W. Va. Code § 5-1-28 Prerequisites For Bond Issuance and Refunding

• Library: West Virginia Statutes
• Edition: 2023
• Currency: Current through Acts of the 2023SP1 Session effective August, 8, 2023
• Year: 2023
• Citation: W. Va. Code § 5-1-28

(a) On and after the first day of February, two thousand five, bonds may not be issued or refunded by the State of West Virginia or any of its agencies, boards or commissions without the express written direction of the Governor, if:

(1) The ultimate user of the proceeds of the bonds is the State of West Virginia or any of its agencies, boards, commissions or departments; or

(2) The issuance or refunding of the bonds implicates the state's credit rating.

(b) Prior to any state agency, board or commission participating in any formal presentation to any nationally recognized rating agency, with respect to the proposed issuance or refunding of bonds where the ultimate user of the proceeds of the bonds is the State of West Virginia or any of its agencies, boards, commissions or departments, or the issuance or refunding of the bonds implicates the state's credit rating, the chair or director of the state agency, board or commi...