§22C-1-1. Short Title
This article shall be known and cited as the "Water Development Authority Act."
§22C-1-10. Trustee for Bondholders; Contents of Trust Agreement
In the discretion of the authority, any water development revenue bonds or notes or water development revenue refunding bonds issued by the authority under this article may be secured by a trust agreement between the authority and a corporate trustee, which trustee may be any trust company or banking institution having the powers of a […]
§22C-1-11. Trust Agreements for Related Responsibilities; Reimbursements
Notwithstanding any other provision of this code to the contrary, when the authority acts in the capacity of fiscal agent, authorizing authority or some other capacity for any agency, department, instrumentality or public corporation of the state which is issuing or purchasing bonds or notes, the authority may, in the exercise of its responsibilities, enter […]
§22C-1-12. Legal Remedies of Bondholders and Trustees
Any holder of water development revenue bonds issued under the authority of this article or any of the coupons appertaining thereto and the trustee under any trust agreement, except to the extent the rights given by this article may be restricted by the applicable resolution or such trust agreement, may by civil action, mandamus or […]
§22C-1-13. Bonds and Notes Not Debt of State, County, Municipality or of Any Political Subdivision; Expenses Incurred Pursuant to Article
Water development revenue bonds and notes and water development revenue refunding bonds issued under authority of this article and any coupons in connection therewith are not a debt or a pledge of the faith and credit or taxing power of this state or of any county, municipality or any other political subdivision of this state, […]
§22C-1-14. Use of Funds by Authority; Restrictions Thereon
All moneys, properties and assets acquired by the authority, whether as proceeds from the sale of water development revenue 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 […]
§22C-1-15. 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) Direct obligations of or obligations guaranteed by the United States of America;
§22C-1-16. Rentals and Other Revenues From Water Development Projects Owned by the Authority; Contracts and Leases of the Authority; Cooperation of Other Governmental Agencies; Bonds of Such Agencies
This section applies to any water development project or projects which are owned, in whole or in part, by the authority. The authority may charge, alter and collect rentals or other charges for the use or services of any water development project, and contract in the manner provided by this section with one or more […]
§22C-1-17. Maintenance, Operation and Repair of Projects; Reports by Authority to Governor and Legislature
Each water development project, when constructed and placed in operation, shall be maintained and kept in good condition and repair by the authority or if owned by a governmental agency, by such governmental agency, or the authority or such governmental agency shall cause the same to be maintained and kept in good condition and repair. […]
§22C-1-18. Water Development Bonds Lawful Investments
The provisions of sections nine and ten, article six, chapter twelve of this code to the contrary notwithstanding, all water development revenue bonds issued pursuant to this article are lawful investments for the West Virginia State Board of Investments and are also lawful investments for banking institutions, societies for savings, building and loan associations, savings […]
§22C-1-19. Purchase and Cancellation of Notes or Bonds
The authority, subject to such agreements with noteholders or bondholders as may then exist, has the 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 […]
§22C-1-20. 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; […]
§22C-1-21. 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. […]
§22C-1-22. Acquisition of Property by Authority — Acquisition by Purchase; Governmental Agencies Authorized to Convey, etc., Property
The authority may acquire by purchase, whenever it deems such purchase expedient, any land, property, rights, rights-of-way, franchises, easements and other interests in lands it deems necessary or convenient for the construction and operation of any water development project upon such terms and at such prices it considers reasonable and can be agreed upon between […]
§22C-1-23. Same — Acquisition Under Subdivision (10), Section Six of This Article; Property of Public Utilities and Common Carriers; Relocation, Restoration, etc., of Highways and Public Utility Facilities
The authority may acquire, pursuant to subdivision (10), section six of this article, any land, rights, rights-of-way, franchises, easements or other property necessary or proper for the construction or the efficient operation of any water development project. This section does not authorize the authority to take or disturb property or facilities belonging to any public […]
§22C-1-24. Financial Interest in Contracts Prohibited; Penalty
No officer, member or employee of the authority shall be financially interested, directly or indirectly, in any contract of any person with the authority, or in the sale of any property, real or personal, to or from the authority. This section does not apply to contracts or purchases of property, real or personal, between the […]
§22C-1-25. Meetings and Records of Authority to Be Kept Public
All meetings of the authority shall be open to the public and the records of the authority shall be open to public inspection at all reasonable times, except as otherwise provided in this section. All final actions of the authority shall be journalized and such journal shall also be open to the inspection of the […]
§22C-1-26. Liberal Construction of Article
The provisions of this article are hereby declared to be remedial and shall be liberally construed to effectuate its purposes and intents.
§22C-1-27. Authorized Limit on Borrowing
(a) The aggregate principal amount of bonds and notes issued by the authority may not exceed $500 million outstanding at any one time: Provided, That before the authority issues bonds and notes in excess of $400 million the Legislature must pass a resolution authorizing this action: Provided, however, That in computing the total amount of […]
§22C-1-3. Definitions
As used in this article, unless the context clearly requires a different meaning: (1) "Authority" means the Water Development Authority provided for in section four of this article, the duties, powers, responsibilities and functions of which are specified in this article.