West Virginia Code 29-31-10 – West Virginia Flood Resiliency Trust Fund
(a) There is hereby created a special trust fund which shall be designated and known as the West Virginia Flood Resiliency Trust Fund to be administered by the State Resiliency Officer. The Flood Fund shall consist of: (1) Any appropriations, grants, gifts, contributions, or revenues received by the Flood Fund from any source, public or private; and (2) all income earned on moneys, properties, and assets held in the Flood Fund. When any funds are received by the State Resiliency Officer from any source for flood resiliency activities, they shall be paid into the Flood Fund, and shall be disbursed and otherwise managed in the manner set forth in this article. The Flood Fund shall be treated by the Auditor and Treasurer as a special revenue fund and not as part of the general revenues of the state.
Terms Used In West Virginia Code 29-31-10
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Code: means the Code of West Virginia, 1931, as amended. See West Virginia Code 29-31-2a
- Flood Fund: means the West Virginia Flood Resiliency Trust Fund created by this article. See West Virginia Code 29-31-2a
- Flood resiliency: means efforts and activities intended to minimize damages during times of flooding resulting in reduced risk to people and infrastructure, and ensuring there is ample room for flooding and river adjustment to occur where the opportunity may exist. See West Virginia Code 29-31-2a
- 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
(b) All moneys, properties, and assets acquired by the State of West Virginia in the Flood Fund shall be held by it in trust for the purposes of carrying out its powers and duties and shall be used and reused in accordance with the purposes and provisions of this article. Such moneys, properties, and assets shall at no time be commingled with other public funds except as authorized for investment under § 29-31-12 of this code. Disbursements from the Flood Fund shall be made only upon the written requisition of the State Resiliency Officer as set forth in §29-31-11 and § 29-31-12 of this code. If no need exists for immediate use or disbursement, moneys, properties, and assets in the Flood Fund shall be invested or reinvested by the State Resiliency Officer as provided in this article.