Relating generally to bonded indebtedness of the State of West Virginia

From the Legislature

The purpose of this bill relates generally to bonded indebtedness of the State of West Virginia; requires recommendation from the State Treasurer prior to issuing refunding bonds beginning on a certain date; authorizes legislative rules related to refunding bonds, includes emergency rules for a limited period; sets forth legislative intent and findings; defines terms; clarifies application of new article; specifies when the Treasurer may issue general obligation bonds; sets forth amount, form, and terms of general obligation bonds; declares general obligation bonds to be covenants of the state and lawful investments; provides for manner of sale of general obligation bonds; requires creation of a debt service fund for each general obligation bond series; specifies permissible use of a debt service fund; authorizes investment of a debt service fund; authorizes the Treasurer to issue certain refunding bonds; requires the Treasurer to determine the bond counsel and financial advisor for general obligation bonds; exempts selection of bond-related services from certain state purchasing requirements; authorizes the Treasurer to pay general obligation bond issuance expenses from the debt service fund; prohibiting conflicts of interest; creates a criminal misdemeanor offense and providing penalties for violation on conflict of interest provisions; authorizes legislative rules related to general obligation bonds, including emergency rules; relocates statutory language concerning the state's outstanding general obligation bonds to a single chapter of code; declares legislative intent; provides for statutory construction; and makes various technical corrections.