WVC 17 - 26 - 5
§17-26-5. Covenants of state.
The state of West Virginia covenants and agrees with the
holders of the bonds issued pursuant hereto as follows: (1) That
the bonds shall constitute a direct and general obligation of the
state of West Virginia; (2) that the full faith and credit of the
state is hereby pledged to secure the payment of the principal and
interest of the bonds; (3) that an annual state tax shall be
collected in an amount sufficient to pay, as it may accrue, the
interest on the bonds and the principal thereof; and (4) that the
tax shall be levied in any year only to the extent that the moneys
transferred to the safe road bond debt service fund as provided in
sections three and four, of this article which are irrevocably set
aside and appropriated for and applied to the payment of the
interest on and principal of any bond becoming due and payable in
such year are insufficient therefor.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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