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West Virginia Economic Development Amendment (2002)
|West Virginia Constitution|
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The text of the measure said:
To amend the State Constitution to permit the Legislature by general law to authorize county commissions and municipalities to use a new economic development tool to help create jobs. This tool will permit county commissions and municipalities to assist in financing economic development or redevelopment projects by redirecting specific new property tax revenues from an approved project, or project area or district. These redirected revenues will be used to pay-off revenue bonds or other obligations issued to finance some or all of the cost of the project. This amendment authorizes the financing of some or all of the cost of qualified economic development and redevelopment projects through issuance of county and municipal revenue bonds or other obligations, payable from property taxes assessed on the enhanced value of property located in the economic development or redevelopment project area or district. This proposed amendment does not apply to taxes from excess levies, bond levies or other special levies. Upon payment-in-full of the bonds or other obligations, the property tax revenues revert to the appropriate levying bodies. The term of the bonds or other obligations may not exceed thirty years.
State of West Virginia
|State executive officers||
Governor | Lieutenant Governor | Attorney General | Secretary of State | Treasurer | State Auditor | Superintendent of Schools | Commissioner of Insurance | Commissioner of Agriculture | Director of Natural Resources | Commissioner of Labor | Chairman of Public Service Commission |