West Virginia § 13-4-2 Authority to issue federal subsidy bonds; election of credit payments; treatment of federal subsidy payments; exemption from taxation

West Virginia Statutes

§ 13-4-2 — Authority to issue federal subsidy bonds; election of credit payments; treatment of federal subsidy payments; exemption from taxation

West Virginia § 13-4-2

Ch. 13PUBLIC BONDED INDEBTEDNESS

Art. 4FEDERAL SUBSIDY BONDS

This text of West Virginia § 13-4-2 (Authority to issue federal subsidy bonds; election of credit payments; treatment of federal subsidy payments; exemption from taxation) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 13-4-2 (2026).

Text

(a)A government entity authorized to issue bonds, notes or other debt obligations under the provisions of this code may issue federal subsidy bonds in the manner, and subject to the requirements, limitations and conditions, set forth in the provisions of the code that authorize the government entity to issue such bonds, notes or other debt obligations. This section may not be construed to grant bonding authority to any government entity or to expand the bonding authority of any government entity.

(b)A government entity that issues federal subsidy bonds may elect to receive credit payments.

(c)Credit payments shall be treated as special revenue in the case of special revenue bonds issued by a government entity or as general revenue in the case of general revenue bonds issued by a gover

Free access — add to your briefcase to read the full text and ask questions with AI

(a) A government entity authorized to issue bonds, notes or other debt obligations under the provisions of this code may issue federal subsidy bonds in the manner, and subject to the requirements, limitations and conditions, set forth in the provisions of the code that authorize the government entity to issue such bonds, notes or other debt obligations. This section may not be construed to grant bonding authority to any government entity or to expand the bonding authority of any government entity.

(b) A government entity that issues federal subsidy bonds may elect to receive credit payments.

(c) Credit payments shall be treated as special revenue in the case of special revenue bonds issued by a government entity or as general revenue in the case of general revenue bonds issued by a government entity. A government entity may use credit payments to pay future debt service on the federal subsidy bonds or for any other purpose allowable by law.

(d) Federal subsidy bonds issued by a government entity under this section shall be exempt from tax in the manner, and subject to the requirements, limitations and conditions, set forth in the provisions of this code that authorize the government entity to issue bonds, notes or other debt obligations.