§8-13B-8 Establishment of the downtown redevelopment district fund; Legislature's authorization of establishment of district. - West Virginia Statutes

§8-13B-8. Establishment of the downtown redevelopment district fund; Legislature's authorization of establishment of district.
(a) There is hereby created a special revenue account in the state treasury, designated the "downtown redevelopment district fund," which shall be an interest-bearing account and shall be invested in the manner described in section nine-c, article six, chapter twelve of the code, with the interest income a proper credit of the fund. A separate and segregated sub-account within the account shall be established for each municipality's downtown redevelopment district, which has been approved by the council and authorized by the Legislature pursuant to subsection (b) of this section. Funds paid into the account for the credit of any such sub-account may also be derived from the following sources:

(1) All interest or return on the investment accruing to the sub-account;

(2) Any gifts, grants, bequests, transfers, appropriations or donations which may be received from any governmental entity or unit or any person, firm, foundation, or corporation; and

(3) Any appropriations by the Legislature which may be made for this purpose.

(b) The Legislature may authorize the establishment of a downtown redevelopment district if the district has been approved by the council pursuant to section seven of this article. Once the establishment of the district has been authorized by the Legislature, the auditor shall thereafter, upon receipt of a monthly requisition from the district board, issue his warrant on the state treasurer for the funds requested from the district's sub-account as provided in section eleven-a, article ten, chapter eleven of this code, to be applied for the purposes described in section five of this article, and the state treasurer shall pay the warrant out of the sub-account.