W. Va. Code R. § 157-11-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 157-11-2 - Definitions

2.1. "Board" means State Transportation Infrastructure Fund Advisory Board.

2.2. "Capitalized" means depositing funds as initial capital into the fund.

2.3. "Commissioner" means the West Virginia Commissioner of Highways.

2.4. "Cooperative agreement" means written consent between the state and the United States Department of Transportation Secretary pursuant to Title 23, Chapter 6 of the United States Code.

2.5. "Department" means the West Virginia Department of Transportation.

2.6. "Division" means the West Virginia Division of Highways, a division within the West Virginia Department of Transportation.

2.7. "Eligible borrower" means any government unit which is authorized to develop or construct an eligible project.

2.8. "Eligible cost" means as applied to an eligible project to be financed from the federal accounts, the costs that are permitted under applicable federal laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the fund. As applied to an eligible project to be financed from the state accounts, these costs include the costs of preliminary engineering, traffic and revenue studies, environmental studies, right-of-way acquisition, legal and financial services associated with the development of the eligible project, construction, construction management, facilities, and other costs necessary for the eligible project.

2.9. "Eligible project" means a project of a government unit that meets the eligibility criteria of the National Highway System Designation Act of 1995, Public Law 104-59, Section 350, which provides public benefits by enhancing mobility and safety, promoting economic development, or increasing the quality of life and general welfare of the public. The eligible project may be done by a private entity provided that it is an eligible project of a government unit.

2.10. "Federal accounts" means, collectively, the separate accounts for federal highway funds.

2.11. "Financing agreement" means any agreement entered into by an eligible borrower pertaining to a loan or other financial assistance. This agreement may contain, in addition to financial terms, provisions relating to the regulation and supervision of eligible project, or other provisions as the Commissioner in consultation with the board may determine. The term "financing agreement" includes, without limitation, a loan agreement, trust indenture, security agreement, reimbursement agreement, guarantee agreement, bond or note, ordinance or resolution, or similar instrument.

2.12. "Fund" means the State Transportation Infrastucture Fund that is in the West Virginia Treasury. The fund shall be a revolving fund to be administered by the Commissioner of the Division to enter loan obligations or make loans to or for the benefit of an eligible borrower for the undertaking of an eligible project by a project sponsor.

2.13. "Government unit" means municipalities, counties, state agencies, and quasi-state government agencies.

2.14. "Initial assistance" means the first round of funds that are loaned or used for credit enhancement from the fund for eligible projects. The initial assistance shall not be made in the form of a grant.

"Loan" means any form of direct financial assistance from the fund that is required to be repaid over a period of time and that is provided to a project sponsor for all or part of the eligible costs of an eligible project. A loan maybe disbursed in anticipation of reimbursement for or direct payment of eligible costs of a eligible project.

2.15. "Loan obligation" means a bond, note, or other evidence of an obligation.

2.16. "Private entity" means a private person or entity, that has entered into an approved contract with a government unit to undertake an eligible project.

2.17. "Project revenues" means all rates, rents, fees, assessments, charges, and other receipts derived or to be derived by an eligible borrower from a eligible project or made available from a special source, and, as provided in the applicable financing agreement, derived from any system of which the eligible project is a part of, from any other revenue producing facility under the ownership or control of the eligible borrower including, without limitation, proceeds of grants, gifts, appropriations and loans, including the proceeds of loans made from the fund, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and proceeds from the sale or other disposition of property and from any other special source as may be provided by the eligible borrower.

2.18. "Project sponsor" may be a government unit to undertake completion of construction of an eligible project.

2.19. "Revenues" means, when used with respect to the fund, any receipts, fees, income, or other payments received or to be received by the fund including, without limitation, receipts and other payments deposited in the fund and investment earnings on its funds and accounts.

2.20. "State accounts" means, collectively, the separate accounts for state highway funds.

W. Va. Code R. § 157-11-2