WVC 8 - 20 - 12
§8-20-12. Use of revenues; sinking fund.
All revenues derived from the operation of any combined system
under the provisions of this article shall be set aside as
collected and used only for the purpose of paying the cost of
repairing, maintaining and operating such system, providing an
adequate reserve fund, an adequate depreciation fund, and paying
the principal of and interest upon the revenue bonds issued by the
municipality under the provisions of this article. The ordinance
pursuant to which any bonds are issued shall pledge the revenues
derived from the combined system to the purposes aforesaid and
shall definitely fix and determine the amount of revenues which
shall be necessary and set apart in a special fund for the bond
requirements. The amounts so set apart into said special fund for
the bond requirements shall be remitted to the West Virginia
municipal bond commission to be retained and paid out by said
commission consistent with the provisions of this article and the
ordinance pursuant to which the bonds have been issued: Provided,
That payments of principal of and interest on any bonds owned by
the United States of America or any agency or department thereof
may be made by the municipality directly to the United States of
America or said agency or department thereof.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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