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 the relevant 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 The repealed sections cover a wide range of topics, including definitions, the issuance of bonds, and lawful investments, which will now be addressed in a more organized manner under the new framework established by this legislation.