WVC 31 - 15 B- 5
§31-15B-5. 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 constitute a direct and general obligation of the
state of West Virginia; (2) that the full faith and credit of the
state is hereby pledged to secure the payment of the principal and
interest of such bonds; (3) that an annual state tax 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 such
tax shall be levied in any year only to the extent that the moneys
transferred to the infrastructure general obligation debt service
fund as provided in section sixteen, article fifteen-a of this
chapter which are irrevocably set aside and appropriated for and
applied to the payment of the interest on and principal of any bond
becoming due and payable in such year are insufficient therefor.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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