West Virginia 2024 2nd Special Session

West Virginia Senate Bill SB2043

Introduced
10/7/24  

Caption

Relating to bonded indebtedness of State of WV

Impact

If enacted, SB2043 would modify existing laws concerning public bonded indebtedness, specifically the processes and conditions under which the state may issue or refund general obligation bonds. Key provisions include a requirement for state agency recommendations concerning refunding bonds to be made by the State Treasurer, which is expected to deepen the examination of the state's overall debt position. The bill aims to maintain the state's full faith and credit in ensuring timely payments on these bonds, thereby reinforcing public trust in government financial practices.

Summary

Senate Bill 2043 aims to establish a comprehensive framework for the issuance and management of general obligation bonds in West Virginia. The bill relocates existing provisions concerning bonded indebtedness to a new chapter within the West Virginia Code, facilitating better organization and accessibility of the laws governing state debt. It clarifies the authority of the State Treasurer to oversee the issuance and refunding of these bonds, ensuring the bonds' issuance adheres to constitutional and statutory requirements. The overarching goal is to enhance the state's financial management capabilities while maintaining commitments to bondholders.

Sentiment

The sentiment surrounding SB2043 appears to be largely positive among proponents who believe it will streamline state fiscal operations. Supporters argue that the introduction of a standardized framework will bolster accountability and transparency in state financial management. However, concerns may be raised about increased centralization of power with the State Treasurer and the implications this could hold for legislative oversight in financial matters. Nonetheless, the necessity for robust controls in public financing is a common point of agreement.

Contention

The primary contention in the legislative discussions around SB2043 centers on the balance of power between the Legislature and the State Treasurer. Opponents express worries that granting extensive authority to the Treasurer could diminish legislative checks on debt management and financial decision-making processes. Furthermore, any potential changes to the provisions of bond issuance could influence the financial landscape of West Virginia, necessitating a careful evaluation of long-standing practices to ensure continued fiscal health for the state.

Companion Bills

WV HB240

Similar To Relating generally to bonded indebtedness of the State of West Virginia

Previously Filed As

WV HB4371

Creating the WV Community Development Equity Fund

WV HB5372

Relating to repeal of severability provisions

WV SB798

Requiring utilities to hold minimum capital reserve for eligibility of additional state funding

WV HB2380

Relating to School Building Authority

WV SB683

Changing name of School Building Authority to School Maintenance Authority

WV SB280

Relating to electoral reforms of WV judiciary

WV HB5370

Relating to West Virginia’s citizens and businesses should be the priority of any attempt at economic development or stimulus

WV SB749

WV Legal Tender Act

WV HB5649

Relating generally to the use of gold and silver as legal tender in the State of West Virginia

WV SB324

Reorganizing School Building Authority to School Maintenance Authority

Similar Bills

WV HB240

Relating generally to bonded indebtedness of the State of West Virginia

WV HB3485

Requiring recommendation from the State Treasurer prior to issuing refunding bonds

WV SB2001

Relating generally to funding for infrastructure and economic development projects in state

WV HB201

Relating generally to funding for infrastructure and economic development projects in the state

WV HB3258

Ending the toll road when the bond is paid off

WV HB4638

Ending the toll road when the bond is paid off

WV SB539

Creating Division of Multimodal Transportation

WV HB4492

Creating the Division of Multimodal Transportation