WVC 18 - 9 B- 15
§18-9B-15. Permanent improvement fund -- To be treated as
separate fund; expenditures; limitation on
accumulations and assets of fund.
A county board shall treat the permanent improvement fund as
a separate fund in the annual budget for county school purposes.
Expenditures shall be made from the fund only in accordance with
an appropriation made pursuant to the annual budget, or made
otherwise in accordance with this article. If the board of
finance finds, in its examination of the budget of a county
school district, that a county board has accumulated, or with
proposed additions to the fund in the fiscal year will
accumulate, the fund of the county to an amount in excess of
twenty-five percent of the amount of the foundation school
program of the county for the same fiscal year, the board of
finance shall order that no moneys in excess of the limitation be
appropriated for or paid into the fund. If the board of finance
finds that the assets of the fund of a county exceed twenty-five
percent of the amount of the foundation school program for the
county for the same year, the board may require that building and
permanent improvement projects included in the annual budget, be
paid for out of the fund.
The board of finance shall administer this section so as to
keep the accumulated assets of the fund, as near as may be,
within the limitation of twenty-five percent of the amount of the
foundation school program.