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WV SB815
Bill
Status
Introduced
3/19/2025
Primary Sponsor
Rupert Phillips
Click for details
AI Summary
- Expands eligibility for Water Development Authority loans and grants to include non-governmental public utilities (investor-owned utilities regulated by the Public Service Commission), not just governmental agencies
- Allows non-governmental public utilities acquiring distressed or failing water/wastewater systems to assume and refinance existing loan obligations at equivalent interest rates, with grant repayment requirements released upon PSC approval of the acquisition
- Requires all water and sewer utilities to maintain a working capital reserve of at least one-eighth of annual operation and maintenance expenses to be eligible for state-administered loans, grants, or bonds
- Opens the Distressed Utilities Account and Critical Needs and Failing Systems Sub Account to for-profit utilities directed by the PSC to acquire or rehabilitate distressed or failing utility facilities
- Authorizes for-profit utilities acquiring distressed systems under PSC direction to receive loans at below-market interest rates, matching the terms available to governmental and nonprofit project sponsors
Legislative Description
Permitting access to funding for public water utilities subject to PSC's jurisdiction
Public Service Commission
Last Action
To Finance
3/19/2025
Committee Referrals
Finance3/19/2025
Full Bill Text
No bill text available