West Virginia Code 22C-1-19 – Purchase and cancellation of notes or bonds
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The authority, subject to such agreements with noteholders or bondholders as may then exist, has the power, out of any funds available therefor, to purchase notes or bonds of the authority.
Terms Used In West Virginia Code 22C-1-19
- Authority: means the Water Development Authority provided for in section four of this article, the duties, powers, responsibilities and functions of which are specified in this article. See West Virginia Code 22C-1-3
If the notes or bonds are then redeemable, the price of such purchase shall not exceed the redemption price then applicable plus accrued interest to the next interest payment date thereon. If the notes or bonds are not then redeemable, the price of such purchase shall not exceed the redemption price applicable on the first date after such purchase upon which the notes or bonds become subject to redemption plus accrued interest to such date. Upon such purchase such notes or bonds shall be canceled.