The proceeds of all bonds issued and sold under the provisions of this article, the proceeds of any grants, gifts or contributions received by the board and any appropriations for the construction or acquisition of armory projects shall be paid to the treasurer of the State of West Virginia who shall not commingle such moneys with other moneys, but shall deposit them in separate bank account or accounts. The moneys in said accounts shall be paid out on check of the treasurer on requisition of the chairman of the board, or such person as the board may authorize to make such requisition. All deposits of such moneys shall if required by the treasurer or the board be secured by obligations to the United States, of the State of West Virginia or of the board, of a market value equal at all times to the deposit and all banking institutions are authorized to give such security for such deposits.
Structure West Virginia Code
§15-6-1. Legislative Purpose and Authority
§15-6-2. Armory Board Revenue Bonds Not to Constitute State Debt, etc.
§15-6-4. State Armory Board -- Generally
§15-6-5. State Armory Board -- Duties
§15-6-6. State Armory Board -- Powers
§15-6-6a. Transfer of Powers and Duties to the Adjutant General
§15-6-7. State Armory Board -- Authority to Issue Revenue Bonds
§15-6-8. State Armory Board -- Trustee of Holders of Revenue Bonds
§15-6-9. Application of Proceeds of Bonds, Grants and Appropriations
§15-6-10. Rentals and Other Revenues From Armories
§15-6-11. Authority of Board to Pledge Revenues as Security
§15-6-12. Title to Armory Property, etc., to Vest in State
§15-6-13. Lease of Armory or Armory Facilities by Adjutant General
§15-6-14. Acquisition of Property for Armory Projects; Condemnation
§15-6-15. Preliminary Expenses of Armory Projects
§15-6-16. County or Municipal Aid for Armory Purposes
§15-6-17. Disposition of Abandoned and Unsuitable Armories or Armory Facilities
§15-6-18. Exemption of Armories, etc., From Taxation