CHAPTER 7. COUNTY COMMISSIONS AND OFFICERS.
ARTICLE 5A. LOANS FROM GOVERNMENTAL AGENCIES TO LIQUIDATE CERTAIN
§7-5A-1. Loans authorized.
The several county courts of West Virginia, for and on behalf
of each county thereof, are authorized and empowered to borrow not
exceeding five hundred thousand dollars from the reconstruction
finance corporation or other governmental agencies, for the sole
purpose of liquidating indebtedness incurred by the said court
prior to May first, one thousand nine hundred thirty-three, said
liquidation and payment of debts to include all indebtedness
chargeable to said counties. Said loans to extend over a period of
§7-5A-2. Liquidating fund of county indebtedness.
There is hereby created a special fund which shall be
designated and known as a liquidating fund of county indebtedness
and the money derived from said loan shall be deposited to the
credit of said liquidating fund by the said county court and the
same shall be disbursed in the manner herein provided.
§7-5A-3. Notice requiring presentation of outstanding claims.
When the aforesaid funds have been received and properly
credited as herein provided, the clerks of the said county courts
shall cause notice to be published in two newspapers in general
circulation in their respective counties that all outstanding
claims drawn on county funds, which are due and unpaid, shall be
presented to their respective county courts for liquidation and
§7-5A-4. Time for presentation of unpaid claims; payment by
drafts; balance deposited in sinking fund.
All persons, firms or corporations holding any claims drawn on
county funds of their county, and which are due and unpaid, shall
present the same for payment and cancellation to the county court
of said county within thirty days of the date of said notice,
whereupon the said county court shall proceed to pay off and
liquidate such claims by issuing drafts on said liquidating fund of
said county for the aggregate amount of all claims held by such
persons, firms or corporation, plus interest that may have accrued
thereon, and such cancelled claims shall be filed by the county
That no check, draft or order drawn on said fund,
shall be paid or honored by any bank or depository until the same
has been countersigned by the prosecuting attorney of said county.
If any balance remains in said fund after the aforesaid thirty
days have expired, then the county courts of the several counties
shall deposit the same to the credit of the sinking fund as
hereinafter provided and created.
§7-5A-5. Creation of sinking fund; loan may be repaid after five
The said county courts shall set apart a sufficient amount
from the taxes, levied and collected annually, to create a sinking
fund for the repayment of the aforesaid loan on the basis of five
percent of the principal plus the interest thereon annually. Any
county court, after a period of five years from the date of said
loan, if it has sufficient funds on hand, may pay off and discharge
the whole amount of the money so borrowed.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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