The authority may incur any proper indebtedness and issue any obligations and give any security therefor which it may deem necessary or advisable in connection with carrying out its purposes as hereinbefore mentioned. No statutory limitation with respect to the nature, or amount, interest rate or duration of indebtedness which may be incurred by municipalities or other public bodies shall apply to indebtedness of the authority. No indebtedness of any nature of the authority shall constitute an indebtedness of the governing body of the municipality or county commission of the municipality or county in which the commission is intended to operate or any municipality situated therein, or a charge against any property of said county commission, municipalities, or other appointing agencies. The rights of creditors of the authority shall be solely against the authority as a corporate body and shall be satisfied only out of property held by it in its corporate capacity.
Structure West Virginia Code
Chapter 7. County Commissions and Officers
Article 12. County and Municipal Development Authorities
§7-12-1. Establishment Authorized; Name; Exceptions
§7-12-4. Qualifications of Members
§7-12-6. Authority to Be a Public Corporation
§7-12-8. Incurring Indebtedness; Rights of Creditors
§7-12-9. Agreements in Connection With Obtaining Funds
§7-12-9a. Joint Undertakings by County Development Authorities
§7-12-9b. Joint Development Entities
§7-12-10. Property, Bonds and Obligations of Authority Exempt From Taxation
§7-12-11. Participation and Appropriations Authorized; Transfers and Conveyances of Property
§7-12-13. Sale or Lease of Property; Reversion of Assets Upon Dissolution
§7-12-14. Employees to Be Covered by Workers' Compensation