US Lawyer Database

For Lawyer-Seekers

YOU DESERVE THE BEST LAWYER

Home » US Law » 2022 West Virginia Code » Chapter 31. Corporations » Article 15A. West Virginia Infrastructure and Jobs Development Council

§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-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-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-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-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 […]