When the particular bonds for any dormitory or dormitories, housing facilities, food
service facilities or motor vehicle parking facilities and the interest on the bonds
shall have been paid or a sufficient amount has been provided for their payment and
shall continue to be held for that purpose, the dormitories, housing facilities, food
service facilities or motor vehicle parking facilities shall thereafter be exclusively
the property of the state of West Virginia and thereafter the rents, fees and charges
collected for the use or occupancy of, or service rendered and furnished by, the dormitories,
housing facilities, food service facilities or motor vehicle parking facilities shall
be paid into the state board of investments as provided by the provisions of section
two, article two, chapter twelve of this code, as amended, and used and expended for
the benefit of the institution where collected: Provided, That nothing in this section
precludes any governing board from pledging the rents, fees and charges to pay the
principal and interest on any bonds thereafter issued to construct new or to improve
existing dormitories, housing facilities, food service facilities or motor vehicle
parking facilities pursuant to section nineteen of this article. The rents, fees and charges shall be paid as may be provided in a trust agreement
authorized pursuant to section seventeen of this article and in the absence of such
trust agreement as provided in section nineteen of this article.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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