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 related provisions into a single chapter of the West Virginia Code. The bill repeals numerous existing sections related to state road general obligation bonds and infrastructure general obligation bonds, which include definitions, creation of debt service funds, covenants of the state, and other procedural elements that are now considered outdated or redundant.

By relocating the provisions concerning outstanding general obligation bonds, the bill seeks to enhance clarity and efficiency in the management of these financial instruments. The repealed sections cover a wide range of topics, including the sale of bonds by the Governor, conflicts of interest, lawful investments, and the approval of necessary expenses, all of which will be addressed in the new framework established by this legislation.