§4-7-6. Deposit and disbursement of funds of commission; security
for deposits; audits.
All moneys of the commission from whatever source derived
shall be paid to the treasurer of the state of West Virginia, who
shall not commingle said moneys with any other moneys, but shall
deposit them in a separate bank account or accounts. The moneys in
said accounts shall be impressed with and subject to the lien or
liens thereon in favor of the bondholders provided in the
proceedings for issuance of bonds pursuant to this article. The
moneys in said accounts shall be paid out on check of the treasurer
on requisition of the chairman of the commission. All deposits of
such moneys shall, if required by the treasurer or the commission,
be secured by obligations of the United States, of the state of
West Virginia, or of the commission, of a market value equal at all
times to the amount of the deposit, and all banking institutions
are authorized to give such security for such deposits. The state
auditor and his legally authorized representatives are hereby
authorized and empowered from time to time to examine the accounts
and books of the commission, including its receipts, disbursements,
contracts, leases, sinking funds, investments and any other matters
relating to its financial standing.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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