§12-8-16. Severability
If any section, subsection, subdivision, subparagraph, sentence or clause of this article is adjudged to be unconstitutional or invalid, such adjudication shall not affect the validity of the remaining portions of this article and, to this end, the provisions of this article are hereby declared to be severable.
§12-9-1. Special Revenue Account Continued
There is continued in the State Treasury the special revenue account, designated the West Virginia Savings and Investment Program Fulfillment Fund, previously authorized by 18-30-6a of this code. The fund shall be administered by the State Treasurer for the purposes described in this article.
§12-9-2. Receipts and Expenditures
(a) The West Virginia Savings and Investment Program Fulfillment Fund shall consist of all moneys in the fund on the effective date of this section, any moneys that may be appropriated to the fund by the Legislature, all interest or other return earned or received from investment of the fund; any moneys which the fund […]
§12-9-3. Investment of Fund
The State Treasurer is authorized to invest and reinvest moneys in the fund, and all interest and earnings of the fund shall accrue to the fund and be available for expenditure in accordance with this article.
§12-8-15. Operation of Article
Notwithstanding the effective date of this Act of the Legislature, this article shall not become operational and shall have no force and effect until the day the people ratify an amendment to the Constitution of this state authorizing pension obligation bonds.
§12-8-5. Method of Bond Issuance; Manner of Sale of Bonds; Authority of Department of Administration
(a) Upon the adoption of a resolution by the Legislature authorizing the issuance of the bonds in the amount and upon the terms specified in the resolution, the bonds shall be authorized by an executive order issued by the Governor. The executive order shall be received by the Secretary of State and filed in the […]
§12-8-6. Contracts With Obligation Holders; Provisions of Bonds and Trust Indentures and Other Agreements
(a) The Governor may enter into contracts with obligation holders and the Governor shall comply fully with the terms and provisions of any contracts made with obligation holders. (b) In addition and not in limitation to the other provisions of this section, in connection with any bonds issued pursuant to this article, the Governor may […]
§12-8-7. Proceeds From the Sale of Bonds
(a) The proceeds from the sale of bonds, other than refunding bonds, issued pursuant to this article, after payment of any costs payable at time of issuance of the bonds, shall be paid to the Consolidated Public Retirement Board to fund the amount of the unfunded actuarial accrued liability for the pension systems provided for […]
§12-8-8. Continuation of Pension Liability Redemption Fund; Disbursements to Pay Pension Liability Redemption Payments
(a) There is hereby continued a special account in the State Treasury to be administered by the State Treasurer, which is designated and known as the "Pension Liability Redemption Fund," into which shall be deposited any and all amounts appropriated by the Legislature or funds from any other source whatsoever which are made available by […]
§12-8-9. Refunding Bonds
Subject to the provisions of the outstanding bonds issued under this article and subject to the provisions of this article, the governor shall have the power to refund any outstanding bonds, whether the obligation refunded represents principal or interest, in whole or in part, at any time. Refunding bonds shall mature at such time or […]