The director, with the approval of the Governor, shall have authority to pledge all revenue derived from any project as security for any bonds issued to defray the cost of the project. In any case in which the director may deem it advisable, he or she shall also have the authority to pledge the revenue derived from any existing recreational facilities under his or her control, or any state park or forest, as additional security for the payment of any bonds issued under the provisions of this article to pay the cost of any park development project.
Structure West Virginia Code
Article 5. Parks and Recreation
§20-5-1. Section of Parks and Recreation; Chief of Section; Existing Obligation; Appropriations
§20-5-2. Powers of the Director With Respect to the Section of Parks and Recreation
§20-5-3. Section of Parks and Recreation; Purpose; Powers and Duties Generally
§20-5-4. Definitions; State Parks and Recreation System
§20-5-5. Authority of Director to Issue Park Development Revenue Bonds; Grants and Gifts
§20-5-7. Investment in Notes, Bonds and Security Interests
§20-5-8. Disclaimer of Any Liability of State of West Virginia
§20-5-9. Trustee for Holders of Park Development Revenue Bonds
§20-5-10. Proceeds of Park Development Revenue Bonds, Grants and Gifts
§20-5-11. Authority of Director to Pledge Revenue From Recreational Facilities as Security
§20-5-12. Management and Control of Project
§20-5-13. Provisions of Constitution and Law Observed; What Approval Required
§20-5-14. Restaurants and Other Facilities
§20-5-17. Correlation of Projects and Services
§20-5-18. Discounts for West Virginia Residents Over the Age of Sixty-Two
§20-5-19. Discounts for West Virginia Residents Who Are Totally and Permanently Disabled
§20-5-22. Powers and Duties of the Director Relating to Oil and Gas Access Roads on State Forests