§17-3A-1 Industrial access road fund created; construction guarantees by municipalities and counties. - West Virginia Statutes

§17-3A-1. Industrial access road fund created; construction guarantees by municipalities and counties.
(a) Any other provision of this code notwithstanding, there is hereby continued in the state treasury the "industrial access road fund", referred to in this article as "the fund". There shall be deposited into the fund three fourths of one percent of all state tax collections which are otherwise specifically dedicated by the provisions of this code to the state road fund or the percentage of those tax collections that will produce three million dollars for each fiscal year. At the end of each fiscal year, all unused moneys in the fund revert to the state road fund.

(b) The moneys in the fund shall be expended by the division of highways for constructing and maintaining industrial access roads within counties and municipalities to industrial sites on which manufacturing, distribution, processing or other economic development activities, including publicly owned airports, are already constructed or are under firm contract to be constructed. In the event there is no industrial site already constructed or for which the construction is under firm contract, a county or municipality may guarantee to the division of highways an acceptable surety or a device in an amount equal to the estimated cost of the access road or that portion provided by the division of highways, that an industrial site will be constructed and if no industrial site acceptable to the division of highways is constructed within the time limits of the surety or device, the surety or device shall be forfeited.