§ 31-19-11 — Use of funds by authority; restrictions thereon

West Virginia § 31-19-11

• Jurisdiction: West Virginia
• Ch. 31: CORPORATIONS
• Art. 19: WEST VIRGINIA COMMUNITY INFRASTRUCTURE AUTHORITY

Text

All moneys, properties and assets acquired by the authority whether as proceeds from the sale of community infrastructure revenue bonds or as revenues or otherwise, shall be held by it in trust for the purposes of carrying out its powers and duties, and shall be used and reused in accordance with the purposes and provisions of this article. Such moneys shall at no time be commingled with other public funds. Such moneys, except as otherwise provided in any resolution authorizing the issuance of community infrastructure revenue bonds or in any trust agreement securing the same, or except when invested pursuant to section twelve of this article, shall be kept in appropriate depositories and secured as provided and required by law. The resolution authorizing the issuance of such bonds of any issue or of the trust agreement securing such bonds shall provide that any officer to whom, or any banking institution or trust company to which, such moneys are paid shall act as trustee of such moneys and hold and apply them for the purposes hereof, subject to the conditions this article and such resolution or trust agreement provide.

Legislative History

1986 Reg. Sess., SB403; 1986 Reg. Sess., SB4