CHARLESTON – West Virginia claimed potential bonded indebtedness of $1.5 billion in fiscal 2009, between general obligation bonds, revenue bonds and lease obligations, according to State Treasurer John Perdue’s Debt Position Report for Fiscal Year 2009.

At June 30, 2009 outstanding were $603 million of general obligation bonds, $566 million of revenue bonds which the rating agencies view as possible obligations of the state and $364 million of lease obligations. The total is $1.5 billion.

The report provides information on bonds issued by state agencies, boards and commissions. Each bond issue outstanding is listed, with information on principal outstanding at the beginning and at the end of the fiscal year, principal and interest paid, maturity and interest rate.

During Fiscal Year 2009, state agencies, board and commissions issued $746 million of bonds. The largest issuer was the West Virginia Hospital Finance Authority with $478 million.

In addition, there are more than 20 state agencies, boards and commissions with authority to issue revenue bonds backed by specific pledges of revenue. These include $880 million of the Economic Development Authority, $1.3 billion of the Hospital Finance Authority, $719 million of the Housing Development Authority, and others.

New to the annual report are statistics on bond counsel, underwriters and insurance. Four law firms were used as bond counsel during Fiscal Year 2009. Spilman Thomas & Battle, PLLC worked on 10 issues; Jackson Kelly PLLC worked on 5 issues; Bowles Rice McDavid Graff & Love LLP worked on 2 issues and Steptoe & Johnson PLLC worked on 1 issue. Total fees paid were $673,500.

Underwriters used were BB&T, Banc of America, JP Morgan, Merrill Lynch, Raymond James, Crews & Associates and Citigroup. Total fees paid to rating agencies Standard & Poors, Moody’s Investors Service and Fitch were $475,004.