§5D-1-9. Expenses of Authority
From time to time the Legislature may appropriate funds to be used for the purposes of this article. All expenses incurred in carrying out the provisions of this article shall be payable solely from funds of the authority or from funds appropriated to the authority for such purpose by the Legislature. Such article does not […]
§5D-1-10. Use of Funds by Authority; Restrictions
All moneys, properties and assets acquired by the authority, bonds or as revenues or otherwise, shall be held by it in trust for the purposes of carrying out its powers and duties, and shall be used and reused in accordance with the purposes and provisions of this article. Such moneys shall at no time be […]
§5D-1-11. Investment of Funds by Authority
The authority is hereby authorized and empowered to invest any funds not needed for immediate disbursement in any of the following securities: (1) (i) Direct obligations of or obligations guaranteed by the United States of America; (ii) evidences of ownership of a proportionate interest in specified direct obligations of, or specific obligations the timely payment […]
§5D-1-12. Maintenance, Operation and Repair of Projects
Each electric power project, each natural gas transmission project or other energy project owned and operated by the authority, when constructed and placed in operation, shall be maintained and kept in good condition and repair by the authority. Each such project owned and operated by the authority shall be operated by such operating employees as […]
§5D-1-13. Bonds Lawful Investments
The provisions of sections nine and ten, article six, chapter twelve of this code to the contrary notwithstanding, all bonds issued by either the West Virginia economic development authority or the authority for the purposes of this article shall be lawful investments for the West Virginia state Board of Investments and shall also be lawful […]
§5D-1-14. 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. […]
§5D-1-2. Purpose and Intent
The Legislature finds and declares: (a) That the long-term health and economy of the United States will depend upon the availability of reliable sources of energy; (b) That the State of West Virginia has abundant reserves of coal, natural gas and other natural resources; (c) That the economy of the State of West Virginia needs […]
§5D-1-3. Definitions
As used in this article, unless the context clearly requires a different meaning: (1) "Authority" means the West Virginia public energy authority created in section four of this article, the duties, powers, responsibilities and functions of which are specified in this article.
§5D-1-4. West Virginia Public Energy Authority Continued; West Virginia Public Energy Board Continued; Organization of Authority and Board; Appointment of Board Members; Term, Compensation and Expenses; Director of Authority; Appointment
(a) The West Virginia Public Energy Authority is continued. The authority is a governmental instrumentality of the state and a body corporate. The exercise by the authority of the powers conferred by this article and the carrying out of its purposes and duties are essential governmental functions and for a public purpose. (b) The authority […]
§5D-1-5. Powers, Duties and Responsibilities of Authority Generally; Termination of Certain Powers
The West Virginia Public Energy Authority has and may exercise all powers necessary or appropriate to execute its corporate purpose. The authority may: (1) Adopt, amend and repeal bylaws necessary and proper for the regulation of its affairs and the conduct of its business and rules to implement and make effective its powers and duties, […]