§13-3-1. Commission Continued
The state sinking fund commission is hereby continued in all respects as heretofore constituted under prior provisions of this article, but is hereby designated as the West Virginia Municipal Bond Commission.
§13-3-10. Accounts of Bond Issues; Annual Statements, Canceled Bonds and Coupons
The commission shall keep separate accounts for each bond issue showing in detail all receipts and disbursements: Provided, That accounts of one issuer for the same purpose may be consolidated into one account. Within thirty days after the end of the fiscal year, the commission shall submit to each issuer a statement of all receipts […]
§13-3-11. Statement by Commission to Political Subdivision Showing Levy Required; Determination of Levy
The commission shall, annually, at least thirty days before the time for making up the estimate for levy purposes, render to each political subdivision having outstanding general obligation bonds, a statement showing the levy required to pay the interest on and provide for the retirement of the subdivision's outstanding general obligation bonds. In determining the […]
§13-3-12. Destruction of Canceled Bonds and Coupons
Any canceled bonds and interest coupons of any issue for which the commission acts as fiscal agent or paying agent may be destroyed in the discretion of the commission by one of the two methods described herein below. Method I — The commission shall maintain a permanent record for the purpose of recording the destruction […]
§13-3-13. Substitute Paying Agents
The commission may appoint a new paying agent on any issue for which the commission acts as fiscal agent, in the event of the insolvency, threat of insolvency, malfeasance, misfeasance, incompetence, resignation, or discontinuance from business of the paying agent or in the case of discontinuance of the place of payment as designated by the […]
§13-3-14. Authorizing the Transfer and Investment of Funds Raised by Levy, Sale of Bonds or Otherwise
Any funds of a political subdivision or of any of the agencies, boards, commission or departments of the State of West Virginia raised by levy, sale of bonds or otherwise and which cannot be used within a reasonable time may be transferred to the Municipal Bond Commission. Any funds so transferred shall be invested by […]
§13-3-15. Reports of Commission
The commission shall prepare a complete and full report of its operations and investments at the close of each fiscal year and furnish a copy thereof to the Governor, President of the Senate, Speaker of the House of Delegates and the Legislative Auditor on or before the first day of the next regular session of […]
§13-3-2. Composition of Commission; Terms of Appointment; Vacancies; Removal From Office
(a) The commission shall be composed of five members as follows: (1) The Auditor of the state, by virtue of his office; (2) the treasurer of the state, by virtue of his office; (3) the State Tax Commissioner, by virtue of his office; and (4) two residents of the state appointed by the Governor by […]
§13-3-3. Officers; Employees; Chief Administrative Officer; Meetings; Quorum; Compensation and Expenses; Legal Representation
(a) The Tax Commissioner or his or her designee shall be chair of the commission. (b) The members of the commission shall appoint a chief administrative officer and may fix his title and duties. Notwithstanding the provisions of section two-a, article seven, chapter six of this code, the commission shall have the authority to set […]
§13-3-4. Executive Committee; Powers and Duties
The State Tax Commissioner, the State Treasurer, and the State Auditor constitute the executive committee of the Municipal Bond Commission. The executive committee is vested with all the powers of the commission when it is not in session, except that the executive committee may not overrule, reverse or disregard any action of the full commission. […]
§13-3-5. Officer and Employee Bonds
The chief administrative officer and the employees designated by the commission shall furnish bonds in such form and in such amounts as the commission shall, from time to time, determine. The costs of such bonds shall be paid by the commission and such bonds shall be filed in the same office as are the bonds […]
§13-3-5a. Costs and Expenses; Fees for Services
The commission shall set a schedule of fees to be charged for the commission's services, sufficient to meet all expenses of the commission. These fees shall be assessed on the basis of debt service paid by the commission for each issuer and shall not exceed one half of one percent of the debt service paid, […]
§13-3-6. Powers and Duties of Commission
(a) The commission shall serve as fiscal agent for all issuers of general obligation bonds issued by the counties, municipalities, and school districts of the State of West Virginia when the commission is specifically named as the fiscal agent by statute. (b) The commission shall serve as fiscal agent for all issuers of revenue bonds […]
§13-3-7. Permissible Investments; Limitations and Prohibitions on Purchase, Sale or Exchange of Securities; Public Records; Combining Funds and Proration of Interest; Custody of Securities
(a) Notwithstanding any provisions of this code to the contrary, the commission may invest funds under its control in the following classes of securities and not otherwise: (1) Securities of the United States or any agency thereof which are guaranteed by or for which the full faith and credit of the United States is pledged […]
§13-3-7a. Escrowing Bond Issues
(a) All bond issues for which the commission is serving as fiscal agent shall be considered to have been canceled and paid in advance of their due date or date of redemption if there shall have been deposited with the commission either: (1) Moneys sufficient to pay when and as due at maturity or prior […]
§13-3-8. Notification by Issuer of Bond Sale
For any issue for which the commission shall serve as fiscal agent, either by statute or provisions of bond ordinance, or for any issue which refunds an issue for which the commission is currently serving as fiscal agent, the issuer shall notify the commission of the issuance of such bonds not more than five days […]
§13-3-9. Collection, Deposit and Accounting Funds; Insufficient Deposit; Withdrawal of Additional Funds
(a) Deposit of funds. — All tax receipts and interest belonging to the counties, municipalities or school districts and earmarked for the purpose of amortizing bonded indebtedness, shall be, by the treasurer or collector thereof, forwarded to the commission at least quarterly to be deposited in the State Treasury to the credit of the Municipal […]