WVC 60 - 3 A- 11
§60-3A-11. Bonding requirements.
Each applicant submitting a bid under section ten of this
article or electing to pay a purchase option for a Class A license
or licenses as provided in section ten-b of this article shall
furnish to the commissioner a bond at the time of bidding, which
bond shall guarantee the payment of twenty-five percent of the
price bid or paid for the retail license. The bond required by
this section shall be furnished in cash or negotiable securities or
shall be a surety bond issued by a surety company authorized to do
business with the state or an irrevocable letter of credit issued
by a financial institution acceptable to the commissioner. If
furnished in cash or negotiable securities, the principal shall be
deposited without restriction in the State Treasurer's office and
credited to the commissioner, but any income shall inure to the
benefit of the applicant. For applicants bidding on a retail
license, the bond shall be returned to an applicant following the
bidding if such applicant is not the successful bidder for the
retail license, and, if an applicant is the successful bidder, the
bond shall be released after issuance of the retail license.
Note: WV Code updated with legislation passed through the 2016 Regular Session
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