West Virginia § 17-16F-20 Bonds and notes not debt of state, county, municipality, or of any political subdivision; expenses incurred pursuant to article

West Virginia Statutes

§ 17-16F-20 — Bonds and notes not debt of state, county, municipality, or of any political subdivision; expenses incurred pursuant to article

West Virginia·Ch. 17 ROADS AND HIGHWAYS·Art. 16F WEST VIRGINIA DIVISION OF MULTIMODAL TRANSPORTATION FACILITIES

(a)Railroad maintenance revenue bonds and notes and railroad maintenance revenue refunding bonds issued under authority of this article and any coupons in connection therewith do not constitute a debt or a pledge of the faith and credit or taxing power of this state or of any county, municipality, or any other political subdivision of this state, and the holders or owners have no right to have taxes levied by the Legislature or taxing authority of any county, municipality, or any other political subdivision of this state for the payment of the principal or interest, but such bonds and notes are payable solely from the revenues and funds pledged for their payment as authorized by this article unless the notes are issued in anticipation of the issuance of bonds or the bonds are refunded by

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

(a) Railroad maintenance revenue bonds and notes and railroad maintenance revenue refunding bonds issued under authority of this article and any coupons in connection therewith do not constitute a debt or a pledge of the faith and credit or taxing power of this state or of any county, municipality, or any other political subdivision of this state, and the holders or owners have no right to have taxes levied by the Legislature or taxing authority of any county, municipality, or any other political subdivision of this state for the payment of the principal or interest, but such bonds and notes are payable solely from the revenues and funds pledged for their payment as authorized by this article unless the notes are issued in anticipation of the issuance of bonds or the bonds are refunded by refunding bonds issued under authority of this article, which bonds or refunding bonds are payable solely from revenues and funds pledged for their payment as authorized by this article. All bonds and notes shall contain on the face of a statement to the effect that the bonds or notes, as to both principal and interest, are not debts of the state or any county, municipality, or political subdivision, but are payable solely from revenues and funds pledged for their payment.

(b) All expenses incurred in carrying out the provisions of this article are payable solely from funds provided under authority of this article. The division is not authorized to incur indebtedness or liability on behalf of or payable by the state or any county, municipality, or political subdivision.

West Virginia § 17-16F-20 (Bonds and notes not debt of state, county, municipality, or of any political subdivision; expenses incurred pursuant to article) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.