§31-18-23a. Bond Issues Under the Federal Revenue Adjustments Act of 1980
Under subtitle A of Public Law 96-499, which is called the "Mortgage Subsidy Bond Tax Act," a subtitle of the "Revenue Adjustments Act of 1980," this state is permitted to issue up to $200,000,000 per year during the three year life of the act. Pursuant to that act, the Legislature hereby authorizes the West Virginia […]
§31-18-24. Annual Audit; Reports to Joint Committee on Government and Finance; Information to Joint Committee or Legislative Auditor
The Housing Development Fund shall cause an annual audit to be made by an independent certified public accountant of its books, accounts, and records, with respect to its receipts, disbursements, contracts, mortgages, leases, assignments, loans, and all other matters relating to its financial operations, including those of the Operating Loan Fund, the Land Development Fund, […]
§31-18-25. Severability Clause
If any provision of this article or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the article, and to this end the provisions of this article are severable.
§31-18-15. Limitation of Rights Vested in Housing Development Fund by State
The state of West Virginia does hereby pledge to and agree with the holders of any notes or bonds issued under this article, that the state will not limit or alter the rights hereby vested in the Housing Development Fund to fulfill the terms of any agreements made with the holders thereof, or in any […]
§31-18-16. Default in Payment of Principal or Interest
(a) In the event the Housing Development Fund shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of thirty days, or in the event the […]
§31-18-17. Investment in Notes and Bonds
The notes and bonds of the Housing Development Fund are hereby made securities in which all insurance companies and associations, and other persons carrying on an insurance business, all banks, bankers, trust companies, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, and other persons, except […]
§31-18-18. Tax Exemption
The Housing Development Fund shall not be required to pay any taxes and assessments to the State of West Virginia, or any county, municipality or other governmental subdivision of the State of West Virginia, upon any of its property or upon its obligations or other evidences of indebtedness pursuant to the provisions of this article, […]
§31-18-19. Operating Loan Fund
(a) The board of directors of the Housing Development Fund may create and establish a special revolving loan fund of moneys made available by contribution or loan, to be known as the operating loan fund and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development Fund […]
§31-18-20. Authorized Limit on Borrowing
The aggregate principal amount of bonds and notes issued by the Housing Development Fund shall not exceed $1,250,000,000 outstanding at any one time: Provided, That in computing the total amount of bonds and notes which may at any one time be outstanding, the principal amount of any outstanding bonds or notes refunded or to be […]
§31-18-20a. Land Development Fund
(a) The board of directors of the Housing Development Fund may create and establish a special revolving fund of moneys made available by appropriation, grant, contribution or loan, to be known as the land development fund and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development […]