Read the full stored bill text
HB 4431 Text
skip navigation
SENATE
PRESIDENT
SENATORS
COMMITTEES
VIDEO/AUDIO
DISTRICT MAPS
SENATE CLERK
SENATE RULES
HOUSE
SPEAKER
DELEGATES
COMMITTEES
VIDEO/AUDIO
DISTRICT MAPS
HOUSE CLERK
HOUSE RULES
HOUSE STAFF
JOINT
INTERIM COMMITTEES
LEGISLATIVE ADMINISTRATOR
LEGISLATIVE SERVICES DIVISION
PUBLIC INFORMATION
LEGISLATIVE AUTOMATED SYSTEMS DIVISION
LEGISLATIVE AUDITOR'S OFFICE
PERFORMANCE EVALUATION & RESEARCH DIVISION
POST AUDIT DIVISION
BUDGET DIVISION
REGULATORY AND FISCAL AFFAIRS DIVISION
CLAIMS COMMISSION
CRIME VICTIMS
RULE-MAKING REVIEW
SPECIAL INVESTIGATIONS
JUDICIAL COMP. COMMISSION
JOINT RULES
STAFF INFO
BILL STATUS
BILL STATUS
BILL TRACKING
STATE LAW
WEST VIRGINIA CODE
ACTS OF THE LEGISLATURE
CODE OF 1931
WV CONSTITUTION
US CONSTITUTION
REPORTS
AGENCY REPORTS
AGENCY GRANT AWARDS
PERFORMANCE EVALUATIONS
POST AUDITS
EDUCATIONAL
CITIZEN’S GUIDE
INTERNSHIP PROGRAM
PAGE PROGRAM
PUBLICATIONS
PHOTO GALLERY
CAPITOL HISTORY
HOW A BILL BECOMES LAW
CONTACT
SENATE ROSTER
HOUSE ROSTER
PUBLIC INFO.
NEWS RELEASES
HELPFUL LINKS
Introduced Version
House Bill 4431 History
|
Email
Key:
Green
= existing Code.
Red
= new code to be enacted
WEST VIRGINIA LEGISLATURE
2026
REGULAR SESSION
FISCAL NOTE
Introduced
House Bill 4431
By Delegates Gearheart, Ellington, Canterbury, Brooks, Pritt, Butler, and Criss
[Introduced January 16, 2026; referred to the Committee on Energy and Public Works then Finance]
A BILL to amend and reenact §17-16A-10 of the Code of West Virginia, 1931, as amended, relating to requiring the approval of the Legislature and the Governor before additional bonds may be issued by the Parkways Authority; and requiring tolls to be removed six months following removal of encumbrances for the bonds.
Be it enacted by the Legislature of West Virginia:
ARTICLE 16A. WEST VIRGINIA PARKWAYS, ECONOMIC DEVELOPMENT AND TOURISM AUTHORITY
§17-16A-10. Parkway revenue bonds, generally.
(a) The Parkways Authority is authorized to provide by resolution for the issuance of parkway revenue bonds of the state for the purpose of paying all or any part of the cost of one or more parkway projects. The principal of and the interest on bonds shall be payable solely from the funds provided for payment, except that:
(1) None of the proceeds of the issuance of parkway revenue bonds under this section
shall
may
be used to pay all or any part of the cost of any economic development project or tourism project;
(2) Nothing in this section
shall
may
be construed as prohibiting the Parkways Authority from issuing additional parkway revenue bonds to the extent permitted by applicable federal law for the purpose of constructing, maintaining and operating any highway constructed, in whole or in part, with money obtained from the Appalachian Regional Commission; and
(3) The authorization to issue bonds under this section is in addition to the authorization and power to issue bonds under any other section of this code.
(b) The bonds of each issue shall be dated, shall bear interest at a rate as may be determined by the Parkways Authority in its sole discretion, shall mature at a time not exceeding forty years from their date of issue as may be determined by the Parkways Authority, and may be made redeemable before maturity, at the option of the Parkways Authority at a price and under the terms and conditions as may be fixed by the Parkways Authority prior to the issuance of the bonds.
(c) The Parkways Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination of the bonds and the place of payment of principal and interest, which may be at any bank or trust company or securities depository within or without the state.
(d) The bonds shall be executed by manual or facsimile signature by the chair of the Parkways Authority, and the official seal of the Parkways Authority shall be affixed to or printed on each bond, and attested, manually or by facsimile signature, by the Secretary and Treasurer of the Parkways Authority. Any coupons attached to any bond shall bear the manual or facsimile signature of the chair of the Parkways Authority.
(e)
In case
If
any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be an officer before the delivery of the bonds, the signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. In case the seal of the Parkways Authority has been changed after a facsimile has been imprinted on the bonds, then the facsimile seal will continue to be sufficient for all purposes.
(f) All bonds issued under the provisions of this article shall have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the state. The bonds may be issued in coupon or in registered form, or both, as the Parkways Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the recorders into coupon bonds of any bonds registered as to both principal and interest.
(g) The Parkways Authority may sell the bonds at a public or private sale at a price it determines to be in the best interests of the state.
(h) The proceeds of the bonds of each issue shall be used solely for the payment of the cost of the parkway project or parkway projects and by the Division of Highways for any
acquisition, construction, reconstruction, maintenance, improvement or repair of public highways and bridges as provided for in this article for which the bonds were issued, and shall be disbursed in a manner consistent with the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds.
(i) If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than the cost, then additional bonds may in like manner be issued to provide the amount of the deficit. Unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, the additional bonds shall be
deemed
considered
to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued.
(j) If the proceeds of the bonds of any issue exceed the cost of the parkway project or parkway projects for which the bonds were issued, then the surplus shall be deposited to the credit of the sinking fund for the bonds.
(k) Prior to the preparation of definitive bonds, the Parkways Authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when the bonds have been executed and are available for delivery. The Parkways Authority may also provide for the replacement of any bonds that become mutilated or are destroyed or lost.
(l) All or any portion of the proceeds of any parkway revenue bonds issued pursuant to this section may be credited to the special revenue account within the State Road Fund created in section eleven of this article. Moneys in such fund shall be used by the Division of Highways for any acquisition, construction, reconstruction, maintenance, improvement or repair of public highways and bridges in this state.
(m) Bonds may be issued under the provisions of this article without obtaining the consent of any department, division, commission, board, bureau or agency of the state in accordance with this article:
Provided
, That the Parkways Authority shall comply with
the provisions of section
§5-1-28 of this code.
Effective on the passage of the amendment to this section, no additional bonds may be issued under the provisions of this article without the approval of the Legislature and the Governor. Six months following the payment of all outstanding bond indebtedness or encumbrances, the tolls shall be removed.
NOTE: The purpose of this bill is to require the approval of the Legislature and the Governor before additional bonds may be issued by the Parkways Authority; and requiring tolls to be removed six months following removal of encumbrances for the bonds.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
Bill Status
|
Bill Tracking
|
Legacy WV Code
|
Bulletin Board
|
District Maps
|
Senate Roster
|
House Roster
|
Live
|
Blog
|
Jobs
|
Links
|
Home
This Web site is maintained by the
West Virginia Legislature's Office of Reference & Information.
|
Terms of Use
|
Webmaster
| © 2026 West Virginia Legislature **
Print On Demand
Name:
Email:
Phone: