West Virginia Code 12-8-7 – Proceeds from the sale of bonds
(a) The proceeds from the sale of bonds, other than refunding bonds, issued pursuant to this article, after payment of any costs payable at time of issuance of the bonds, shall be paid to the Consolidated Public Retirement Board to fund the amount of the unfunded actuarial accrued liability for the pension systems provided for by the bonds.
Terms Used In West Virginia Code 12-8-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bonds: means bonds, notes, refunding notes and bonds, or other obligations of the state issued by the Governor pursuant to this article. See West Virginia Code 12-8-3
- Consolidated Public Retirement Board: means the Board created to administer all public retirement plans in this state under article ten-d, chapter . See West Virginia Code 12-8-3
- Costs: include , but are not limited to, amounts necessary to fund any capitalized interest funds and any reserve funds, any costs relating to the issuance and determination of the validity of the bonds, fees for obtaining bond insurance, credit enhancements or liquidity facilities, administrative costs, fees incurred pursuant to subsection (f), section five of this article and costs attributable to the agreements described in section six of this article. See West Virginia Code 12-8-3
- Department of Administration: means the Department established pursuant to article one, chapter . See West Virginia Code 12-8-3
- Investment Management Board: means the Board established under article six, chapter . See West Virginia Code 12-8-3
- Pension systems: means the Judges'. See West Virginia Code 12-8-3
- refunding: means the issuance and sale of bonds the proceeds of which are used or are to be used for the payment, defeasance or redemption of outstanding bonds upon or prior to maturity. See West Virginia Code 12-8-3
- Unfunded actuarial accrued liability: means the aggregate of the unfunded actuarial accrued liabilities of the pension systems, with the unfunded actuarial accrued liability of each pension system being calculated in an actuarial valuation report provided by the Consolidated Public Retirement Board to the Department of Administration pursuant to section four of this article. See West Virginia Code 12-8-3
(b) Prior to the time of issuance, when requested by the Department of Administration, the Investment Management Board shall prepare and submit to the Governor, the Speaker of the House of Delegates, the President of the Senate and the Department of Administration the short-term and long-term investment strategies that the Investment Management Board intends to follow for investment of the plan assets of the pension systems, as adjusted by the deposit of the proceeds of bonds issued pursuant to this article, which bond proceeds shall be invested pursuant to section six of article ten of the Constitution of West Virginia and otherwise as provided by law.