Current through Register Vol. XLI, No. 40, October 4, 2024
Section 172-2-2 - Valuation of Used Rolling Stock and Equipment2.1. In accordance with W. Va. Code § 29-18-6-11(B)(i), the State Rail Authority may acquire rolling stock and equipment with a value of five hundred thousand dollars ($500,000.) or less without following the provisions of W. Va. Code §5A-3, et. seq. With the exception of used rolling stock or equipment, all other purchases will be conducted in accordance with the provisions of W. Va. Code §§5A-3 et. seq and 29-18 et. seq.2.2. The procedure for determining the value of rolling stock and equipment is as follows: 2.2.a. Two qualified State Rail Authority employees shall inspect the proposed rolling stock and equipment. They shall report the condition of the rolling stock and equipment to the Executive Director of the State Rail Authority.2.2.b. The Executive Director shall verify the current market value with railroad equipment dealers, brokers or other railroads. Where practicable, the Executive Director shall obtain a verification of current market value from at least two dealers, brokers or other railroads. The dealers, brokers or railroads contacted by the Executive Director shall submit a written verification of the current market value of similar equipment. The Executive Director shall document these findings and may purchase the equipment if the Executive Director determines that the rolling stock and equipment is a valuable asset at a fair price.2.2.c. The State Rail Authority shall maintain a signed price quote from the vendor, the Executive Director's justification and the statements of value from the independent dealers, brokers or railroads on file at the office of the State Rail Authority.