WVC 18 - 12 A- 5
§18-12A-5. Sinking fund for payment of bonds.
From the special Marshall University capital improvements
fund the board shall make periodic payments to the state sinking
fund commission in an amount sufficient to meet the requirements
of any issue of bonds sold under the provisions of this article,
as specified in the resolution of the board authorizing the issue
and in any trust agreement entered into in connection therewith.
The payments so made shall be placed by the commission in a
special sinking fund which is hereby pledged to and charged with
the payment of the principal of the bonds of such issue and the
interest thereon, and to the redemption or repurchase of such
bonds, such sinking fund to be a fund for all bonds of such issue
without distinction or priority of one over another. The moneys
in the special sinking fund, less such reserve for payment of
principal and interest as may be required by the resolution of
the board authorizing the issue and any trust agreement made in
connection therewith, may be used for the redemption of any of
the outstanding bonds payable from such fund which by their terms
are then redeemable, or for the purchase of bonds at the market
price, but at not exceeding the price, if any, at which such
bonds shall be redeemable on the next ensuing date upon which
such bonds are redeemable prior to maturity, and all bonds
redeemed or purchased shall forthwith be cancelled and shall not
again be issued.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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