This bill aims to streamline the process for issuing and administering general obligation bonds in West Virginia by requiring State Treasurer approval for refunding bonds and consolidating all provisions related to outstanding general obligation bonds into a single chapter of the West Virginia Code. The bill repeals numerous existing sections related to state road and infrastructure bonds, including those concerning the creation of debt service funds, covenants of the state, and the roles of the Governor and Treasurer in bond issuance and management.

By relocating these provisions, the bill seeks to enhance clarity and efficiency in the management of state bonds. The repealed sections cover a wide range of topics, including definitions, the sale of bonds, conflicts of interest, and lawful investments, all of which will be addressed in the new consolidated chapter. This legislative change is intended to simplify the bond issuance process and ensure better oversight and administration of the state's financial obligations.