WVC 16 - 29 A- 9
§16-29A-9. Use of funds by authority; restrictions thereon.
All moneys, properties and assets acquired by the authority,
whether as proceeds from the sale of bonds or notes 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 bonds or notes or in any
trust agreement securing the same, or except when invested
pursuant to subsection nine of section five 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 or notes of any issue or the trust agreement securing
such bonds or notes 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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