The authority, subject to such agreements with noteholders or bondholders as may then exist, has the power, out of any funds available therefor, to purchase notes or bonds of the authority.
If the notes or bonds are then redeemable, the price of such purchase shall not exceed the redemption price then applicable plus accrued interest to the next interest payment date thereon. If the notes or bonds are not then redeemable, the price of such purchase shall not exceed the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to such date. Upon such purchase such notes or bonds shall be canceled.
Structure West Virginia Code
Chapter 22C. Environmental Resources; Boards, Authorities, Commissions and Compacts
Article 1. Water Development Authority
§22C-1-2. Declaration of Policy and Responsibility; Purpose and Intent of Article; Findings
§22C-1-6. Powers, Duties, and Responsibilities of Authority Generally
§22C-1-8. Expenditure of Funds for Study and Engineering of Proposed Projects
§22C-1-10. Trustee for Bondholders; Contents of Trust Agreement
§22C-1-11. Trust Agreements for Related Responsibilities; Reimbursements
§22C-1-12. Legal Remedies of Bondholders and Trustees
§22C-1-14. Use of Funds by Authority; Restrictions Thereon
§22C-1-15. Investment of Funds by Authority
§22C-1-18. Water Development Bonds Lawful Investments
§22C-1-19. Purchase and Cancellation of Notes or Bonds
§22C-1-21. Exemption From Taxation
§22C-1-24. Financial Interest in Contracts Prohibited; Penalty
§22C-1-25. Meetings and Records of Authority to Be Kept Public