WVC 13 - 2 E- 3
§13-2E-3. Authority to refund.
Any public body may issue refunding bonds for the purpose of
refunding all or any part of its revenue bonds now or hereafter
outstanding, whether or not such revenue bonds are at the time of
the refunding due or optional for redemption, under the
circumstances and restrictions set forth in this article.
Refunding bonds shall be payable from revenues derived from the
same enterprise as the revenue bonds to be refunded except where
the public body has outstanding revenue bonds payable from the
revenues of an enterprise and is authorized under any other law
to combine and consolidate such enterprise with another
enterprise and issue revenue bonds payable from the revenues of
the combined and consolidated enterprises. An issue of refunding
bonds may refund part or all of one or more issues of outstanding
revenue bonds: Provided,
That part or all of two or more issues
of outstanding revenue bonds may not be refunded under this
article unless either (a) all of the issues of outstanding
revenue bonds to be refunded are payable from revenues derived
from the same enterprise, or (b) the public body is authorized
under any other law to combine or consolidate the enterprises in
question and issue revenue bonds payable from the revenues of the
combined or consolidated enterprises.
Refunding bonds may be issued hereunder whenever the
governing body of the public body deems it expedient and,
notwithstanding any provision in this article to the contrary,
may be issued as part of a series of revenue bonds issued for the
purpose, in addition to such refunding, of financing the acquisition or construction of improvements, betterments,
extensions or replacements to the particular enterprise, as
provided by other articles of this code.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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