WVC 18 - 9 C- 4
§18-9C-4. Establishment of state school building fund; contents
and use of fund.
There is hereby established a state school building fund
into which there shall be paid all the moneys derived from the
sale of the bonds authorized by the "better school buildings
amendment." The proceeds of the fund shall be distributed by the
state board to such county boards of education as qualify
therefor by meeting such conditions, qualifications and
requirements as are prescribed in this article. The proceeds of
the fund shall be used by the county boards of education solely
for the construction, renovation or remodeling of elementary or
secondary public school buildings or facilities, the equipping of
the same in connection with any such construction, renovation or
remodeling and the acquisition and preparation of sites for
elementary or secondary public school buildings or facilities.
Except for such sums necessary for current operating
balances, the proceeds of the funds shall be invested and
reinvested in short-term obligations of the United States
treasury. However, no such investment or reinvestment shall
adversely affect the current operating balances of such fund. Any
sums accruing as a result of such investment shall be allocated
to the counties on a per pupil basis without regard to any
incentive provision as provided in section six of this article.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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