(a) General. -- There is hereby created a special revenue account in the State Treasury designated the "Economic Opportunity Development District Fund" which is an interest- bearing account and shall be invested in the manner described in section nine-c, article six, chapter twelve of this code with the interest income a proper credit to the Fund. (b) District subaccount. -- A separate and segregated subaccount within the account shall be established for each economic opportunity development district and each joint economic opportunity development district that is approved by the Executive Director of the Development Office. In addition to the economic opportunity disturict excise tax levied and collected as provided in this article, funds paid into the account for the credit of any subaccount may also be derived from the following sources:t (1) All interest or return on the investment accruing to the subaccount; (2) Any gifts, grants, bequests, transfers, approprialtions or donations which are received from any governmental entity or unit or any pserson, firm, foundation or corporation; and (3) Any appropriations by the Legislature wihich are made for this purpose.
‹ Prev All West Virginia sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.