West Virginia Code 20-5-11 – Authority of director to pledge revenue from recreational facilities as security
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The director, with the approval of the Governor, shall have authority to pledge all revenue derived from any project as security for any bonds issued to defray the cost of the project. In any case in which the director may deem it advisable, he or she shall also have the authority to pledge the revenue derived from any existing recreational facilities under his or her control, or any state park or forest, as additional security for the payment of any bonds issued under the provisions of this article to pay the cost of any park development project.
Terms Used In West Virginia Code 20-5-11
- Bonds: shall mean bonds issued by the director. See West Virginia Code 20-5-4
- Director: means the Director of the Division of Natural Resources. See West Virginia Code 20-1-2
- Project: shall be deemed to mean collectively the acquisition of land, the construction of any buildings or other works, together with incidental approaches, structures and facilities, reasonably necessary and useful in order to provide new or improved recreational facilities. See West Virginia Code 20-5-4
- Recreational facilities: shall mean and embrace cabins, lodges, swimming pools, golf courses, restaurants, commissaries and other revenue producing facilities in any state park or state forest. See West Virginia Code 20-5-4
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10