West Virginia Code
Article 15. West Virginia Economic Development Authority
§31-15-16a. Bonds for Capital Improvements at Institutions of Higher Education, State Parks, the State Capitol Complex, Other State Facilities or Tourism Sites; Limitations; Authority to Issue Revenue Bonds; Use of Funds to Pay for Projects

(a)(1) The economic development authority shall, in accordance with the provisions of this article, issue revenue bonds from time to time, to pay for a portion of the cost of constructing, equipping, improving or maintaining capital improvement projects under this section or to refund the bonds, at the discretion of the authority. The principal amount of the bonds issued under this section shall not exceed, in the aggregate, an amount that, in the opinion of the authority, is necessary to provide sufficient funds for achievement of the purposes of this section and is within the limits of moneys pledged for the repayment of the principal, interest and redemption premium, if any, on any revenue bonds or refunding bonds authorized by this section. Any revenue bonds issued on or after the effective date of this section which are secured by lottery proceeds shall mature at a time or times not exceeding thirty years from their respective dates. The principal of, and the interest and redemption premium, if any, on the bonds shall be payable solely from the Education, Arts, Sciences and Tourism Debt Service Fund established in section eleven-a, article six, chapter five and continued by this section.
(2) All amounts deposited in the fund shall be pledged to the repayment of the principal, interest and redemption premium, if any, on any revenue bonds or refunding revenue bonds authorized by this section. The authority may further provide in the trust agreement for priorities on the revenues paid into the Education, Arts, Sciences and Tourism Debt Service Fund as may be necessary for the protection of the prior rights of the holders of bonds issued at different times under the provisions of this section or section eleven-a, article six, chapter five of this code. The bonds issued pursuant to this section shall be separate from all other bonds which may be or have been issued from time to time under the provisions of section eleven-a, article six, chapter five of this code. The Education, Arts, Sciences and Tourism Debt Service Fund shall be pledged solely for the repayment of bonds issued pursuant to this section and section eleven-a, article six, chapter five of this code. On or prior to May 1 of each year, commencing May 1, 2010, the authority shall certify to the state lottery director the principal and interest and coverage ratio requirements for the following fiscal year on any revenue bonds or refunding revenue bonds issued pursuant to this section, and for which moneys deposited in the Education, Arts, Sciences and Tourism Debt Service Fund have been pledged, or will be pledged, for repayment pursuant to this section.
(3) After the authority has issued bonds authorized by this section, and after the requirements of all funds have been satisfied, including coverage and reserve funds established in connection with the bonds issued pursuant to this section, any balance remaining in the Education, Arts, Sciences and Tourism Debt Service Fund may be used for the redemption of any of the outstanding bonds issued under this section which, by their terms, are then redeemable or for the purchase of the outstanding bonds at the market price, but not to exceed the price, if any, at which redeemable, and all bonds redeemed or purchased shall be immediately canceled and shall not again be issued.
(b) The authority shall expend sixty percent of the bond proceeds, net of issuance costs, reserve funds and refunding costs, for certified capital improvement projects at state institutions of higher education. The Higher Education Policy Commission shall submit a proposed list of capital improvement projects to the Governor on or before January 1, 2010. Thereafter, the Governor shall certify to the authority on or before February 1, 2010, a list of those capital improvement projects at state institutions of higher education that will receive funds from the proceeds of bonds issued pursuant to this section.
At any time prior to the issuance of bonds under this section, the Governor may certify to the authority a revised list of capital improvement projects at state institutions of higher education that will receive funds from the proceeds of bonds issued pursuant to this section. The Governor shall consult with the Higher Education Policy Commission prior to certifying a revised list of capital improvement projects to the authority.
(c) The authority shall expend the balance of the bond proceeds for certified projects at state parks, the capitol complex, other state facilities or tourism sites.
(1) A committee comprised of the secretary of the Department of Administration, the director of the Division of Natural Resources, the director of the West Virginia Development Office and a representative of the capitol building commission, other than the secretary of the Department of Administration, who shall be selected by the capitol building commission, shall submit a proposed list of capital improvement projects to the Governor on or before January 1, 2010. Thereafter, the Governor shall certify to the authority on or before February 1, 2010, a list of those capital improvement projects at state parks, the State Capitol complex, other state facilities or tourism sites that will receive funds from the proceeds of bonds issued pursuant to this section. (2) At any time prior to the issuance of bonds under this section, the Governor may certify to the authority a revised list of capital improvement projects at state parks, the State Capitol Complex, other state facilities or tourism sites that will receive funds from the proceeds of bonds issued pursuant to this section. The Governor shall consult with the committee established by this subsection prior to certifying a revised list of capital improvement projects to the authority.

Structure West Virginia Code

West Virginia Code

Chapter 31. Corporations

Article 15. West Virginia Economic Development Authority

§31-15-1. Short Title

§31-15-2. Legislative Findings

§31-15-3. Purposes of Article

§31-15-3a. West Virginia Industry and Jobs Development Corporation Abolished; Establishment of Economic Development Authority as Successor to Corporation

§31-15-4. Definitions

§31-15-5. West Virginia Economic Development Authority; Composition; Appointment; Terms; Delegation of Authority by Chairman; Voting; Compensation and Expenses

§31-15-6. General Powers of Authority

§31-15-6a. Special Power of Authority to Transfer Funds; Limitations; Fund Created; Use of Funds to Provide Customized Job Training Program by Governor's Office of Economic and Community Development

§31-15-6b. Special Power of Authority to Issue Bonds or Notes to Repay and Refinance Capital Investment of Investment Management Board in Regional Jail and Correctional Facility Authority; Authorizing Issuance of Bonds to Finance Regional Jail Facili...

§31-15-6c. Neighborhood Housing and Economic Development Stabilization Program; Authority to Contract With Housing Development Fund; Funding

§31-15-7. Loans to Industrial Development Agencies or Enterprises for Projects

§31-15-8. Insurance Fund

§31-15-8a. Broadband Loan Insurance Program; Requirements

§31-15-9. Bonds and Notes Issued Pursuant to This Article

§31-15-10. Approval by Authority

§31-15-11. Trustee for Bondholders; Contents of Trust Agreement; Pledge or Assignment of Revenues

§31-15-12. Use of Funds by Authority; Restrictions Thereon Relating to Projects

§31-15-12a. Horseshoe Pitcher S Hall of Fame

§31-15-12b. Loans to Support Tourism

§31-15-13. Refunding Bonds or Notes

§31-15-14. Obligations of Authority Undertaken Pursuant to This Article Not Debt of State, County, Municipality or Any Political Subdivision

§31-15-15. Negotiability of Bonds and Notes Issued Pursuant to This Article

§31-15-16. Bonds and Notes Issued Pursuant to This Article; Legal Investments

§31-15-16a. Bonds for Capital Improvements at Institutions of Higher Education, State Parks, the State Capitol Complex, Other State Facilities or Tourism Sites; Limitations; Authority to Issue Revenue Bonds; Use of Funds to Pay for Projects

§31-15-16b. Lottery Revenue Bonds for Cacapon Resort State Park and Beech Fork State Park

§31-15-16c. Bonds for County Capital Improvements; Limitations; Authority to Issue Revenue Bonds; Use of Funds to Pay for Projects

§31-15-16d. Lottery Revenue Bonds for State Park Projects

§31-15-17. Exemption From Taxation

§31-15-18. Personal Liability; Persons Executing Bonds or Notes Issued Pursuant to This Article

§31-15-19. Cumulative Authority as to Powers Conferred; Applicability of Other Statutes and Charters; Bonds and Notes Issued Pursuant to This Article

§31-15-20. Authority of the Board of Investments

§31-15-21. Loan and Insurance Application Requirements

§31-15-22. Documentary Materials Concerning Trade Secrets; Commercial or Financial Information; or Confidentiality

§31-15-23. Economic Development Fund

§31-15-23a. Economic Development Project Fund

§31-15-24. Transfer of State Property to the Authority

§31-15-25. Validity of Any Pledge, Mortgage, Deed of Trust or Security Instrument

§31-15-26. Money of the Authority

§31-15-27. Conflict of Interest; When Contracts Void

§31-15-28. Agreement With Federal Agencies Not to Alter or Limit Powers of Authority

§31-15-29. Audits

§31-15-30. Projects Not to Be Considered Public Improvements

§31-15-31. Foreign Trade Zones; Authority Approval

§31-15-32. Severability

§31-15-33. Construction