§31-18C-1. Short Title
This article shall be known and may be cited as the "West Virginia Veterans' Mortgage Fund Act."
§31-18C-10. Veterans' Loan Payments Used to Pay Bonds and Interest; Investment of Remainder
(a) There shall be paid into the general account in the veterans' mortgage fund all money from any and all loan payments made by veterans under the terms of the loans for the purpose of paying the interest on and principal of such bonds and from any other source whatsoever which is made liable by […]
§31-18C-11. Sale by Governor; Minimum Price
The Governor shall sell the bonds herein authorized at such time or times as he may determine necessary to provide funds for the making or purchase of loans, as herein provided, and after consultation with the Housing Development Fund regarding the status and requirements of the program and subject to the limitations contained in this […]
§31-18C-12. Auditor to Be Custodian of Unsold Bonds
The State Auditor shall be the custodian of all unsold bonds issued pursuant to the provisions of this article.
§31-18C-13. Bond Counsel and Financial Advisor
The Governor shall designate the bond counsel responsible for the issuance of a final approving opinion regarding the legality of the sale of such bonds and may at his discretion designate a financial advisor to the Governor for the issuance and sale of such bonds.
§31-18C-14. Approval and Payment of All Necessary Expenses
All necessary expenses, including legal expenses incurred in the execution of this article, to the extent such expenses are not otherwise paid out of the veterans' mortgage fund, shall be paid out of the General Fund of the state on warrants of the Auditor of the state drawn on the State Treasurer.
§31-18C-15. Administration of Veterans' Mortgage Fund Program by West Virginia Housing Development Fund
The program shall be administered by the West Virginia Housing Development Fund.
§31-18C-16. Powers and Duties of Housing Development Fund Regarding Veterans' Mortgage Fund
The West Virginia Housing Development Fund is hereby authorized and empowered: (a) To make available the moneys from the veterans' mortgage fund for the making or purchase of loans in the name of and on behalf of the state; (b) To make and execute contracts, including contracts for the purchase of bond or pool insurance, […]
§31-18C-17. Terms and Conditions of Loans From Veterans' Mortgage Fund
No loans shall be made or acquired by the Housing Development Fund except loans to veterans who meet reasonable criteria of creditworthiness as defined by the Housing Development Fund and in accordance with the following terms and conditions, among other terms and conditions which the Housing Development Fund shall require that: (a) No loan shall […]
§31-18C-18. Prohibition of Funds Inuring to the Benefit of or Being Distributable to the Directors or Officers
No part of the funds of the veterans' mortgage fund shall inure to the benefit of or be distributable to the directors or officers of the Housing Development Fund or other private persons except that the Housing Development Fund shall be authorized and empowered to pay reasonable compensation for services rendered, and to make loans […]
§31-18C-19. Annual Audit
The Housing Development Fund shall cause an annual audit to be made by an independent certified public accountant of the books, accounts and records of the program, and with respect to the receipts, disbursements, contracts, mortgages or deeds of trust, assignments, loans and all other matters relating to its operation of the program. The person, […]
§31-18C-2. Legislative Findings; Purpose and Intent of Article
It is hereby found, determined and declared as a matter of legislative finding: (a) That veterans, who have sacrificed in the service of their country valuable years of their lives and considerable earning potential, constitute a readily identifiable and particularly deserving segment of this state's population; (b) that by making additional housing loans available to […]
§31-18C-3. Definitions
As used in this article, unless the context otherwise requires: (1) "Bond" means any veterans' mortgage bond, a state general obligation bond issued pursuant to this article;
§31-18C-4. Veterans' Mortgage Fund Created; Purpose
(a) There is hereby created and established under the jurisdiction of the Office of the Treasurer of the state a veterans' mortgage fund. All moneys resulting from the sale of bonds pursuant to this article shall be credited to such fund. (b) For the purpose of creating and maintaining a fund to provide loans for […]
§31-18C-5. Money and Interests Included in the Veterans' Mortgage Fund
(a) The veterans' mortgage fund shall include: (1) Any interest of the state in all loans made to veterans pursuant to the program including any guaranty or insurance thereon or on the homes or any mortgage-backed certificates or like instruments taken in exchange therefor, until the principal amount of such loans together with any interest […]
§31-18C-6. Veterans' Mortgage Bonds; Amount; Terms of Bonds; When May Issue
(a) Bonds of the state, under authority of the Qualified Veterans Housing Bond Amendment of 1984, are hereby authorized to be issued and sold for the sole purpose of raising funds for the veterans' mortgage fund, to be used for financing loans. No such bonds may be issued, however, unless they are part of an […]
§31-18C-7. Pledge of Credit of State and Security for Bonds
(a) The state covenants and agrees with the holders of the bonds issued pursuant hereto as follows: (1) That such bonds shall constitute a direct and general obligation of the state; (2) that the full faith and credit of the state is hereby pledged to secure the payment of the principal of and interest on […]
§31-18C-8. Legality for Investment; Tax Exemption
(a) The bonds 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 administrators, guardians, executors, trustees and fiduciaries, […]
§31-18C-9. Listing by Auditor; Agent for Registration
All bonds issued under this article shall be separately listed by the Auditor of the state in books provided for the purpose, in each case giving the date, number, character and amount of obligations issued, and in case of registered bonds, the name and post office address of the person, firm or corporation registered as […]