WVC 18 - 9 D- 4 C
§18-9D-4c. School Building Authority authorized to temporarily
finance projects through the issuance of loans,
notes or other evidences of indebtedness.
The School Building Authority may by resolution, in accordance
with the provisions of this article, temporarily finance the cost
of projects and other expenditures permitted under this article for
public schools, including, but not limited to, comprehensive high
schools and comprehensive middle schools as defined in this
article, in this state through the issuance of loans, notes or
other evidences of indebtedness: Provided
, That the principal
amount of loans, notes or other evidences of indebtedness
outstanding at any one time shall not exceed $16 million: Provided,
That the principal of, interest and premium, if any, on
and fees associated with any such temporary financing shall be
payable solely from the sources from which the principal of,
interest and premium, if any, on bonds is payable under this
article or from the proceeds of bonds.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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