For the purpose of this article:
"Debt" means bonds, notes, certificates of participation, certificate transactions, capital leases, debentures, lease purchases, mortgages, securitizations and all other forms of securities and indebtedness obligations evidencing specific amounts owed and payable on demand or on determinable dates.
"Debt impact report" means a report prepared by the division which includes information pertaining to a proposed issuance of debt by the state or its spending units.
"Division" means the Division of Debt Management.
"Moral obligation bond" means a debt obligation for which the state or a spending unit has made a nonbinding covenant to make up any deficiency in debt service.
"Net tax supported debt" means the amount of tax supported debt less any applicable refundings, defeasances, escrow accounts, reserve requirements and sinking funds.
"State" means the State of West Virginia.
"Spending unit" means a state department, agency, board, commission, committee, authority or other entity of the state with the power to issue and secure debt. Spending unit does not include local political subdivisions.
"Tax-supported debt" means: (1) General obligation bonds of
the state; (2) moral obligation bonds of the state or a spending
unit; (3) capital leases, installment purchases, lease purchases, mortgages, certificates of participation and any other similar debt
financing transaction extending beyond one year issued by the state
or its spending units; and (4) any other debt issued by the state
or a spending unit which is not self-supporting. Debt issued by
the West Virginia housing development fund, economic development
authority, hospital finance authority, parkway authority, public
energy authority, solid waste management board and water
development authority, with the exception of debt secured by
lottery revenues or secured by a lease with the Secretary of
Administration, is not tax-supported debt.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.