Neither the county commission or its agent is liable in any manner to any eligible lending institution for payment of the principal or interest on the loan to an eligible small business. A delay in payment or default on the part of an eligible small business does not in any manner affect the deposit agreement between the eligible lending institution and the county.
Structure West Virginia Code
Chapter 7. County Commissions and Officers
Article 19. County Linked Deposit Program
§7-19-3. Authority to Invest; Limitations on Investment in Linked Deposits; Loan Cap
§7-19-4. Applications for Loan; Priorities; Loan Package
§7-19-5. Acceptance or Rejection of Loan Package; Deposit Agreement
§7-19-6. Rate of Loan; Certification and Monitoring of Compliance; Reports