§5D-1-11. Investment of funds by authority


Published: 2015

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WEST VIRGINIA CODE











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WVC 5D-1-11

§5D-1-11. Investment of funds by authority.

The authority is hereby authorized and empowered to invest any

funds not needed for immediate disbursement in any of the following

securities:

(1) (i) Direct obligations of or obligations guaranteed by the

United States of America; (ii) evidences of ownership of a

proportionate interest in specified direct obligations of, or

specific obligations the timely payment of the principal of and the

interest on which are unconditionally and fully guaranteed by, the

United States of America, which obligations are held by a bank or

trust company organized and existing under the law of the United

States of America or any state thereof in the capacity of custodian

and (iii) obligations, the sole source of the payment of the

principal of and interest on which are obligations of the nature of

those described in clause (i), which are irrevocably pledged for

such purpose;

(2) Bonds, debentures, notes or other evidences of

indebtedness issued by any of the following agencies: Banks for

cooperatives; federal intermediate credit banks; federal home loan

bank system; Export-Import Bank of the United States; federal land

banks; the Federal National Mortgage Association or the Government

National Mortgage Association;

(3) Public housing bonds issued by public agencies or

municipalities and fully secured as to the payment of both

principal and interest by a pledge of annual contributions under an annual contributions contract or contracts with the United States

of America; or temporary notes issued by public agencies or

municipalities or preliminary loan notes issued by public agencies

or municipalities, in each case, fully secured as to the payment of

both principal and interest by a requisition or payment agreement

with the United States of America;

(4) Certificates of deposit secure by obligations of the

United States of America;

(5) Direct obligations of or obligations guaranteed by the

state of West Virginia;

(6) Direct and general obligations of any other state within

the territorial United States, to the payment of the principal of

and interest on which the full faith and credit of such state is

pledged: Provided, That at the time of their purchase, such

obligations are rated in either of the two highest rating

categories by a nationally recognized bond-rating agency;

(7) Any fixed interest bond, note or debenture of any

corporations organized and operating within the United States:

Provided, That such corporation shall have a minimum net worth of

fifteen million dollars and its securities or its parent

corporation's securities are listed on one or more of the national

stock exchanges: Provided, however, That (i) such corporation has

earned a profit in eight of the preceding ten fiscal years as

reflected in its statements, and (ii) such corporation has not

defaulted in the payment of principal or interest on any of its outstanding funded indebtedness during its preceding ten fiscal

years, and (iii) the bonds, notes or debentures of such corporation

to be purchases are rated "AA" or the equivalent thereof or better

than "AA" or the equivalent thereof by at least two or more

nationally recognized rating services such as Standard and Poor's,

Dunn & Bradstreet or Moody's; and

(8) Such other investments which at the time of the

acquisition thereof shall be listed as permissible investments of

trusted funds in an official statement, offering circular or

prospectus with respect to indebtedness which is rated by Moody's

or Standard & Poor's not less than the highest rating assigned by

such agencies to any series of bonds.





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

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