West Virginia sells bonds to fund $60 million in upgrades at state parks
West Virginia's governor says the state has sold $55.2 million in bonds to fund $60 million in state park improvements to boost the state's economy and tourism.
On Thursday, West Virginia Governor Jim Justice announced that on Tuesday, the State of West Virginia sold $55.2 million in excess lottery revenue bonds, issued through the West Virginia Economic Development Authority (WVEDA), to fund $60 million of upgrades at state parks, which Justice says will promote economic development and help grow tourism across the state.
Gov. Justice said, “West Virginia has needed to update and improve our state parks for years and I committed to get this done and that’s exactly what we’re going to do. These bonds will fund improvements that will modernize and make our state parks so much more attractive as we continue to grow and expand our tourism industry."
Debt service on the bonds will be paid from revenues deposited in the Excess Lottery Revenue Fund which primarily include net profits of racetrack video lottery and limited video lottery machines.
The all in borrowing cost to the state on the 20-year bonds will be 3.65%.
The bonds received strong ratings of “AAA” by S&P Global and “A1” by Moody’s Investor Services.
This financing was a collaborative effort among State representatives from the Governor’s Office, the Division of Natural Resources, the WVEDA, the Department of Administration and the Lottery Commission.