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WVC 16 - 29 I- 4 §16-29I-4. Revolving fund created.
(a) (1) The board shall create and establish a special revolving fund of moneys made available to the fund by appropriation, grant, contribution, loan, or statutory dedication to be known as the West Virginia Health Care Authority Revolving Loan Fund. The fund shall be governed, administered and accounted for by the board.

(2) Any money collected pursuant to this section, including the repayment of loans made by the board, shall be paid into the fund by any state agent or entity charged with the collection of the money, credited to the fund, and used only for the purposes set forth in this article.

(b) The board may pledge revenues to the fund and from time to time establish one or more restricted accounts within the fund for the purpose of providing funds to guarantee loans made pursuant to this article. No loan guarantee shall be made pursuant to this article unless recourse under the loan guarantee is limited solely to amounts in the restricted account or accounts. No person shall have any recourse to any restricted accounts established pursuant to this subsection other than those persons to whom the loan guarantee or loan guarantees have been made.

(c) Each loan or loan guarantee made or provided by the board from the fund shall be evidenced by a loan document, a loan guarantee document or any other writing or document or documents as the board may consider appropriate, between the Health Care Authority Board and the hospital or hospitals to which the loan, or loan guarantee, was made available or provided. The agreements shall include, without limitation and to the extent applicable, the following provisions:

(1) The estimated total costs of the hospital restructuring plan, the amount of the loan, or loan guarantee and the terms of repayment and the security for the loan if any;

(2) The specific purposes for which the loan proceeds shall be expended and the conditions and procedures for dispersing a loan proceeds; and

(3) The duties, conditions and obligations imposed by the board upon the hospital or hospitals regarding the hospital restructuring plan.

(d) Moneys in the fund shall be approved for expenditure by the Health Care Authority Board only as the moneys are available in the fund. Approval of expenditures by the board may occur without appropriation by the Legislature prior to the first day of July, two thousand eight. After the first day of July, two thousand eight, expenditures from the fund shall be made by the board only pursuant to available amounts appropriated by the Legislature.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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