WVC 29 - 18 - 14
§29-18-14. Use of funds by authority; restrictions thereon.
All moneys, properties and assets acquired by the authority,
whether as proceeds from the sale of railroad maintenance revenue
bonds or as revenues or otherwise, shall be held by it in trust
for the purposes of carrying out its powers and duties, and shall
be used and reused in accordance with the purposes and provisions
of this article. Such moneys shall at no time be commingled with
other public funds. Such moneys, except as otherwise provided in
any resolution authorizing the issuance of railroad maintenance
revenue bonds or in any trust agreement securing the same, or
except when invested pursuant to section thirteen of this
article, shall be kept in appropriate depositories and secured as
provided and required by law. The resolution authorizing the
issuance of such bonds of any issue or the trust agreement
securing such bonds shall provide that any officer to whom, or
any banking institution or trust company to which, such moneys
are paid shall act as trustee of such moneys and hold and apply
them for the purposes hereof, subject to the conditions this
article and such resolution or trust agreement provide.
Note: WV Code updated with legislation passed through the 2015 Regular Session
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