§31-21-4. Purpose of Article
The purpose of this article is to provide for the creation of a special purpose nonprofit corporation with a comprehensive mission to: (1) Assist the DEP in utilizing a voluntary land stewardship program for the long-term safeguarding of IEC Sites to ensure that the remedy remains protective of human health and the environment and to […]
§31-21-5. Creation of the West Virginia Land Stewardship Corporation; Powers and Limitations
§31-21-5. Creation of the West Virginia Land Stewardship Corporation; powers and limitations. (a) The corporation shall be organized as a nonprofit, nonstock corporation under the West Virginia Nonprofit Corporation Act, article two, chapter thirty-one-e of this code. The property thereof is deemed to be held for an area economic development purpose under subdivision fourteen, subsection […]
§31-20-17. Default in Payment of Principal or Interest
In the event the authority shall default in the payment of principal of or interest on any issue of its notes, security interests or bonds after they become due, whether at maturity or upon call for redemption, and such default continues for a period of thirty days, or in the event the authority fails or […]
§31-20-18. Investment in Notes, Security Interests and Bonds
The notes, security interests and bonds of the authority are hereby made securities in which the state Board of Investments, all insurance companies and associations and other persons carrying on an insurance business, all banking institutions, trust companies, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking […]
§31-20-19. Tax Exemption
The exercise of the powers granted to the authority by this article will be in all respects for the benefit of the people of the state for the improvement of their safety, convenience and welfare. Since the operation and maintenance of correctional facilities and correctional facility industries projects will constitute the performance of essential governmental […]
§31-19-13. Reports by Authority to Governor and Legislature
As soon as possible after the close of each fiscal year, the authority shall make an annual report of its activities for the preceding fiscal year to the Governor and the Legislature. Each such report shall set forth a complete operating and financial statement covering the authority's operations during the preceding fiscal year. The authority […]
§31-19-14. Community Infrastructure Bonds Lawful Investments
The provisions of sections nine and ten, article six, chapter twelve of this code to the contrary notwithstanding all community infrastructure revenue bonds issued pursuant to this article shall be lawful investments for the West Virginia state Board of Investments and shall also be lawful investments for banking institutions, societies for savings, building and loan […]
§31-19-15. Purchase and Cancellation of Notes or Bonds
The authority, subject to such agreements with noteholders or bondholders as may then exist, shall have power, out of any funds available therefor, to purchase notes or bonds of the authority. If the notes or bonds are then redeemable, the price of such purchase shall not exceed the redemption price then applicable plus accrued interest […]
§31-19-16. Refunding Bonds
Any bonds issued hereunder and at any time outstanding may at any time and from time to time be refunded by the authority by the issuance of its refunding bonds in such amount as it may deem necessary to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon; […]
§31-19-17. Exemption From Taxation
The exercise of the powers granted to the 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 a public purpose. […]