West Virginia Code 8-20-1c – Severance of combined system
Any municipality which has combined its waterworks and sewerage systems or waterworks, sewerage and stormwater systems, under the provisions of this article, or pursuant to provisions of any other law, may hereafter sever said combined system if the following conditions are met:
Terms Used In West Virginia Code 8-20-1c
- Combined system: means either a combined waterworks, sewerage and stormwater system, or a combined waterworks and sewerage system. See West Virginia Code 8-20-1a
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Governing body: shall mean the mayor and council together, the council, the board of directors, the commission, or other board or body of any municipality, by whatever name called, as the case may be, charged with the responsibility of enacting ordinances and determining the public policy of such municipality. See West Virginia Code 8-1-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- Ordinance: shall mean the ordinances and laws enacted by the governing body of a municipality in the exercise of its legislative power, and in one or more articles of this chapter, ordinances enacted by a county commission. See West Virginia Code 8-1-2
- 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
- Trustee: A person or institution holding and administering property in trust.
(a) An ordinance is enacted by the governing body of the municipality severing the combined system into separate systems.
(b) If revenue bonds or notes or other obligations with a lien on or pledge of the revenues of said combined system, or any part thereof, are outstanding, then the municipality must provide in said ordinance that the severance of the combined system is not effective until all such outstanding revenue bonds or notes or other obligations with a lien on or pledge of the revenues of the system, or any part thereof, are paid and the method for paying said outstanding revenue bonds or notes or other obligations. For the purposes of this section, said municipality may provide for payment of said outstanding revenue bonds or notes or other obligations by:
(1) Depositing moneys and funds with the West Virginia Municipal Bond Commission or in escrow with a corporate trustee, which may be a trust company or bank having powers of a trust company within or without the State of West Virginia selected by the issuer to pay interest when due and to pay principal when due, whether at maturity or earlier redemption;
(2) Depositing securities with the Municipal Bond Commission or said escrow trustee, the principal of and earnings on which will provide moneys sufficient to pay interest when due and to pay principal when due, whether at maturity or earlier redemption; or
(3) Depositing with the Municipal Bond Commission or said escrow trustee any combination of the foregoing sufficient to pay interest when due and to pay principal when due, whether at maturity or earlier redemption.
(c) If the combined system is under the supervision and control of a separate committee, board or commission, then the governing body of the municipality must provide for the dissolution of the committee, board or commission, and the creation of other committees, boards or commissions as may be required by law.