(a) Moneys received in the tax increment financing fund of the development or redevelopment district in excess of amounts needed to pay project costs and debt service may be used by the county commission or municipality that created the development or redevelopment district for other projects within the district or distributed to the levying bodies as provided in this article.
(b) Upon termination of the district, all amounts in the tax increment financing fund of the district shall be paid over to the levying bodies in the same proportion that ad valorem property taxes on the base value was paid over to those levying bodies for the tax year in which the district is terminated.
Structure West Virginia Code
Chapter 7. County Commissions and Officers
Article 11B. West Virginia Tax Increment Financing Act
§7-11B-2. Findings and Legislative Purpose
§7-11B-6. Application for Development or Redevelopment Plan
§7-11B-7. Creation of a Development or Redevelopment Area or District
§7-11B-8. Project Plan — Approval
§7-11B-9. Project Plan Amendment
§7-11B-10. Termination of Development or Redevelopment District
§7-11B-11. Costs of Formation of Development or Redevelopment District
§7-11B-12. Overlapping Districts Prohibited,
§7-11B-13. Conflicts of Interest; Required Disclosures and Abstention
§7-11B-16. Valuation of Real Property
§7-11B-17. Division of Ad Valorem Real Property Tax Revenue
§7-11B-18. Payments in Lieu of Taxes and Other Revenues
§7-11B-19. Tax Increment Obligations Generally
§7-11B-20. Tax Increment Financing Obligations -- Authority to Issue
§7-11B-21. Tax Increment Financing Obligations -- Authorizing Order or Ordinance
§7-11B-22. Tax Increment Financing Obligations Terms, Conditions
§7-11B-23. Tax Increment Financing Obligations -– Security -– Marketability
§7-11B-24. Tax Increment Financing Obligations -- Special Fund for Repayment
§7-11B-25. Tax Increment Financing Obligations – Tax Exemption