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WV Code § 13-2D-16 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2D. Airport Development Bond Act|§13-2D-16. Severability

If any section, clause, provision or portion of this article shall be held to be invalid or unconstitutional by any court of competent jurisdiction, such holding shall not affect any other section, clause or provision of this article which is not in and of itself unconstitutional.
WV Code § 13-2D-17 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2D. Airport Development Bond Act|§13-2D-17. Public Officials Exempt From Personal Liability

No official or member of a county court shall be personally liable on any contract or obligation executed pursuant to the authority herein contained, nor shall the issuance of bonds hereunder be considered as misfeasance in office.
WV Code § 13-2D-18 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2D. Airport Development Bond Act|§13-2D-18. Prohibition of Financial Interest of Public Officials

No member of a county court issuing revenue bonds under the provisions of this article shall have any financial interest, directly or indirectly, in an airport acquired or constructed pursuant to this article.
WV Code § 13-2E-1 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-1. How Article Cited

This article may be cited as "Revenue Bond Refunding Act."
WV Code § 13-2E-3 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-3. Authority to Refund

Any public body may issue refunding bonds for the purpose of refunding all or any part of its revenue bonds now or hereafter outstanding, whether or not such revenue bonds are at the time of the refunding due or optional for redemption, under the circumstances and restrictions set forth in this article. Refunding bonds shall be payable from revenues derived from the same enterprise as the revenue bonds to be refunded except where the public body has outstanding revenue bonds payable from the revenues of an enterprise and is authorized under any other law to combine and consolidate such enterprise with another enterprise and issue revenue bonds payable from the revenues of the combined and consolidated enterprises. An issue of refunding bonds may refund part or all of one or more issues of outstanding revenue bonds: Provided, That part or all of two or more issues of outstanding revenue bonds may not be refunded under this article unless either (a) all of the issues of outstanding revenue bonds to be refunded are payable from revenues derived from the same enterprise, or (b) the public body is authorized under any other law to combine or consolidate the enterprises in question and issue revenue bonds payable from the revenues of the combined or consolidated enterprises.Refunding bonds may be issued hereunder whenever the governing body of the public body deems it expedient and, notwithstanding any provision in this article to the contrary, may be issued as part of a series of revenue bonds issued for the purpose, in addition to such refunding, of financing the acquisition or construction of improvements, betterments, extensions or replacements to the particular enterprise, as provided by other articles of this code.
WV Code § 13-2E-4 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-4. Terms, Form and Execution of Refunding Bonds

Refunding bonds authorized under this article may be issued in one or more series; may bear such date or dates; may mature at such time or times, not exceeding the period of usefulness of the enterprise, as determined by the governing body in its discretion, not exceeding forty years from their respective dates; may bear interest at such rate or rates; may be in such denomination or denominations; may be in such form either coupon or registered; may carry such registration and conversion privileges; may be executed in such manner; may be payable in such medium of payment, at such place or places; may be subject to such terms of redemption, with or without a premium; may be declared or become due before the maturity date; may provide for the replacement of mutilated, destroyed, stolen or lost bonds; may be authenticated in such manner and upon compliance with such conditions; and may contain such other terms and covenants, as may be determined by the governing body in the proceedings authorizing the refunding bonds. Notwithstanding the form or tenor thereof, and in the absence of an express recital on the face thereof that the bond is nonnegotiable, all refunding bonds shall at all times be, and shall be treated as, negotiable instruments for all purposes.
WV Code § 13-2E-6 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-6. Determination of Governing Body to Be Conclusive

The determination by the governing body of any public body issuing refunding bonds under this article that the limitations herein imposed upon the issuance of refunding bonds have been met, shall be conclusive: Provided, however, That such public body shall have obtained from an independent certified public accountant a certification that the amount of saving stated to be achieved by the refunding shall in fact be served, based upon his review, comparison and analysis of the net interest cost in dollars of the refunding bonds and the net interest cost in dollars of the bonds to be refunded.
WV Code § 13-2E-7 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-7. Authorization for Issuance

Refunding bonds and all acts required to be authorized hereunder shall be authorized in the manner in which the bonds to be refunded were authorized and issued: Provided, That refunding bonds of a system resulting from the severance of a combined municipal waterworks and sewerage system shall to the extent applicable be authorized and issued under the terms and provisions of law, including, but not limited to, interest rates and net interest costs, under which revenue bonds of such resulting system would be authorized and issued.
WV Code § 13-2E-8 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-8. Authority for Escrow Agreement

The governing body of any public body shall have power to enter into such escrow agreements and to insert therein such protective and other covenants and provisions as it may consider necessary to permit the carrying out of the provisions of this article and to insure the prompt payment of principal of and interest and redemption premiums on the revenue bonds refunded.
WV Code § 13-2E-9 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-9. Call of Revenue Bonds for Redemption

Where any revenue bonds to be refunded are not to be surrendered for exchange or payment and are not to be paid at maturity with escrowed obligations, but are to be paid from such source prior to maturity pursuant to call for redemption exercised under a right of redemption reserved in such revenue bonds, the governing body of the public body shall, prior to the issuance of the refunding bonds, determine which redemption date or dates shall be used, call such revenue bonds for redemption and provide for the giving of the notice of redemption required by the proceedings authorizing such revenue bonds. Where such notice is to be given at a time subsequent to the issuance of the refunding bonds, the necessary notices may be deposited with the state sinking fund commission or the bank acting as escrow agent of the refunding bond proceeds and the escrow agent appropriately instructed and authorized to give the required notices at the prescribed time or times. If any officer of the public body signing any such notice shall no longer be in office at the time of the utilization of the notice, the notice shall nevertheless be valid and effective for its intended purpose.
WV Code § 13-2E-11 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-11. Bonds Payable Solely From Revenues of Enterprise

No recourse shall be had for the payment of the refunding bonds, or interest thereon, or any part thereof, against the General Fund of any public body, nor shall the credit or taxing power of any public body be deemed to be pledged thereto.The refunding bonds, and interest thereon, shall not be a debt of the public body, nor a charge, lien or encumbrance, legal or equitable, upon any property of the public body, nor upon any income, receipts, or revenues of the public body other than such of the revenues of the enterprise as shall have been pledged to the payment thereof, and every refunding bond shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that the public body is under no obligation to pay the same, except from said revenues.
WV Code § 13-2E-12 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-12. Tax Exemption; Exceptions

The refunding bonds and the income therefrom shall be exempt from taxation, except inheritance, estate and transfer taxes.
WV Code § 13-2E-13 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-13. Validity of Bonds

Refunding bonds bearing the signatures of officers of the public body in office on the date of the signing thereof shall be valid and binding obligations of the public body for all purposes, notwithstanding that before the delivery thereof any or all the persons whose signatures appear thereon shall have ceased to be officers of the public body, the same as if such persons had continued to be officers of the public body until after the delivery thereof. The ordinance or resolution authorizing any refunding bonds may provide that such refunding bond may contain a recital that such refunding bond is issued pursuant to this article, and any refunding bond containing such recital under authority of any such ordinance or resolution shall be conclusively deemed to be valid and to have been issued in conformity with the provisions of this article.Where any refunding bonds have been heretofore authorized by any public body which would have been valid under and in compliance with the provisions of this article had this article been in existence at the time of the authorization of such refunding bonds, such refunding bonds if heretofore issued, and if not yet issued then such refunding bonds when they shall have been issued, and the proceedings authorizing their issuance, are hereby validated, ratified and confirmed and declared to be binding and enforceable obligations in accordance with their terms.
WV Code § 13-2E-14 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-14. Article Complete Authority for Refunding Bonds; Effect on Other Laws; Liberal Construction

This article constitutes full and complete authority for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, approvals, orders, acts or things by any governing body of any public body, or any board, officer, commission, department, agency, or instrumentality of the state or any public body shall be required to issue any refunding bonds or to do any act or perform anything under this article, except as may be prescribed in this article. The powers conferred by this article shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this article shall not affect, the powers conferred by any other law. This article is remedial in nature and shall be liberally construed.
WV Code § 13-2E-15 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2E. Revenue Bond Refunding Act|§13-2E-15. Severability

If any one or more provisions of this article or the applicability thereof to any persons or circumstances are ever held by a final decision of a court of competent jurisdiction to be invalid, such invalidity shall not affect any other provision or provisions, application or applications of this article, and to this end, the provisions of this article are declared to be severable.
WV Code § 13-2F-1 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-1. How Article Cited

This article may be cited as "Public Obligations Registration Act."
WV Code § 13-2F-2 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-2. Purposes; Article Governs Over Charter Provisions

The purpose of this article is to provide a mechanism for public bodies in the state to issue public obligations in compliance with section 310(b)(1) of the tax equity and fiscal responsibility act of one thousand nine hundred eighty-two, United States Internal Revenue Code section 103(j), as amended.To fulfill the purpose, this article shall govern notwithstanding any charter provisions.
WV Code § 13-2F-3 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-3. Definitions

The following terms wherever used or referred to in this article shall have the following meanings, unless a different meaning plainly appears from the context.The term "public body" means any city, town, county commission, building commission, Board of Education, public service district, political subdivision or any other public entity, whether created before, on or after the effective date of this article, and the State of West Virginia acting through any of its agencies, boards, commissions or departments, having power to issue public obligations.The term "public obligation" means notes, bonds, certificates or other obligations of a public body issued and outstanding on and after July 1, 1986.The term "registered" means, with respect to a public obligation, an obligation the ownership of which is noted on books of registration kept by a registrar and which is represented by certificates or other instruments to which no coupons for interest payments are attached.The term "book-entry" means, with respect to a public obligation, an obligation the ownership of which is noted on books of registration kept by a registrar, but which ownership is not represented by any instrument.The term "official registrar" means the official designated by the specific provisions of this code pursuant to which a public obligation is issued as the registrar of the public obligation and, in lieu of statutory designation, the person so designated by the act of the public body authorizing the issuance of the specific public obligation.
WV Code § 13-2F-4 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-4. Authority to Issue Public Obligations in Registered and Book Entry Forms

Notwithstanding any other provision of this code to the contrary, on and after July 1, 1986, any public body may issue public obligations in registered or book entry form in addition to any form authorized by the specific provisions of this code pursuant to which the public obligations are issued.
WV Code § 13-2F-5 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-5. Powers of Official Registrar; Designee

The official registrar shall (a) act as transfer agent or registrar for the exchange or transfer of registered public obligations or maintain the records so that public obligations in book-entry form may be effected, or (b) contract with or otherwise designate a bank, trust company or other person to act as transfer agent or registrar for the registered public obligations or maintain the records so that public obligations in book-entry form may be effected. The bank, trust company or other person may include the federal government or any of its agencies or instrumentalities and may be located or have its principal office within or without the state. Public obligations in book-entry form shall be effected by means of entries on the record of the official registrar or his designee which shall reflect the description of the issue, the principal amount, the interest rate, the maturity date and the owner of the public obligation and other information as is considered by the official registrar or his designee to be appropriate. The official registrar or his designee may effect conversion between book-entry public obligations and registered public obligations for owners of public obligations who request a change. The official registrar or his designee shall issue a confirmation of the transaction in the form of a written advice. The official registrar or his designee shall have such additional powers as are necessary to effectuate the purposes of this article.
WV Code § 13-2F-6 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-6. Confidentiality

Notwithstanding any other provision of this code to the contrary, the books of registry held by the official registrar or his designee shall be confidential, and the information contained therein shall not be available to the public.
WV Code § 13-2F-7 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2F. Public Obligations Registration Act|§13-2F-7. Application to Public Obligations Approved by Voters

The provisions of this article shall be effective with respect to public obligations which have prior to July 1, 1986, been approved by the voters of the issuer of the public obligations at an election on the question of issuing public obligations in coupon and registered form, or in coupon form only, and the public obligations need not be resubmitted to the voters for the purpose of approving the issuance of the public obligations in registered form only.
WV Code § 13-2G-1 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-1. Short Title

This article shall be known and may be cited as the "State Refunding Bond Act."
WV Code § 13-2G-2 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-2. Definitions

As used in this article, unless the context otherwise requires:(a) "Bonds" means general obligation bonds, review bonds, notes or other debt instruments issued by the state, a state agency or a state authority.(b) "Code" means the Code of West Virginia, 1931, as amended.(c) "Legislature" means the Legislature of this state.(d) "Refunding bonds" means bonds, notes or other debt instruments issued to refund all or any part of general obligation bonds, revenue bonds, notes or other debt instruments heretofore or hereafter issued or lawfully assumed by the state, a state agency or a state authority pursuant to the provisions of this code.(e) "State" means the State of West Virginia, a state agency or a state authority.(f) "State agency" means any office, department, cabinet, board, commission, entity, bureau, division, public corporation, agency, or instrumentality of the state authorized to issue bonds.(g) "State authority" means any authority authorized to issue bonds, including, but without limitations, the university of West Virginia board of trustees and the board of directors of the state college system.(h) "Swap agreement" means an agreement which is a rate swap agreement, basis swap, forward rate agreement, commodity swap, interest rate opinion, forward foreign exchange agreement, rate cap agreement, rate floor agreement, rate collar agreement, currency swap agreement, cross-currency rate swap agreement, currency option, any similar agreement or any combination of the foregoing.
WV Code § 13-2G-3 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-3. Issuance of Refunding Bonds

The state may, in the manner and subject to the limitations and conditions contained in this article, issue its refunding bonds, at a public or private sale, for the purpose of refunding the bonds of the state then outstanding, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of such bonds. A determination by the state that any refunding is advantageous or necessary, or that any of the outstanding obligations should be called for redemption on the first or any subsequent available redemption date or permitted to remain outstanding until their respective dates of maturity, shall be conclusive: Provided, That a determination by the state to issue its refunding bonds as provided in this article is subject to the provisions of the debt management act set forth in article six-a, chapter twelve of this code.
WV Code § 13-2G-4 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-4. Security for Refunding Bonds

Refunding bonds may be secured by a pledge of: (a) The same source of security as the bonds to be refunded; or (b) such other security as the state may lawfully pledge, or both.
WV Code § 13-2G-5 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-5. Principal Amount, Use of Sinking and Reserve Funds

(a) The total amount of refunding bonds to be issued under this chapter shall be an amount sufficient to effect the refunding and may include an amount sufficient to pay (1) the principal amount outstanding of the bonds to be refunded, (2) interest accrued or to accrue to the date of maturity or the date of redemption of the bonds to be refunded (which need not necessarily be on the first available redemption date), (3) any redemption premiums to be paid thereon, (4) any reasonable expenses incurred in connection with such refunding and (5) any other reasonable costs deemed appropriate by the state, including without limitation, the expenses of preparing and delivering the refunding bonds, legal fees, financial advisor fees, consultant fees, and other expenses incurred in connection with the issuance, sale and delivery of the refunding bonds.(b) Any money in a sinking fund or reserve fund or other fund for the bonds to be refunded may be used to pay the principal of, premium, if any, or interest on the outstanding bonds to be refunded or may be deposited in a sinking fund or reserve fund or other fund for the refunding bonds.
WV Code § 13-2G-6 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-6. Terms of Refunding Bonds; Time, Place and Amount of Payments

Upon determining the issue of such refunding bonds, the state shall, by resolution, authorize the issuance of such bonds in an amount not exceeding the amount permitted by this article, fix the date thereof, the rate or rates of interest which such bonds shall bear and when and where they are payable.
WV Code § 13-2G-7 (2021)
2021 West Virginia Code|Chapter 13. Public Bonded Indebtedness|Article 2G. State Refunding Bond Act|§13-2G-7. Sale of Refunding Bonds at Above or Below Par Value

All refunding bonds issued by the state may be sold at a price equal to, above or below par value and accrued interest as the state may direct. Refunding bonds may also be sold at a zero (0) rate of interest or at an original issue discount.