The bill amends the Code of West Virginia to authorize the issuance of bonds for improvements to the West Virginia Science and Culture Center and other facilities that preserve the state's history. It establishes a new section, 29-22-18h, which mandates the allocation of funds from the State Excess Lottery Revenue Fund to a newly created Cultural Center Improvements Revenue Debt Service Fund. This fund will be used to cover the debt service requirements for bonds issued by the Economic Development Authority, with a cap of $12 million per fiscal year from 2026 through 2047. The bill also clarifies the priority of payment for bond debt service and requires the Secretary of Tourism to provide a list of capital improvements to the Governor, who must certify these improvements to the Authority.

Additionally, the bill creates section 31-15-16e, which outlines the process for the Economic Development Authority to issue revenue bonds, not exceeding $150 million, for capital improvement projects related to the West Virginia Science and Culture Center. The bonds will be secured by lottery proceeds and will mature within 20 years. The authority is tasked with certifying the principal and interest requirements for the bonds annually, and any remaining funds in the Cultural Center Improvements Revenue Debt Service Fund after satisfying all obligations may be used for redeeming outstanding bonds. Overall, the bill aims to enhance the state's cultural facilities while ensuring financial accountability and proper management of the associated funds.

Statutes affected:
Originating in Committee: 29-22-18f, 29-22-18h, 31-15-16e
Engrossed Version: 29-22-18f, 29-22-18h, 31-15-16e
Enrolled Version: 29-22-18f, 29-22-18h, 31-15-16e