Any aggregate savings resulting from the issuance of refunding bonds pursuant to section four of this article shall be retained by the School Building Authority. Any savings shall be utilized solely for the construction and maintenance of schools and may not be used to fund administrative costs of the authority.
Structure West Virginia Code
Article 9D. School Building Authority
§18-9D-1. School Building Authority; Powers
§18-9D-3. Powers of Authority; School Building Authority Fund
§18-9D-4a. Savings From Issuance of Refunding Bonds
§18-9D-5. School Building Authority Authorized to Offer Individual Higher Education Savings Plans
§18-9D-7. Authority to Fix and Collect Rents
§18-9D-8. Use of Proceeds of Bonds; Bonds Exempt From Taxation
§18-9D-10. Bonds May Be Issued for Combined Purposes
§18-9D-11. Bonds Shall Be Negotiable Instruments
§18-9D-12. Trust Agreements for Holders of Bonds
§18-9D-13. Sinking Fund for Payment of Bonds
§18-9D-14. Credit of State Not Pledged
§18-9D-17. Limitations on Contracts for Sale of Bonds or Other Securities
§18-9D-19. Comprehensive High Schools