§16-13D-12. Sinking fund for revenue bonds.
At or before the time of the issuance of any bonds under this
article the governing body of the authority shall by resolution or
in the trust indenture provide for the creation of a sinking fund
and for monthly payments into such fund from the revenues of the
water supply, wastewater transportation or treatment system
operated by the authority such sums in excess of the cost of
maintenance and operation of such properties as will be sufficient
to pay the accruing interest and retire the bonds at or before the
time each will respectively become due and to establish and
maintain reserves therefor. All sums which are or should be, in
accordance with such provisions, paid into such sinking fund shall
be used solely for payment of interest and for the retirement of
such bonds at or prior to maturity as may be provided or required
by such resolutions.
Note: WV Code updated with legislation passed through the 2013 1st Special Session
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