WVC 5 B- 7 - 2
§5B-7-2. Allocation of volume cap for recovery zone bonds;
obligations not debt of state.
Pursuant to 26 U.S.C. §1400U-1(a)(3)(A), the State of West
Virginia shall allocate the volume cap among the counties of the
state in the same manner as described in Section 6.04 of Internal
Revenue Service Notice 2009-50. Bonds, notes and other obligations
issued pursuant to this article shall not constitute a debt or a
pledge of the faith and credit or taxing power of this state and
the holders and owners thereof shall have no right to have taxes
levied by the Legislature for the payment of the principal thereof
or interest thereon, but such bonds, notes and other obligations
shall be payable solely from revenues and funds pledged for their
payment as established in the authorizing orders, ordinances and
resolutions of such issuers. All such bonds and notes, and all
documents evidencing any other obligation, shall contain on the
face thereof a statement to the effect that the bonds, notes or
such other obligation as to both principal and interest, are not
debts of the state but are payable solely from revenues and funds
pledged for their payment.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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