West Virginia Code 7-27-42 – Early retirement of special revenue bonds; termination of county transportation sales and use taxes; excess funds
(a) General. – When special revenue bonds have been issued as provided in this article and the amount of county transportation sales and use taxes collected, less costs of administration, collection and enforcement, exceeds the amount needed to pay project costs and annual debt service, including the funding of required debt service and maintenance reserves, if any, the additional amount remaining in the county's subaccount in the County Road Improvement Account shall be used to retire outstanding revenue bonds before their maturity date in accordance with the terms of such bonds.
Terms Used In West Virginia Code 7-27-42
- Commissioner of Highways: means the chief executive officer of the Division of Highways of the Department of Transportation provided in section one, article two-a, chapter . See West Virginia Code 7-27-3
- County transportation sales and use taxes: means the transportation sales tax and the transportation use tax imposed by a county commission pursuant to this article. See West Virginia Code 7-27-3
- Project costs: means capital costs, costs of financing, planning, designing, constructing, expanding, improving, or maintaining a road. See West Virginia Code 7-27-3
- Road: means a public highway, road, bridge, tunnel, or overpass to be used for the transportation of persons or goods including bicycle and pedestrian facilities. See West Virginia Code 7-27-3
- service: means and includes, but is not limited to, customer support services, help desk services, call center services, repair services, engineering services, installation service, assembly service, delivery service by means other than common carrier or the United States Postal Service, technical assistance services, the service of investigating, handling or otherwise assisting in resolving customer issues or complaints while in the county, the service of operating a mail order business or telephone, Internet or other remote order business from facilities located within the county, the service of operating a website or internet-based business from a location within the county imposing the use tax or any other service. See West Virginia Code 7-27-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- Tax Commissioner: means the State Tax Commissioner provided in article one, chapter . See West Virginia Code 7-27-3
(b) Termination of county transportation sales and use taxes. – Once the special revenue bonds issued as provided in this article are no longer outstanding or have been defeased, and no additional road construction projects have been requested and approved by the Commissioner of Highways, the county transportation sales and use taxes shall be discontinued by order adopted by the county commission as provided in this article. Termination of the county transportation sales and use taxes as provided in this section may not bar or otherwise prevent the Tax Commissioner from collecting county transportation sales and use taxes that accrued before the termination date and the rights of the state and the taxpayers as to those taxes shall be preserved.
(c) Excess funds. – After all intergovernmental agreements with the Commissioner of Highways have ended and all debt service on special revenue bonds issued to finance, in whole or in part, the road construction projects has been paid or provided for, and county transportation sales and use taxes imposed by the county have terminated, the Commissioner of Highways shall forward the unencumbered balance of moneys remaining in the county's subaccount in the County Road Improvement Account to the county commission of that county for deposit in the county's general fund.