West Virginia Code 7-11B-23 – Tax increment financing obligations — security — marketability
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To increase the security and marketability of tax increment financing obligations, the county commission or municipality issuing the obligations may:
Terms Used In West Virginia Code 7-11B-23
- County commission: means the governing body of a county of this state and, for purposes of this article only, includes the governing body of a Class I, Class II or Class III municipality in this state. See West Virginia Code 7-11B-3
- Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
- Lien: A claim against real or personal property in satisfaction of a debt.
- Order: means an order of the county commission adopted in conformity with the provisions of this article and as provided in this chapter. See West Virginia Code 7-11B-3
- Tax increment: means the amount of regular levy property taxes attributable to the amount by which the current assessed value of real and tangible personal property having a tax situs in a development or redevelopment district exceeds the base assessed value of the property. See West Virginia Code 7-11B-3
- tax increment financing obligations: means bonds, loans, debentures, notes, special certificates or other evidences of indebtedness issued by a county commission or municipality pursuant to this article to carry out a development or redevelopment project or to refund outstanding obligations under this article. See West Virginia Code 7-11B-3
(1) Create a lien for the benefit of the holders of the obligations upon any capital improvements, facilities or both financed by the obligations; or
(2) Make such covenants and do any and all such actions, not inconsistent with the Constitution of this state, which may be necessary, convenient or desirable in order to additionally secure the obligations or which tend to make the obligations more marketable according to the best judgment of the county commission or municipality issuing the tax increment financing obligations.