(a) As used in this section, unless the context in which used clearly requires a different meaning, the word "commission" means the West Virginia Municipal Bond Commission.
(b) Every municipality shall have plenary power and authority to transfer to the General Fund of such municipality:
(1) Any unexpended balances of funds raised to pay the interest on and create sinking funds for any bonded indebtedness when the bonded indebtedness for the payment of which such funds were raised has been fully paid and discharged or when provision has been made, as hereinafter provided in subsection (d) of this section, to fully pay and discharge such bonded indebtedness, and