West Virginia House Bill HB2373

West Virginia 2023 Regular Session

• Introduced: 1/11/23
• Refer: 1/11/23

Caption

Requiring legislative approval of additional parkways bonds and removing tolls once bonds paid

Impact

If enacted, HB 2373 will impact the administrative process around bond issuance, potentially slowing down the ability of the Parkways Authority to raise funds for parkway projects. This added layer of approval could be seen as a method to control state spending and ensure that taxpayer interests are considered, particularly when public tolls are involved. Additionally, the requirement to remove tolls after bond obligations are fulfilled could provide financial relief to drivers but might also affect funding for ongoing maintenance and operational costs of the parkways.

Summary

House Bill 2373 aims to amend the code concerning the West Virginia Parkways Authority by necessitating legislative and gubernatorial approval prior to the issuance of any additional parkway revenue bonds. This bill also stipulates that tolls on parkways must be removed six months following the clearance of all bond encumbrances. The intent behind the bill is to establish greater oversight and restrictions related to the financial operations of the Parkways Authority, ensuring that significant financial decisions undergo proper scrutiny by elected officials.

Sentiment

The sentiment surrounding HB 2373 appears to be mixed. Proponents welcome the bill as a necessary measure for increased accountability and transparency in how the Parkways Authority manages its funding and revenues from tolling. However, there are opponents who view the bill as an impediment to timely infrastructure development, fearing that additional legislative hurdles could delay critical transportation projects in West Virginia.

Contention

Key points of contention regarding HB 2373 include the balance between necessary financial oversight and efficient operational capacity for infrastructure funding. Advocates for greater governmental oversight argue that limiting the Parkways Authority's ability to issue bonds unilaterally is crucial for financial responsibility, while critics contend that time-sensitive infrastructure needs may be jeopardized by the additional legislative approvals required under the bill.