§31-19-1. Short Title

This article shall be known as the "West Virginia Community Infrastructure Authority Act."

§31-19-10. Bonds and Notes Not Debt of State, County, or Municipality; Expenses Incurred Pursuant to Article

Community infrastructure revenue bonds and notes and community infrastructure revenue refunding bonds issued pursuant to this article and any coupons in connection therewith shall not constitute a debt or a pledge of the faith and credit or taxing power of this state or of any county or municipality of the state and the holders or […]

§31-19-11. Use of Funds by Authority; Restrictions Thereon

All moneys, properties and assets acquired by the authority whether as proceeds from the sale of community infrastructure 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 […]

§31-19-12. Investment of Funds by Authority

Except as otherwise provided in any resolution authorizing the issuance of community infrastructure revenue bonds or in any trust agreement securing the same, 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 […]

§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. […]

§31-19-18. Financial Interests 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 […]

§31-19-19. 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 journals shall also be open to the inspection of the […]

§31-19-2. Legislative Findings and Purposes

(a) The Legislature hereby finds and declares that increasing requirements for essential public improvements and escalating costs of providing such improvements have created inordinate demands upon the financial resources of counties and municipalities necessitating legislation to enable counties and municipalities to attain a more competitive position in capital markets. (b) The Legislature hereby finds and […]

§31-19-20. 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.

§31-19-21. Severability

If any section, part or provision of this article or the application thereof to any person or circumstance is held unconstitutional or invalid, such unconstitutionality or invalidity shall not affect any other section, part or provision of this article or its application and to this end the provisions of this article are declared to be […]

§31-19-3. Definitions

As used in this article, unless the context clearly requires a different meaning: (1) "Authority" means the West Virginia community infrastructure authority created in section four of this article, the duties, powers, responsibilities and functions of which are specified in this article.

§31-19-4. West Virginia Community Infrastructure Authority Created; West Virginia Community Infrastructure Board Created; Organization of Authority and Board; Appointment of Board Members; Their Term of Office, Compensation and Expenses; Duties and Responsibilities of Director and Staff of Authority

(a) There is hereby created the West Virginia Community Infrastructure Authority. 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. The […]

§31-19-5. Authority May Finance Community Infrastructure Projects; Loans to or Bond Purchases From Counties and Municipalities Shall Be Subject to Terms of Loan or Bond Purchase Agreements

To accomplish the public policies and purposes and to meet the responsibility of the state as set forth in this article, the West Virginia community infrastructure authority may make loans to counties and municipalities for the acquisition, renovation, repair or construction of community infrastructure projects by such counties and municipalities, and may issue community infrastructure […]

§31-19-6. Powers, Duties and Responsibilities of the Authority Generally

The West Virginia community infrastructure authority is hereby granted, has and may exercise all powers necessary or appropriate to carry out and effectuate its corporate purpose. The authority shall have the power and capacity to: (1) Adopt, and from time to time, amend and repeal bylaws necessary and proper for the regulation of its affairs […]

§31-19-7. Authority Empowered to Issue Community Infrastructure Revenue Bonds, Renewal Notes and Refunding Bonds; Requirements and Manner of Such Issuance

The authority is hereby empowered to issue from time to time community infrastructure revenue bonds and notes of the state in such principal amounts as the authority deems necessary to make loans to or bond purchases from counties and municipalities for one or more community infrastructure projects. The authority may, from time to time, issue […]

§31-19-8. Trustee for Bondholders; Contents of Trust Agreement

Any community infrastructure revenue bonds or notes or community infrastructure 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 trust company within or without this […]