West Virginia Code of State Rules › Agency 157 - Highways › Title 157 - PROCEDURAL RULE DEPARTMENT OF TRANSPORTATION DIVISION OF HIGHWAYS › Series 157-11 - State Transportation Infrastructure Fund Program › Section 157-11-4 - Powers and Duties of the Commissioner

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. The Commissioner, in consultation with
				the Board, shall adopt policies and procedures consistent with W.Va. Code
				§ 17-17-B-1 et. seq., for the administration of the fund's affairs and the
				implementation of the fund's functions, including, but not limited to, the
				identification and selection of eligible borrowers, eligible costs, and
				eligible projects as well as the determination of the amount of initial
				assistance and the manner in which the fund shall be capitalized.
4.2. The Commissioner shall have the
				following powers:
4.2.a. Make loans to
				eligible borrowers to finance the eligible costs of eligible projects and to
				acquire, hold, and subordinate loan obligations in a manner as the Board
				determines advisable;
4.2.b. Provide
				eligible borrowers with other financial assistance to defray eligible costs of
				an eligible project;
4.2.c. Enter
				into contracts, arrangements, and agreements with eligible borrowers and other
				persons and execute and deliver all financing agreements and other instruments
				necessary or convenient to the exercise of the powers granted by W.Va. Code
				§
										17-17B-1
				et. seq.;
4.2.d. Enter into
				agreements with a government unit, private entity, department, agency, or
				instrumentality of the United States or of this State or another state for the
				purpose of planning and providing for the financing of eligible
				projects;
4.2.e. Establish policies
				and procedures for the making and administering of loans and other financial
				assistance and fiscal controls and accounting procedures to ensure proper
				accounting and reporting of the fund, government units, eligible borrowers, and
				private entities;
4.2.f Collect or
				authorize the trustee under any trust indenture securing any bonds to collect
				amounts due under any loan obligations owned by it, including taking the action
				required to obtain payment of any sums in default;
4.2.g. Consent to any modification with
				respect to the rate of interest, time and payment of any installment of
				principal or interest, or any other term of any loan obligations owned by
				it;
4.2.h. Expend funds to obtain
				accounting, management, legal, financial consulting, and other professional
				services necessary to the operations of the fund;
4.2.i. Expend funds credited to the fund as
				the Board determines necessary for the costs of administering the operations of
				the fund;
4.2.J. Procure insurance
				against losses in connection with its property, assets, or activities including
				insurance against liability for its acts or the acts of its employees or agents
				or to establish cash reserves to enable it to act as a self-insurer against any
				and all such losses;
4.2.k. Collect
				fees and charges in connection with it loans or other financial
				losses;
4.2.l. Apply for, receive
				and accept from any source, aid, grants, and contributions of money, property,
				labor, or other things of value to be used to carry out the purposes of the
				fund;
4.2.m. Enter into contracts or
				agreements for the servicing and processing of financial agreements;
4.2.n. Enter into loan obligations and loans
				that may be secured or unsecured;
4.2.o. Accept notes and other forms of
				obligation to evidence any indebtedness as well as mortgages, liens, pledges,
				assignments or other security interests to secure such indebtedness;
4.2.p. Take all actions that are appropriate
				to protect security interests, ensure repayment of any indebtedness, and
				safeguard against losses of the fund, including, but not limited to, initiating
				foreclosures, default proceedings, and all other forms of redress, whether
				legal or equitable in nature;
4.2.q.
				Determine future capital needs of the fund. The future capital needs of the
				fund may be determined each year based on an actuarial valuation that reflects,
				among other things, anticipated revenues, project revenues, amounts in federal
				accounts and state accounts, fund costs, loan defaults and related risk
				exposure to the extent such valuation is consistent with the Actuarial
				Standards of Practice published by the Actuarial Standards Board.
4.2.r. Do all other things necessary or
				convenient to exercise powers granted or reasonably implied by West Virginia
				Code § 17-17B-1 et.seq.