WV HB3485

State agencies must obtain and review a recommendation from the State Treasurer before issuing refunding bonds, effective July 1, 2025, with recommendation requests due at least 90 days prior to bond sale.

Creates new Chapter 13A to consolidate all general obligation bond provisions under the State Treasurer's authority, establishing standardized procedures for issuance, sale, and administration of future constitutionally-authorized bonds.

Relocates existing bond statutes for Roads to Prosperity bonds ($1.6 billion authorized), Safe Roads Amendment bonds ($550 million authorized), and Infrastructure Amendment bonds ($300 million authorized) into the new consolidated chapter without altering their terms or legal status.

Authorizes the State Treasurer to select bond counsel, financial advisors, and underwriters for general obligation bonds, with these selections exempt from state purchasing requirements.

Establishes conflict of interest provisions making it a misdemeanor (punishable by up to $1,000 fine and/or one year in jail) for bond proceeds to improperly benefit state officers or employees.