§7-3-16. Operation with bonds outstanding.
So long as any revenue bonds remain outstanding under the
provisions of section fourteen of this article, the hospital,
clinic, long-term care facility or other related facility and all
appurtenances shall be operated and maintained on a
revenue-producing and self-sustaining basis; and the board of
trustees shall charge, collect and account for revenues therefrom
which will be sufficient to pay the interest on such bonds as the
same becomes due, to create and maintain a sinking fund to pay and
retire the principal at or before maturity, and to pay the costs of
operating and maintaining the hospital, clinic, long-term care
facility or other related facility. The order authorizing such
bonds shall definitely fix and determine the amount of the revenues
which shall be necessary and set apart in a special fund to pay
such interest and to pay and retire such principal; and all or such
portion of the balance of such revenues as may be necessary shall
be set apart in a special fund to pay the costs of operation and
maintenance of the hospital, clinic, long-term care facility or
other related facility.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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