§12-6A-2 Legislative findings and declaration of public necessity. - West Virginia Statutes

§12-6A-2. Legislative findings and declaration of public necessity.
(a) The Legislature hereby finds and declares that efficient and effective state government requires the procuring, maintaining and reporting of pertinent information relating to the debt of the state and its agencies, boards, commissions and authorities. The state treasurer shall perform the functions and duties necessary to serve as a central information source concerning the incurrence, recording and reporting of debt issued by the state, its agencies, boards, commissions and authorities.

(b) The Legislature hereby finds:

(1) The credit rating and acceptance of bonds, notes, certificates of participation and other securities and indebtedness of the state and its spending units have been unstable as a result of the instability in traditional national and international markets of goods and services produced by the citizens of the state.

(2) In order to finance essential capital projects for the benefit of the citizens of the state at the lowest possible cost, the state must maintain high levels of acceptance of the indebtedness of the state and its spending units in the financial markets.

(3) In order to attain these goals, authorization of state debt must be based on the ability of the state to meet its total debt service requirements, in light of other uses of its fiscal resources.

(c) The Legislature hereby further finds that the public policies and responsibilities of the state as set forth in this article cannot be fully attained without the creation of a state division of debt management.