West Virginia Code 5B-7-4 – Reallocation of volume cap
(a) The Economic Development Authority shall reallocate volume cap that has been waived pursuant to this article. The authority may reallocate the volume cap to the state, state agencies, counties, municipalities or any other political subdivisions or any other eligible issuer authorized to issue recovery zone bonds pursuant to Section 5.04 of Internal Revenue Service Notice 2009-50.
Terms Used In West Virginia Code 5B-7-4
- authority: means the West Virginia Economic Development Authority as continued in section five, article fifteen, chapter . See West Virginia Code 5B-7-1
- Recovery zone bonds: means recovery zone economic development bonds and recovery zone facility bonds, authorized under Section 1401 of Title I of Subtitle B of the American Recovery and Reinvestment Act of 2009, Pub. See West Virginia Code 5B-7-1
- 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
- Volume cap: means the recovery zone bond volume limitation allocated to each state and to counties and municipalities within each state in accordance with 26 U. See West Virginia Code 5B-7-1
(b) As soon as reasonably possible after the effective date of this section the authority shall adopt a procedure for the solicitation and receipt of applications, on a form and in a manner prescribed by the authority, for eligible issuers seeking reallocated volume cap.
(c) Within ninety days of receipt of written notice from the Governor the authority shall reallocate any amount of volume cap waived by a county pursuant to this article. The authority shall provide written notice of any reallocation to the entity receiving the reallocation.