All moneys received from the sale of any bonds issued pursuant to this article, after reimbursements and repayments to said board of all amounts advanced for preliminary expenses, as provided in section five of this article, shall be applied solely to the payment of the costs of the athletic establishment, or to the appurtenant sinking fund, and there shall be, and hereby is created and granted a lien upon such money, until so applied, in favor of the holders of the bonds or the trustees hereinafter provided for.
Structure West Virginia Code
Article 2A. Athletic Establishments
§10-2A-2. Authority to Establish and Operate Athletic Establishments; Bonds to Pay Costs
§10-2A-2a. Joint Establishment and Operation of Athletic Establishment
§10-2A-3. Construction, etc., to Be Under Control of Board or Committee Appointed by Board
§10-2A-4. Powers of Board; Contracts; Employees
§10-2A-5. Preliminary Expenses
§10-2A-6. Resolution for Construction, etc., of Establishment; Notice and Hearing
§10-2A-7. Acquisition of Property or Establishments; Eminent Domain
§10-2A-8. Bonds for Improvements and Extension of Existing Athletic Establishments
§10-2A-9. Items of Expense Included in Cost of Athletic Establishment
§10-2A-10. Bonds to Be Payable From Special Fund; Exemption From Taxation
§10-2A-12. Obligations Not to Bind Member of Board Personally
§10-2A-13. Additional Bonds for Extension or Improvement of Athletic Establishments
§10-2A-14. How Proceeds of Bonds Applied; Lien
§10-2A-15. Bonds Secured by Trust Indenture Between Board and Corporate Trustees
§10-2A-17. Charges and Rentals for Use of Athletic Establishment
§10-2A-18. Accounting System; Yearly Audit; Custodian of Funds
§10-2A-19. Board to Pay Charges and Rentals for Use of Establishment
§10-2A-20. Operation Under Supervision and Control of Board; Leasing
§10-2A-22. Acquisition of Property on Which Encumbrance Exists
§10-2A-23. Protection and Enforcement of Rights of Bondholders; Receivership
§10-2A-24. Article Confers Additional Powers