§5B-7-5. Suballocation of volume cap by counties; counties authorized to take action to issue recovery zone bonds


Published: 2015

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WEST VIRGINIA CODE











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WVC 5 B- 7 - 5

§5B-7-5. Suballocation of volume cap by counties; counties

authorized to take action to issue recovery zone

bonds.

Counties allocated volume cap pursuant to this article may, by

order, ordinance or resolution of the county commission,

suballocate such allocation to municipalities or any other eligible

issuers authorized to issue recovery zone bonds pursuant to Section

5.04 of Internal Revenue Service Notice 2009-50. Each county that

suballocates volume cap shall attach a copy of the order, ordinance

or resolution authorizing the suballocation to the preliminary

certification required in section three of this article. Entities

receiving a suballocation pursuant to this section shall certify to

the county and to the Governor no later than July 31, 2010, that

the entity has closed on the recovery zone bonds using the volume

cap suballocation or has entered into a bond purchase agreement

that requires a closing on the recovery zone bonds prior to August

31, 2010. Counties shall be authorized to take any other action

required by Internal Revenue Service Notice 2009-50 to issue

recovery zone bonds.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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