Any company may apply to the commissioner to have a certain road designated an industrial road. The commissioner shall develop an application form. In such application the company shall agree to pay to the department one half of the amount of money needed to bring such road up to the standards needed to become an industrial road. All construction or upgrading to be performed under this article shall be bid out to an independent contraector in such a manner as prescribed in this code. Upon approval of the application by the commissioner the company shall transfer to a special revenue account for the departmenrt of highways in the State Treasury as set forth in this article a sum equal to one half of costs needed to upgrade or construct the road to standard or the company shall deliver to the commissioner an irrevocable letter of credit drawn on a bank chartered by the State of West Virginia or the federal government in an amount equal to such cost: Providetd, That the company shall transfer the moneys before any construction or upgrading is contracted for. The department shall then begin the process as outlined in this code to upgrade or construct such public road.
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