CHARLESTON — Citing technical flaws in a invoice meant to fund future financial growth initiatives, Gov. Jim Justice introduced his first veto and a particular session for the top of April to repair the invoice.
In a press launch Tuesday afternoon, Justice stated he vetoed Senate Bill 729, regarding funding for infrastructure and financial growth initiatives in West Virginia.
Justice will name a particular session to coincide with legislative interim conferences scheduled from Sunday, April 24, by way of Tuesday, April 26.
“I plan to work with the Legislature to fix these technical errors and will add the bill to the Special Session call,” Justice stated. “If the Legislature passes the bill during the Special Session, this important legislation will be fixed to allow for the proper transfer of monies.”
SB 729 would create a $200 million revolving mortgage fund managed by the state Economic Development Authority and made accessible by the Board of Treasury Investments. The invoice limits loans to not more than $15 million for anybody enterprise or undertaking.
The invoice additionally would additionally require the Board of Treasury Investments to make accessible $200 million to the state Department of Transportation for a revolving mortgage program, The Infrastructure Investment Reimbursement Fund would cowl price reimbursement for transportation initiatives. The fund itself could be reimbursed with federal funds as they grow to be accessible.
Justice cited quite a few technical errors with SB 729 requiring him to veto the invoice. He stated the technical errors made the 2 revolving funds unimaginable to make use of, such because the inadvertent elimination of language offering funding authority to the Economic Development Authority.
“I completely support the concepts embodied by this legislation…Unfortunately, however, the bill contains a fatal technical flaw that renders me unable to sign it into law,” Justice stated in his veto letter to the Legislature. “The ability to invest these funds is absolutely key in accomplishing the intent of the legislation. We must not let this money sit idly and forego investment earnings that will allow us to reinvest in even more opportunities for economic growth around this state.”
Scheduling the particular session throughout April legislative interims when lawmakers and employees will already be in Charleston will save the state cash. A particular session can price greater than $35,000 per day to cowl the prices of lawmakers and legislative employees. Justice stated it was vital to repair and re-pass the invoice as shortly as doable.
“West Virginia is on a glide path to prosperity like you can’t imagine right now, and our economic development efforts are at the heart of our state’s rebirth,” Justice stated. “Any chance we have to continue building upon these development efforts, we’re going to take. And I know this bill, when it’s cleaned up, will help us do just that.”
Except for a line merchandise veto Justice used on Senate Bill 250, the finances invoice, the veto of SB 729 is Justice’s first veto of a invoice handed throughout the 2022 legislative session that ended March 12. As of Tuesday, 183 payments out of 293 payments handed throughout the 60-day legislative session have been signed into regulation.