This bill proposes comprehensive amendments to the Code of West Virginia concerning the management and issuance of bonded indebtedness, specifically introducing a new Chapter 13A that outlines the processes for general obligation bonds. Key provisions include requiring state agencies to obtain a recommendation from the State Treasurer before issuing refunding bonds, establishing separate debt service funds for each bond series, and granting the Treasurer the authority to select bond counsel and financial advisors without adhering to certain state purchasing requirements. The bill also emphasizes the State Treasurer's role as the chief financial officer overseeing the state's bonded indebtedness and introduces penalties for conflicts of interest related to bond issuance.

Additionally, the legislation relocates existing provisions regarding state road general obligation bonds to a new article while preserving their legal effect and clarifying that this relocation does not authorize the issuance of additional bonds beyond those already issued. The bill authorizes the issuance of state road general obligation bonds up to $1.6 billion for highway and bridge construction, creating dedicated funds for managing these bonds. It also includes provisions to prevent conflicts of interest, ensures lawful investment status for the bonds, and mandates that all expenses related to bond issuance be paid from the West Virginia Infrastructure General Obligation Debt Service Fund. Overall, the bill aims to streamline the management of state road funding and enhance financial practices while maintaining compliance with existing legal frameworks.

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