Relating generally to bonded indebtedness of the State of West Virginia

HB 5431 reorganizes West Virginia's laws governing state bond debt by creating new rules for issuing refunding bonds and general obligation bonds. The bill requires the State Treasurer to recommend bond issuance before the state can issue refunding bonds (used to pay off existing debt), establishes debt service funds for each bond series, and mandates the Treasurer to select bond counsel and financial advisors. It exempts bond-related service selections from standard state purchasing rules, prohibits conflicts of interest with penalties, and moves existing bond debt management rules into a single, updated code chapter. This bill directly affects the State Treasurer's office and state debt management processes, streamlining how West Virginia issues and manages its bonded indebtedness.