§31-15A-1. Short Title
This article shall be known and may be cited as the "West Virginia Infrastructure and Jobs Development Act."
§31-15A-10. Recommendations by Council for Expenditures of Funds by Loan, Grant, or for Engineering Assistance
(a) To further accomplish the purpose and intent of this article, the Water Development Authority shall use the moneys in the Infrastructure Fund created pursuant to 31-15A-9 of this code, upon receipt of one or more recommendations from the council pursuant to 31-15A-5 of this code, to make loans, with or without interest, loan guarantees, […]
§31-15A-11. Reservation of Funds for Projects and Infrastructure Projects
Eighty percent of the funds deposited in the West Virginia infrastructure fund shall be dedicated for the purpose of providing funding for the cost of projects as defined in subsection (n), section two of this article. Twenty percent of the funds deposited in the West Virginia infrastructure fund shall be dedicated for the purpose of […]
§31-15A-12. Additional Powers of Water Development Authority
To accomplish the purpose and intent of this article, the water development authority is hereby empowered, in addition to all other powers granted to it under this code, upon approval of the council, to (1) enter into agreements or other transactions with any federal or state agency in connection with any infrastructure project or project; […]
§31-15A-13. Prohibition on Funds Inuring to the Benefit of or Being Distributable to Water Development Board; Transactions Between the Water Development Board and Officers Having Certain Interests in Such Transactions
No part of the infrastructure fund or the West Virginia infrastructure revenue debt service fund shall inure to the benefit of or be distributable to the water development board directors or officers of the water development authority except that the water development authority is authorized and empowered to pay reasonable compensation, other than to members […]
§31-15A-14. Termination or Dissolution
Upon the termination or dissolution of the water development authority, all rights and properties of the water development authority with respect to the infrastructure fund shall pass to and be vested in the state, subject to the rights of lienholders and other creditors.
§31-15A-15. Projects Not to Be Considered Public Improvements; Competitive Bid Requirements
(a) No project or infrastructure project acquired, constructed, maintained or financed, in whole or in part, by the water development authority shall be considered to be a "public improvement" within the meaning of the provisions of article five-a, chapter twenty-one of this code as a result of the financing. (b) The state and its subdivisions […]
§31-15A-16. Dedication of Severance Tax Proceeds
(a) There shall be dedicated an annual amount from the collections of the tax collected pursuant to article thirteen-a, chapter eleven of this code for the construction, extension, expansion, rehabilitation, repair and improvement of water supply and sewage treatment systems and for the acquisition, preparation, construction and improvement of sites for economic development in this […]
§31-15A-17. Water Development Authority Empowered to Issue Infrastructure Revenue Bonds and Refunding Bonds; Creation of Infrastructure Revenue Debt Service Fund; Funding of Infrastructure Revenue Debt Service Fund; Requirements and Manner of Such Issuance
(a) To accomplish the purpose and intent of this article, the water development authority is hereby empowered at the written request of the council to issue from time to time infrastructure revenue bonds of the state in such principal amounts as the council deems necessary to make loans and loan guarantees and other forms of […]
§31-15A-17a. Infrastructure Revenue Bonds Payable From A. James Manchin Fund
Notwithstanding any other provision of this code to the contrary, the Water Development Authority may issue, in accordance with the provisions of section seventeen of this article, infrastructure revenue bonds payable from the A. James Manchin Fund created by section nine, article fifteen-a, chapter twenty-two of this code and such other sources as may be […]
§31-15A-17b. Infrastructure Lottery Revenue Bonds for Watershed Compliance Projects
(a)(1) The Chesapeake Bay has been identified as an impaired water body due to excessive nutrients entering the bay from various sources in six states, including wastewater facilities in West Virginia. To restore the Chesapeake Bay, the states have agreed to reduce their respective nutrient contributions to the Chesapeake Bay. (2) The Greenbrier River Watershed […]
§31-15A-17c. Critical Needs and Failing Systems Sub Account
Notwithstanding any provision of this article to the contrary: (a) The Water Development Authority shall establish a separate and segregated sub account in the Infrastructure Fund designated the Critical Needs and Failing Systems Sub Account into which the council may instruct the Water Development Authority to transfer from the uncommitted loan balances on June 30 […]
§31-15A-18. Trustee for Holders of Infrastructure Revenue Bonds; Contents of Trust Agreement
(a) Any infrastructure revenue bonds issued by the water development authority under this article shall be secured by a trust agreement between the water development authority and a corporate trustee, which trustee may be any trust company or banking institution having the powers of a trust company within this state. (b) Any trust agreement may […]
§31-15A-19. Legal Remedies of Infrastructure Revenue Bondholders or Noteholders and Trustees
Any holder of infrastructure revenue bonds issued pursuant to this article and the trustee under any trust agreement, except to the extent the rights given by this article may be restricted by the applicable resolution or trust agreement, may by civil action, mandamus or other proceedings protect and enforce any rights granted under the laws […]
§31-15A-2. Definitions
For purposes of this article: (a) "Bond" or "infrastructure revenue bond" means a revenue bond, note, or other obligation issued by the water development authority pursuant to this article, including bonds to refund such bonds and notes to renew such notes, and notes in anticipation of and payable from the proceeds of such bonds. (b) […]
§31-15A-20. Infrastructure Revenue Bonds Lawful Investments
All infrastructure revenue bonds issued pursuant to this article shall be lawful investments for banking institutions, societies for savings, building and loan associations, savings and loan associations, deposit guarantee associations, trust companies, and insurance companies, including domestic for life and domestic not for life insurance companies.
§31-15A-21. Purchase and Cancellation of Infrastructure Revenue Bonds
(a) The water development authority, subject to such agreements with noteholders or bondholders as may then exist, shall have the power, from any funds available therefor, to purchase or redeem infrastructure revenue bonds of the water development authority. (b) If the infrastructure revenue bonds are then redeemable, the price of the purchase shall not exceed […]
§31-15A-22. Refunding Revenue Bonds
Any infrastructure revenue bonds issued pursuant to the provisions of this article and at any time outstanding may at any time and from time to time be refunded by the water development authority by the issuance of its refunding revenue bonds in an amount it deems necessary to refund the principal of the bonds to […]
§31-15A-23. Infrastructure Revenue Bonds Not Debt of State, County, Municipality or Any Political Subdivision
Infrastructure revenue bonds issued pursuant to the provisions of this article shall 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. The holders or owners thereof shall have no right to have taxes […]
§31-15A-24. Infrastructure Revenue Bonds Exempt From Taxation
The exercise of the powers granted to the water development authority by this article will be in all respects for the benefit of the people of the state, for the improvement of their health, safety, convenience and welfare and for the enhancement of their residential, agricultural, recreational, economic, commercial and industrial opportunities and is for […]