WVC 16 - 13 A- 16
§16-13A-16. Sinking fund for revenue bonds.
At or before the time of the issuance of any bonds under
this article the board shall by resolution or in the trust
indenture provide for the creation of a sinking fund and for
monthly payments into such fund from the revenues of the public
service properties operated by the district such sums in excess
of the cost of maintenance and operation of such properties as
will be sufficient to pay the accruing interest and retire the
bonds at or before the time each will respectively become due and
to establish and maintain reserves therefor. All sums which are
or should be, in accordance with such provisions, paid into such
sinking fund shall be used solely for payment of interest and for
the retirement of such bonds at or prior to maturity as may be
provided or required by such resolutions.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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