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 settled. 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.

The bill also includes provisions that ensure the validity of signatures on bonds even if an officer's term ends before the bonds are delivered, and it maintains that all bonds will have the qualities of negotiable instruments. Furthermore, it allows for the issuance of interim receipts or temporary bonds before definitive bonds are prepared. Overall, the bill aims to enhance oversight of the Parkways Authority's financial activities while ensuring that tolls are removed in a timely manner following the resolution of bond obligations.

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