WVC 23 - 2 D- 7
§23-2D-7. Covenants of state.
The State of West Virginia covenants and agrees with the
holders of the bonds issued pursuant hereto as follows: (1) That
such bonds shall never constitute a direct and general obligation
of the State of West Virginia; (2) that the full faith and credit
of the state is not hereby pledged to secure the payment of the
principal and interest of such bonds; (3) that new annual state
taxes that are not and never were part of the State General Revenue
Fund shall be collected in an amount sufficient to pay as it may
accrue the interest on such bonds and the principal thereof; and
(4) that the moneys transferred to the workers' compensation debt
reduction revenue bond debt service fund as provided in this
article are irrevocably set aside and dedicated to the payment of
the interest on and principal of any bond becoming due and payable
in such year.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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