Authority may issue bonds for Science and Culture Center improvements

The Economic Development Authority may issue revenue bonds for Science and Culture Center improvements and related historic-preservation sites. The bonds may cover acquiring, repairing, rebuilding, equipping, improving, maintaining, or refinancing eligible capital projects. The total principal amount may not exceed $150 million. The bonds are payable only from the Cultural Center Improvements Revenue Debt Service Fund and related pledged revenue. Bonds secured by lottery proceeds may mature no later than 20 years after issuance. The act takes effect 90 days after passage, on June 10, 2026; the 20-year maturity limit applies to bonds issued on or after the effective date.

The Lottery Commission must deposit certified bond debt payments into the Cultural Center Improvements Revenue Debt Service Fund before making the specified economic-development deposit. The allocation covers each fiscal year from July 1, 2026, through June 30, 2047, and may not exceed $12 million in any fiscal year. The deposit replaces the amount otherwise required under the specified economic-development funding provision. The amount deposited must equal the certified debt-service requirement, subject to the $12 million yearly limit. The money must be used under the rules for the Cultural Center Improvements Revenue Debt Service Fund. The allocation applies for fiscal years beginning July 1, 2026, through the fiscal year ending June 30, 2047.

The Secretary of Tourism must propose a list of capital improvements, and the Governor must certify the projects that bond proceeds will fund. The list covers improvements at the Science and Culture Center and other sites acquired to preserve West Virginia history. The Secretary must submit a proposed list to the Governor. The Governor may certify a revised list before the bonds are issued after consulting the Secretary. Bond proceeds must be spent on certified improvements, after issuance, reserve, and refunding costs. The Secretary's proposed list is due by September 1, 2026, and the Governor's initial certification is due by September 30, 2026; both occur before bonds are issued.