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WV Code § 18-11B-9 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11B. Revenue Bonds for University Facilities, Buildings and Structures|§18-11B-9. Sinking Fund for Payment of Bonds

From the special university capital improvements fund the board shall, subject only to the prior lien thereon of the outstanding bonds heretofore issued pursuant to the provisions of article eleven-a of this chapter, make periodic payments to the state sinking fund commission in an amount sufficient to meet the requirements of any issue of bonds sold under the provisions of this article, as specified in the resolution of the board authorizing the issue thereof and in any trust agreement entered into in connection therewith. The payments so made shall be placed by the commission in a special sinking fund which is hereby pledged to and charged with the payment of the principal of the bonds of such issue and the interest thereon, and to the redemption or repurchase of such bonds, such sinking fund to be a fund for all bonds of such issue without distinction or priority of one over another, except as may be provided in the resolution authorizing such issue of bonds. The moneys in the special sinking fund, less such reserve for payment of principal and interest as may be required by the resolution of the board authorizing the issue and any trust agreement made in connection therewith, may be used for the redemption of any of the outstanding bonds payable from such fund which by their terms are then redeemable, or for the purchase of bonds at the market price, but at not exceeding the price, if any, at which such bonds shall in the same year be redeemable; and all bonds redeemed or purchased shall forthwith be cancelled and shall not again be issued.
WV Code § 18-11B-10 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11B. Revenue Bonds for University Facilities, Buildings and Structures|§18-11B-10. Credit of State Not Pledged

No provisions of this article shall be construed to authorize the board at any time or in any manner to pledge the credit or taxing power of the state, nor shall any of the obligations or debts created by the board under the authority herein granted be deemed to be obligations of the state.
WV Code § 18-11B-11 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11B. Revenue Bonds for University Facilities, Buildings and Structures|§18-11B-11. Bonds Exempt From Taxation

All bonds issued by the board under the provisions of this article, and the interest thereon, shall be exempt from taxation by the State of West Virginia, or by any county, school district, municipality or other political subdivision thereof.
WV Code § 18-11B-12 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11B. Revenue Bonds for University Facilities, Buildings and Structures|§18-11B-12. Conflicting Laws Repealed

The powers conferred by this article shall be in addition and supplemental to the existing powers of the board of Governors. The provisions of any other law or laws conflicting with the provisions of this article shall be and the same are hereby superseded to the extent of any such conflict.
WV Code § 18-11C-3 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-3. Board Authorized to Contract With Corporation; Description to Be Met by Corporation

The board is hereby authorized to enter into the agreement and any other contractual relationships authorized by this article with the corporation, but only if the corporation meets the following description:(a) The directors of the corporation, all of whom shall be voting, shall consist of the president of the university, who shall serve ex officio as chairman of the directors, the vice chancellor for health sciences of the Higher Education Policy Commission, one designee of the board: Provided, That if the position of vice chancellor for health sciences has not been filled, the board shall designate one additional member to serve until the position is filled, the vice president for health sciences of the university, the vice president for administration and finance of the university, the chief of the medical staff of the hospital, the dean of the school of medicine of the university, the dean of the school of nursing of the university and the chief executive officer of the corporation, all of whom shall serve as ex officio members of the directors, a representative elected at large by the corporation employees and seven directors to be appointed by the West Virginia health system board. The West Virginia health system board shall select and appoint the seven appointed members in accordance with the provisions of section six-a, article five-b, chapter sixteen of this code: Provided, however, That the current directors of the corporation shall continue to serve until they resign or their term expires. On and after the effective date of this section, the seven appointed directors shall be appointed by the system board for staggered six-year terms. The system board shall select all of the appointed members in a manner which assures geographic diversity and assures that at least two members are from each congressional district.(b) The corporation shall report its audited records publicly and to the Joint Committee on Government and Finance at least annually.(c) Upon liquidation of the corporation, the assets of the corporation shall be transferred to the board for the benefit of the university.
WV Code § 18-11C-5 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-5. Exemption From Certain Requirements; Audit

In order, as expeditiously as possible, to cease operation of the existing facilities by the board, to transfer the operations of the existing facilities and the assets and liabilities to the corporation, which will construct the new facilities, at the same time maintaining the educational services of an operating hospital facility, the transactions provided by this article shall be exempt from the bidding and public sale requirements, from the approval of contractual agreements by the department of finance and administration or the Attorney General and from the requirements of chapter five-a of this code. The transactions provided by this article shall be subject to an audit by an independent Auditor mutually agreed upon by the board and the corporation.
WV Code § 18-11C-6 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-6. Conflicts of Interest; Statement; Penalties

(a) Notwithstanding any other provisions of this code to the contrary, officers and employees of the board and the university may hold appointments to offices of the corporation and the system and be members of the boards of directors, or officers or employees of other entities contracting with the corporation, the system or the board or the university. The board and the directors of the corporation and the system, as the case may be, must be informed of the appointments annually, and either the board or the directors of the corporation or the system may require that an appointment be terminated to avoid an actual or potential conflict of interest as determined by the appropriate board: Provided, That between the first and fifteenth day of January of each year, every member of the board of the corporation and the system shall file a written statement, which shall be fully available for public disclosure, with the appropriate chairman of the board, under oath, setting forth:(1) The name of every person, firm, corporation, association, partnership, sole proprietorship or other business association in which the member, the member's spouse or the unemancipated minor child or children of the member, in their own or the member's name, or beneficially, own at least ten percent of such business entity, or of which he or they are an officer, director, agent, attorney, representative, employee, partner or employer, and which to his actual knowledge is then furnishing or within the previous calendar year has furnished to the state, the board of trustees, West Virginia University or the corporation or system defined in this article, commodities or printing as those terms are defined in section one, article one, chapter five-a of this code; and(2) Any other interest or relationship which might reasonably be expected to be affected by action taken by the board of the corporation or the system or which in the public interest should be disclosed.Those persons to whom the provisions of subdivisions (1) and (2) of this subsection are not applicable shall file a written statement to that effect with the chairman of the board at the same time the reports specified in subdivisions (1) and (2) are required to be filed.(b) Any person who fails or refuses to file a written statement under oath as required in subsection (a) of this section shall, by operation of law, be automatically removed from the board until the statement is filed.(c) Any person who intentionally files a false statement under this section is guilty of a misdemeanor and, upon conviction there of, shall be confined in jail not less than six months nor more than one year.
WV Code § 18-11C-7 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-7. No Waiver of Sovereign Immunity

Nothing contained in this article shall be deemed or construed to waive or abrogate in any way the sovereign immunity of the state or to deprive the board, the university or any officer or employee thereof of sovereign immunity.
WV Code § 18-11C-8 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-8. Not Obligation of the State

Obligations of the corporation and the system shall not constitute debts or obligations of the university, the board or the state.
WV Code § 18-11C-8a (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-8a. Agreements Subject to Other Provisions of Law

Any agreements entered into between the system and any county hospital, municipal hospital or hospital created by special act of the Legislature shall be subject to the provisions of section three-a, article twenty-three, chapter eight of this code. No agreements entered into by the system shall relieve any hospital of any obligation or responsibility imposed upon it by law, except to the extent that actual and timely performance thereof by the system or any of its members may be offered in satisfaction of the obligation or responsibility.
WV Code § 18-11C-9 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-9. Sections and Provisions Severable

The sections of this article, and the provisions and parts of said sections, are severable, and it is the intention to confer the whole or any part of the powers provided for in this article, and, if any of said sections, or the provisions or parts of any said sections, or the application thereof to any person or circumstance, are for any reason held unconstitutional or invalid, it is the intention that the remaining sections of this article, and the remaining provisions or parts of any said sections, shall remain in full force and effect.
WV Code § 18-11C-10 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11C. West Virginia University Hospital and West Virginia Health System|§18-11C-10. Liberal Construction

This article, being necessary for the health, safety, convenience and welfare of the people of the state, shall be liberally construed to effectuate the purposes hereof.
WV Code § 18-11D-2 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-2. Trustee for Bondholders or Noteholders; Contents of Trust Agreement

In the discretion of the board, any bonds, refunding bonds or notes issued by the board may be secured by a trust agreement between the board and a corporate trustee, which trustee may be any trust company or banking institution having the powers of a trust company within or without the state. Any such trust agreement may contain provisions as set forth in section one of this article with respect to the resolution. All expenses incurred in carrying out such agreement may be treated as a part of the cost of constructing, reconstructing, remodeling, repairing, improving, extending, equipping or furnishing the football stadium, the athletic facilities building or related facilities of West Virginia University affected by such agreement.
WV Code § 18-11D-3 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-3. Payment of Principal of and Premium, if Any, and Interest on Bonds and Notes From All or Any Portion of the Moneys Derived From Admission Fees to Athletic Contests at West Virginia University; Approval of Director of Athletics

Whenever bonds or notes are issued for financing the cost of any or all of the following: Constructing, reconstructing, remodeling, repairing, improving, extending, equipping or furnishing the football stadium, the athletic facilities building or related facilities of West Virginia University, the board may, with the written approval of the director of athletics at West Virginia University, pledge to the payment of the principal of and premium, if any, and interest on said bonds or notes all or any portion of the moneys derived from admission fees to athletic contests at West Virginia University: Provided, That said approval of the director of athletics must specify all or any said portion of the moneys to be pledged: Provided, however, That no fees paid by students other than the regular student activity fee may be so pledged.
WV Code § 18-11D-4 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-4. Enforcement of Payment and Validity of Bonds and Notes

(a) The provisions of this article and any resolution or trust agreement shall continue in effect until the principal of and interest on the bonds or notes of the state issued by the board have been fully paid, and the duties of the board under this article and any resolution or trust agreement shall be enforceable by any bondholder or noteholder by mandamus or other appropriate action in any court of competent jurisdiction.(b) The resolution authorizing the bonds or notes shall provide that such bonds or notes shall contain a recital that they are issued pursuant to this article, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.
WV Code § 18-11D-5 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-5. Pledges; Time; Liens; Recordation

Any pledge made by the board shall be valid and binding from the time the pledge is made: Provided, That the pledge by the board of all or any portion of the moneys derived from admission fees to athletic contests at West Virginia University shall be subject to the written approval of the director of athletics at West Virginia University. The moneys so pledged and thereafter received by the board shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act. The lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the board, irrespective of whether such parties have notice thereof.
WV Code § 18-11D-6 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-6. Refunding Bonds

Any bonds issued under the provisions of this article and at any time outstanding may at any time and from time to time be refunded by the board by the issuance of refunding bonds of the state in such amount as it may deem necessary to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon; to provide additional funds for the purposes authorized by this article; and to pay any premiums and commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof for the redemption of the bonds to be refunded thereby, or, together with the interest on such proceeds, for the payment of the bonds to be refunded thereby and the interest thereon as the same come due, or by exchange of the refunding bonds for the bonds to be refunded thereby: Provided, That the holders of any bonds to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange prior to the date on which they are payable or, if they are called for redemption, prior to the date on which they are by their terms subject to redemption. Any refunding bonds issued under the authority of this section shall be payable from the revenues out of which the bonds to be refunded thereby were payable, from other moneys or from the principal of and interest on or other investment yield from investments or proceeds of bonds or other applicable funds and moneys, including investments of proceeds of any refunding bonds, and shall be subject to the provisions contained in and shall be secured in accordance with this article.
WV Code § 18-11D-7 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-7. Purchase and Cancellation of Bonds or Notes

The board, subject to such agreements with bondholders or noteholders as may then exist, shall have the power, out of any funds available therefor, to purchase bonds, including refunding bonds or notes of the state issued by the board. If the bonds or notes are then redeemable, the price of such purchase shall not exceed the redemption price then applicable plus accrued interest to the next interest payment date thereon. If the bonds or notes are not then redeemable, the price of such purchase shall not exceed the redemption price applicable on the first date after such purchase upon which the bonds or notes become subject to redemption plus accrued interest to such date. Upon such purchase, such bonds or notes shall be canceled.
WV Code § 18-11D-8 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-8. Federal and Private Assistance

The board is authorized and empowered to accept loans or grants or temporary advances for the purpose of paying part or all of the cost of constructing, reconstructing, remodeling, repairing, improving, extending, equipping or furnishing the football stadium, the athletic facilities building or related facilities of West Virginia University and the other purposes herein authorized from the United States of America or such federal or public agency or department of the United States or any private agency, corporation or individual, which loans or temporary advances may be repaid out of the proceeds of the bonds authorized to be issued under the provisions of this article, and to enter into the necessary contracts and agreements to carry out the purposes hereof with the United States of America or such federal or public agency or department of the United States or with any private agency, corporation or individual.
WV Code § 18-11D-9 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-9. Vested Rights; Impairment

The state pledges and agrees with the holders of any bonds or notes issued under this article that the state will not limit or alter the rights vested in the board to fulfill the terms of any agreements made with the holders thereof, or in any way impair the rights and remedies of the holders, until the bonds or notes, together with the interest thereon, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged. The board is authorized to include his pledge and agreement of the state in any agreement with the holders of such bonds or notes.
WV Code § 18-11D-10 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-10. Bonds and Notes Not Debt of State, County, Municipality or Any Political Subdivision; Expenses Incurred Pursuant to Article

Bonds, refunding bonds and notes issued under the authority of this article and any coupons in connection therewith shall not constitute a debt or a pledge of the faith and credit or taxing power of the state or of any county, municipality or any other political subdivision of the state, and the holders and owners thereof shall have no right to have taxes levied by the Legislature or the taxing authority of any county, municipality or any other political subdivision of the state for the payment of the principal thereof or interest thereon, but such bonds and notes shall be payable solely from the revenues and funds pledged for their payment as authorized by this article: Provided, That notes issued in anticipation of the issuance of bonds or bonds being refunded may be paid from the proceeds of bonds which are payable solely from revenues and funds pledged for their payment as authorized by this article. All such bonds and notes shall contain on the face thereof a statement to the effect that the bonds or notes, as to both principal and interest, are not debts of the state or any county, municipality or political subdivision thereof, but are payable solely from revenues and funds pledged for their payment.All expenses incurred in carrying out the provisions of this article shall be payable solely from funds provided under the authority of this article. This article does not authorize the board to incur indebtedness or liability on behalf of or payable by the state or any county, municipality or any other political subdivision.
WV Code § 18-11D-11 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-11. Negotiability of Bonds and Notes

Other provisions of this code to the contrary notwithstanding, the bonds or notes authorized to be issued by this article are negotiable instruments within the meaning of and for all the purposes of the uniform commercial code, subject only to the provisions of the bonds or notes for registration.
WV Code § 18-11D-12 (2021)
2021 West Virginia Code|Chapter 18. Education|Article 11D. Revenue Bonds for West Virginia University Athletic Facilities|§18-11D-12. Bonds and Notes Legal Investments

The provisions of sections nine and ten, article six, chapter twelve of this code to the contrary notwithstanding, the bonds and notes of the state issued by the board are securities in which all public officers and bodies of the state, including the West Virginia state Board of Investments, all municipalities and other political subdivisions of the state, all insurance companies and associations and other persons carrying on an insurance business, including domestic for life and domestic not for life insurance companies, all banks, trust companies, societies for savings, building and loan associations, savings and loan associations, deposit guarantee associations and investment companies, all administrators, guardians, executors, trustees and other fiduciaries and all other persons whatsoever who are authorized to invest in bonds or other obligations of the state may properly and legally invest funds, including capital, in their control or belonging to them.