(a) The bonds issued under the provisions of this article shall be and have all the qualities of negotiable instruments under the uniform commercial code of this state and shall not be invalid for any irregularity or defect in the proceedings for the issuance thereof and shall be incontestable in the hands of bona fide purchasers or holders thereof for value.
(b) Notwithstanding any other provision of this code, the bonds issued pursuant to this article are securities in which all public officers and bodies of this state, including the investment management board, all municipalities and other political subdivisions of this 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.
Structure West Virginia Code
Chapter 12. Public Moneys and Securities
Article 8. Pension Liability Redemption
§12-8-2. Declaration of Policy; Legislative Findings; Legislative Intent
§12-8-4. Issuance of Bonds; Determination of Unfunded Actuarial Accrued Liability
§12-8-5. Method of Bond Issuance; Manner of Sale of Bonds; Authority of Department of Administration
§12-8-7. Proceeds From the Sale of Bonds
§12-8-10. State Pledges and Covenants
§12-8-11. Legal Remedies of Obligation Holders
§12-8-12. Nature of Bonds; Legal Investments
§12-8-13. Exemption From Taxation