WVC 4 - 11 A- 16
§4-11A-16. Dissolution of the authority; distribution of assets.
The authority shall dissolve not sooner than three hundred
sixty-six days after it no longer has any bonds outstanding and no
later than two years from the date of final payment of all
outstanding bonds and the satisfaction of all outstanding
obligations of the authority, except to the extent necessary to
remain in existence to fulfill any outstanding covenants or
provisions with bondholders or third parties made in accordance
with this article. Upon dissolution of the authority, all assets
of the authority shall be transferred to the state, and the
authority shall execute any necessary assignments or instruments,
including any assignment of any right, title or ownership to the
state for receipt of payments under the master settlement
agreement. In no event shall the authority dissolve while any
bonds of the authority are outstanding.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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