Bill
Bill > HB5431
summary
Introduced
02/11/2026
02/11/2026
In Committee
02/11/2026
02/11/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
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.
AI Summary
This bill reorganizes and clarifies the laws concerning bonded indebtedness in West Virginia, consolidating provisions related to general obligation bonds into a single chapter and placing their management under the authority of the State Treasurer, who is considered the most suitable constitutional officer for financial management. Key provisions include requiring the State Treasurer's recommendation before issuing refunding bonds starting July 1, 2026, establishing clear definitions for terms like "general obligation bond" (a debt backed by the state's full faith and credit) and "refunding bond" (a bond issued to pay off an existing bond), and outlining the Treasurer's responsibilities in issuing, selling, and administering these bonds. The bill also mandates the creation of a dedicated debt service fund for each bond series to manage payments and authorizes the Treasurer to select bond counsel and financial advisors, exempting these selections from standard state purchasing rules. Furthermore, it prohibits conflicts of interest in bond transactions, making violations a misdemeanor, and allows for the creation of legislative rules, including emergency rules, to implement these provisions. The bill also repeals and relocates existing statutes related to various types of state road and infrastructure bonds, ensuring that the language and intent of those prior laws are preserved within the new consolidated chapter, without authorizing new bond issuances or altering existing ones.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
To House Finance (on 02/11/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5431&year=2026&sessiontype=RS&btype=bill |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb5431%20intr.htm&yr=2026&sesstype=RS&i=5431 |
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