West Virginia Code 16-13-9 – Contracts and obligations incurred to be paid for solely by revenue bonds
Nothing in this article contained shall be so construed as to authorize or permit any municipality to make any contract or to incur any obligation of any kind or nature except such as shall be payable solely from the funds provided under this article. Funds for the payment of the entire cost of any of the works referred to in this article, exclusive of any portions of the cost that may be defrayed out of any grant or contribution, shall be provided by the issuance of revenue bonds of the municipality, the principal and interest of which shall be payable solely from the fund herein provided for the payment, and the bonds may not, in any respect, be a corporate indebtedness of the municipality, within the meaning of any statutory or Constitutional limitations thereon. All the details of the bonds shall be determined by ordinance or ordinances of the municipality.
Terms Used In West Virginia Code 16-13-9
- Contract: A legal written agreement that becomes binding when signed.
- Municipality: means any municipal corporation, incorporated city, town, village or sanitary district in the State of West Virginia. See West Virginia Code 16-13-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Works: means sewage works and stormwater works either separately or collectively. See West Virginia Code 16-13-2