West Virginia Code of State Rules › Agency 203 - Courthouse Facilities Improvement Authority › Title 203 - LEGISLATIVE RULE WEST VIRGINIA COURTHOUSE FACILITIES IMPROVEMENT AUTHORITY › Series 203-01 - Courthouse Facilities Improvement Authority › Section 203-1-4 - Fund Administration

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Administration of the Fund. The Authority shall administer amounts in the
				Fund.
4.2. Sources of Money for
				Fund. The Fund shall consist of Fund revenues; any appropriations, grants,
				gifts, contributions, loan proceeds or other revenues received by the Fund from
				any source, public or private; amounts received as payments on any loans made
				by the Authority from the Fund to pay for the cost of a project; insurance
				proceeds payable to the Authority or the Fund in connection with any project;
				all income earned on moneys held in the Fund; and all funds deposited in
				accordance with W. Va. Code §
									29-26-1 et seq.
4.3. Use of Moneys in the Fund. Subject to
				any restrictions set forth in W. Va. Code §
									29-26-1 et seq., as well as
				those set forth below, the moneys of the Fund shall be disbursed by the
				Authority for the funding of approved modifications or construction of
				courthouse facilities and to pay expenses of the Authority in administering the
				provisions of W. Va. Code §
									29-26-1 et seq. In connection with the funding
				of approved modifications or construction of courthouse facilities, the
				Authority may disburse moneys of the Fund to make loans, loan guarantees or
				grants, or any combination thereof, and to provide financial, technical or
				other assistance as necessary to finance part of the costs of projects to be
				undertaken by a county applicant.
4.4. Authority Determination. Prior to the
				Authority's making any loan, loan guarantee, grant or other assistance, the
				Authority shall determine that the loan, loan guarantee, grant or other
				assistance and the manner in which it will be provided are necessary or
				appropriate to accomplish the purposes and intent of W. Va. Code §
									29-26-1
				et seq.
4.5. Grant Requirements.
				The Authority may make a grant to a county applicant for a project if the
				Authority in its sole discretion determines and finds that there is a
				demonstrated need for any proposed modification or construction of a courthouse
				facility.
4.6. Grant Criteria. All
				applications for financial assistance received by the Authority shall be
				evaluated according to a uniform evaluation system, which system shall be
				developed by the Authority. Under said system, each applicant shall be
				evaluated according to the degree of the needs of the Courthouse Facility in
				regard to each individual criterion set forth in W. Va. Code §
									29-26-1 et
				seq. The Authority shall use the evaluation of the needs in regard to the
				overall criteria to determine whether a grant should be offered, and, if so,
				what proportion of the financial assistance offered should constitute a grant
				and what proportion should constitute a loan or other loan assistance. The
				Authority shall use the evaluation system to establish a prioritization
				structure, whereby applicants with a greater degree of need for assistance may
				be ranked in a higher category of priority. The Authority may also consider
				other factors in determining whether a grant should be offered including, but
				not limited to; the financial condition of the grant applicant, including
				revenues, expenses, debt structure, reserve balances and available collateral;
				the ability or inability of the grant applicant to secure alternative sources
				of funding; the estimated time which the proposed project may begin and/or the
				time it may take to be completed; and the degree to which the proposed project
				would meet the needs of the applicant.
4.7. Limit on Grant Amount. Any moneys
				disbursed from the Fund in the form of a grant to any individual county shall
				not exceed twenty five percent of the total funds available for the funding of
				projects. The Authority may limit individual grant awards to whatever amount it
				deems desirable to advance the intent and purposes of W. Va. Code §
									29-26-1
				et seq.: Provided, That no county applicant shall receive grant money from the
				Authority in an amount in excess of eighty percent of the total cost of the
				project.
4.8. Terms of Grant. Where
				a county applicant has received grant money to fund a project, and such
				courthouse facility is thereafter sold then to the extent that proceeds are
				available, the county applicant shall reimburse the Fund the amount of the
				grant. In the alternative, the Authority may allow repayment of the grant by
				converting the grant into a loan from the Fund. The proceeds from the repayment
				of any such grant or grant which has been converted to a loan shall retain
				their character as proceeds available for grants. The amount of repayment may
				be reduced by the applicable share of accumulated depreciation of the project
				or the applicable share of accumulated accelerated depreciation of the project
				as determined by the Authority. The Authority shall review any agreement
				between the county applicant and the person or entity purchasing the project to
				determine whether the agreement was structured so that no proceeds would become
				available for the repayment of the grant funds. If the Authority finds that the
				transaction was structured by the parties to intentionally preclude the
				availability of proceeds for the repayment of the grant funds, then the
				Authority may require the county applicant to repay the full amount of any
				grant. The Authority shall prepare a report listing those projects which
				received grant money and are sold.
4.9. Loans. The Authority may make loans or
				loan assistance from the Fund on a case-by-case basis based on the need of the
				county applicant and upon such terms and conditions as the Authority shall
				recommend.
4.10. Limit on Loan
				Amount. The Authority may limit loans to county applicants to whatever amount
				it deems desirable to advance the intent and purposes of W. Va. Code
				§
									29-26-1 et seq.
4.11. Limit
				on Loan Interest Rate. The interest rate on any loan made to any county
				applicant shall not exceed five percent per annum.
4.12. Financial Assistance from the Fund.
				Each loan, loan guarantee, grant or other assistance made or provided by the
				Authority shall be evidenced by a loan, loan guarantee, grant or assistance
				agreement between the Authority and the county applicant to which the loan,
				loan guarantee, grant or assistance shall be made or provided, which agreement
				shall include, without limitation and to the extent applicable, the following
				provisions:
4.12.a. The estimated cost of the
				project, the amount of the loan, loan guarantee or grant or the nature of the
				assistance, and in the case of a loan or loan guarantee, the terms of repayment
				and the security therefore, if any;
4.12.b. The specific purposes for which the
				loan or grant proceeds shall be expended or the benefits to accrue from such
				loan guarantee or other assistance, and the conditions and procedure for
				disbursing loan or grant proceeds;
4.12.c. The duties and obligations imposed
				upon the county applicant regarding the acquisition, construction, improvement
				or operation of the project or infrastructure project; and
4.12.d. The agreement of the county applicant
				to comply with all applicable federal and state laws, and all rules and
				regulations issued or imposed by the Authority or other state, federal or local
				bodies regarding the acquisition, construction, improvement or operation of the
				project and granting the Authority the right to appoint a receiver for the
				project if the county applicant should default on any terms of the
				agreement.