At or before the time of the issuance of any bonds under this article the board shall by resolution or in the trust indenture provide for the creation of a sinking fund and for monthly payments into such fund from the revenues of the public service properties operated by the district such sums in excess of the cost of maintenance and operation of such properties as will be sufficient to pay the accruing interest and retire the bonds at or before the time each will respectively become due and to establish and maintain reserves therefor. All sums which are or should be, in accordance with such provisions, paid into such sinking fund shall be used solely for payment of interest and for the retirement of such bonds at or prior to maturity as may be provided or required by such resolutions.
Structure West Virginia Code
Article 13A. Public Service Districts
§16-13A-1. Legislative Findings
§16-13A-1a. Jurisdiction of the Public Service Commission
§16-13A-1c. General Purpose of Districts
§16-13A-3a. Removal of Members of Public Service Board
§16-13A-4. Board Chairman; Members' Compensation; Procedure; District Name
§16-13A-5. General Manager of Board
§16-13A-9a. Limitations With Respect to Foreclosure
§16-13A-9b. Exemptions for Swimming Pools
§16-13A-12. Disbursement of District Funds
§16-13A-14. Items Included in Cost of Properties
§16-13A-15. Bonds May Be Secured by Trust Indenture
§16-13A-16. Sinking Fund for Revenue Bonds
§16-13A-18. Operating Contracts
§16-13A-19. Statutory Mortgage Lien Created; Foreclosure Thereof
§16-13A-20. Refunding Revenue Bonds
§16-13A-23. Validation of Acts and Proceedings of Public Service Boards
§16-13A-24. Acceptance of Loans, Grants or Temporary Advances