This bill amends the Code of West Virginia to require that any additional bonds issued by the Parkways Authority must receive prior approval from both the Legislature and the Governor. It also stipulates that tolls on parkways must be removed six months after all outstanding bond indebtedness or encumbrances have been paid off. The bill modifies existing language regarding the issuance of parkway revenue bonds, clarifying that the proceeds from these bonds cannot be used for economic development or tourism projects, and emphasizes that the authority to issue bonds is in addition to any other existing powers.

Key changes include the insertion of language that mandates legislative and gubernatorial approval for additional bond issuance and the requirement for toll removal after encumbrances are cleared. Additionally, the bill modifies existing provisions to ensure that the Parkways Authority can still issue bonds under federal law for highway projects funded by the Appalachian Regional Commission. Overall, the bill aims to enhance oversight and accountability in the issuance of bonds by the Parkways Authority while ensuring that tolls are eliminated in a timely manner following the resolution of bond obligations.

Statutes affected:
Introduced Version: 17-16A-10