Debt may be incurred and bonds issued under this article for the purpose of acquiring, constructing and erecting, enlarging, extending, reconstructing or improving any building, work, utility or undertaking, or for furnishing, equipping and acquiring or procuring the necessary apparatus for any building, work, improvement or department, or for establishing and maintaining a library or museum for the public use, or a building or structure for educational purposes, or acquiring a recreation park for the public use, or for acquiring, constructing, furnishing, equipping and maintaining civic arenas, auditoriums, exhibition halls and theaters, or for other similar corporate purpose, or for the acquiring, constructing, maintaining, repairing, improving public roads and transportation facilities, for which the political division is authorized to levy taxes or expend public money. But no bonds shall be issued for the purpose of providing funds for the current expenses of any body or political division. Interest accruing during the construction period, that is to say, the time when an improvement is under construction and six months thereafter, shall be deemed a part of the cost of the improvement, and shall not be deemed current expenses. All engineering and inspection costs, including a proper proportion of the compensation, salaries and expenses of the engineering staff of the political division properly chargeable to any work or improvements, as determined by the governing body, or the estimated amount of such costs, shall be deemed part of the cost of an improvement. All costs and estimated costs of the issuance of bonds shall be deemed a part of the cost of the work or improvement, or of the property, or of the carrying out of the purposes for which such bonds are to be issued. The power to acquire or construct any building, work or improvement as herein provided shall be deemed to include the power to acquire the necessary lands, sites and rights-of-way therefor.
Bonds may also be issued by any municipality having a population of fifty thousand or more or by any county for the purpose of acquiring land and constructing a building or buildings for use and occupancy as a college. The proposal for such a bond issue shall contain a provision that there shall be created a commission or committee for the purpose of operating the building or buildings and for renting the same for an amount sufficient to pay the interest and sinking fund on the bonds proposed to be issued, and shall contain a further provision that in the event a sufficient amount is not realized from rent or rents for the purpose of meeting the debt service, then the city or county shall lay a levy for such purpose in an amount sufficient within the constitutional and statutory limitation to pay the interest and principal on such bonds as the same become due and payable. The proposal may also contain a provision that when the bonds and the interest thereon shall have been paid, then the title to the land and the building or buildings situated thereon may be transferred to the college to which the same have been rented.
Structure West Virginia Code
Chapter 13. Public Bonded Indebtedness
Article 1. Bond Issues for Original Indebtedness
§13-1-1. Political Divisions Authorized to Issue and Sell Bonds
§13-1-1a. Exemption From Interest Rate Ceilings
§13-1-2. Purposes for Which Bonds May Be Issued
§13-1-3. Amount and Purpose of Indebtedness for Which Bonds May Be Issued
§13-1-4. Bond Issue Proposal to Be Submitted to Voters; Election Order
§13-1-6. Bonds May Be Specified for More Than One Purpose; Single or General Purpose Defined
§13-1-6a. When Proceeds of Bond Issue Specified for One Project May Be Used for Another Project
§13-1-7. When Election to Be Held
§13-1-8. Publication of Notice of Election
§13-1-9. Registration of Voters
§13-1-11. General Election Laws to Apply; Recorders and Secretaries to Act in Lieu of Circuit Clerks
§13-1-13. Time and Manner of Canvassing Returns
§13-1-14. Resolution Authorizing Issuance and Fixing Terms of Bonds
§13-1-15. Bonds to Be Payable in Annual or Semiannual Installments
§13-1-15a. Bonds May Be Subject to Redemption
§13-1-17. Bonds Shall Be Registered
§13-1-19. Signing, Sealing and Delivery of Bonds
§13-1-20. Imposition and Collection of Tax to Pay Bonds and Interest
§13-1-21. Advertisement and Sale of Bonds
§13-1-22. Purposes for Which Proceeds to Be Used; Purchaser Need Not See to Application Thereof
§13-1-24. Legal Status of Bonds
§13-1-26. Review in Supreme Court of Appeals of Action of Attorney General
§13-1-28. Indorsement on Bonds by Attorney General
§13-1-30. Files and Records to Be Kept by Attorney General
§13-1-31. Proceedings to Issue Bonds Under Authority of Prior Statutes; Debts Heretofore Incurred