollars; and pursuant to resolution adopted

on the thirteenth day of April, one thousand nine hundred seventy,

the issuance of "State Building Revenue Bonds, Science and Cultural

Center Series," in the aggregate principal amount of nine million

dollars.

(b) The Legislature hereby further finds that the said "State

Building Revenue Bonds, Series 1968" were all sold and are now

outstanding in the principal amount of twenty-four million two

hundred thousand dollars; that the said "State Building Revenue

Bonds, Public Safety Series" were all sold and are now outstanding

in the principal amount of two million five hundred thousand

dollars; and that said "State Building Revenue Bonds, Science and

Cultural Center Series," in the principal amount of one million

five hundred thousand dollars were sold and are now outstanding.

(c) The Legislature hereby further finds that the proceeds from the issuance and sale of the aforesaid "State Building Revenue

Bonds, Series 1968," the aforesaid "State Building Revenue Bonds,

Public Safety Series" and the aforesaid "State Building Revenue

Bonds, Science and Cultural Center Series" have been expended or

obligated in and for construction of or in connection with projects

undertaken pursuant to this article, which projects are owned and

held in the name of the state or the commission.

(d) The Legislature hereby further finds that the acquisition

and construction of the aforesaid projects have been in the best

interests of the state by providing additional essential office

space and other related structures which are needed for the use of

the state, and the officers, departments, agencies and public

corporations of the state, and the fulfillment of other public uses

and purposes.

(e) The Legislature further finds and declares that the

supreme court of appeals of West Virginia has held that the former

provisions of this article were unconstitutional to the extent that

the same contemplated that the principal of and the interest on

bonds issued by the commission would be paid solely from a fund to

be created and maintained from general tax revenues of the state.

(f) The Legislature further finds and declares that the

amendments made by this act to this article are intended (1) to

modify the provisions of this article so as to cause the same to be

in full compliance with the provisions of the constitution of the

state of West Virginia, which said court held were violated by the former provisions of this article, and to be in full compliance

with said decision of the supreme court of appeals of West

Virginia, and (2) to accord statutory recognition to existing

rights, legal and equitable, of the holders of bonds heretofore

issued by the commission, afford security for the payment of the

obligations evidenced thereby and provide a special fund for the

payment of the obligations evidenced thereby.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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