State Refunding Bond Act
West Virginia · Public Bonded Indebtedness · §§ 13-2G-1 to 13-2G-9 · 14 sections
Overview
The State Refunding Bond Act governs the issuance of refunding bonds — bonds sold to refinance or retire outstanding public debt already incurred by a state and its instrumentalities. It supplies standing authority to issue such bonds without a separate election and provides that refunding does not create new debt, while setting the terms of issuance: principal amounts, payment schedules, the pledge of security, the use of sinking and reserve funds, and sale at, above, or below par. It also addresses the application of proceeds to the bonds being refunded, authorizes swap agreements in connection with the obligations, and exempts the bonds from taxation.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- W. Va. Code § 13-2G-1Short title
- W. Va. Code § 13-2G-10Provision for payment of the bonds to be refunded
- W. Va. Code § 13-2G-11Bonds previously issued by the board of regents
- W. Va. Code § 13-2G-12Article sufficient authority for issuing refunding bonds
- W. Va. Code § 13-2G-13Issuance without election or creation of a new debt
- W. Va. Code § 13-2G-14Bonds exempt from taxation
- W. Va. Code § 13-2G-2Definitions
- W. Va. Code § 13-2G-3Issuance of refunding bonds
- W. Va. Code § 13-2G-4Security for refunding bonds
- W. Va. Code § 13-2G-5Principal amount, use of sinking and reserve funds
- W. Va. Code § 13-2G-6Terms of refunding bonds; time, place and amount of payments
- W. Va. Code § 13-2G-7Sale of refunding bonds at above or below par value
- W. Va. Code § 13-2G-8Swap agreements
- W. Va. Code § 13-2G-9Certain provisions of the code or act of Legislature to apply to refunding bonds
Enacted in other states
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