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MARVIN MANDEL, Governor 499
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8. FUNDS AND ACCOUNTS.
(A) CONTRIBUTION AND DEPOSIT OF FUNDS.
CONTRIBUTIONS MAY BE MADE TO THE AUTHORITY FROM TIME
TO TIME BY THE VARIOUS BODIES CONTRIBUTING TO ITS FUNDS
AND SHALL BE DEPOSITED IN WHATEVER BANK OR BANKS A
MAJORITY OF THE MEMBERS OF THE AUTHORITY DIRECT AND MAY
BE WITHDRAWN FROM THEM IN WHATEVER MANNER THE AUTHORITY
DIRECTS.
(B) ACCOUNTS AND REPORTS.
THE AUTHORITY SHALL KEEP STRICT ACCOUNT OF ALL OF
ITS RECEIPTS AND EXPENDITURES AND SHALL MAKE QUARTERLY
REPORTS TO THE PUBLIC AND PRIVATE BODIES CONTRIBUTING TO
ITS FUNDS, CONTAINING AN ITEMIZED ACCOUNT OF ITS
OPERATIONS IN THE PRECEDING QUARTER. THE ACCOUNTS OF THE
AUTHORITY SHALL BE REGULARLY EXAMINED BY THE STATE TAX
COMMISSIONER IN THE MANNER REQUIRED BY ARTICLE NINE,
CHAPTER SIX OF THE CODE OF WEST VIRGINIA.
9. PROPERTY AND OBLIGATIONS OF AUTHORITY EXEMPT FROM
TAXATION.
THE AUTHORITY IS EXEMPT FROM THE PAYMENT OF ANY
TAXES OR FEES TO THE STATE OF WEST VIRGINIA OR ANY
SUBDIVISIONS OF THAT STATE OR TO ANY OFFICER OR EMPLOYEE
OF THE STATE OR OTHER SUBDIVISION OF IT. THE PROPERTY OF
THE AUTHORITY IS EXEMPT FROM ALL LOCAL AND MUNICIPAL
TAXES. NOTES, DEBENTURES, AND OTHER EVIDENCE OF
INDEBTEDNESS OF THE AUTHORITY ARE DECLARED TO BE ISSUED
FOR A PUBLIC PURPOSE AND TO BE PUBLIC INSTRUMENTALITIES,
AND, TOGETHER WITH INTEREST ON THEM, ARE EXEMPT FROM
TAXES.
10. SALE OR LEASE OF PROPERTY.
IN THE EVENT ALL OF THE PUBLIC CORPORATIONS
CONTRIBUTING TO THE FUNDS OF THE AUTHORITY SO DETERMINE,
THE AUTHORITY SHALL MAKE SALE OF ALL OF ITS PROPERTIES
AND ASSETS AND DISTRIBUTE THE PROCEEDS OF THE SALE AMONG
THOSE CONTRIBUTING TO ITS FUNDS. IN THE ALTERNATIVE, IF
SUCH OF THE SUPPORTING CORPORATIONS CONTRIBUTING A
MAJORITY OF THE FUNDS OF THE AUTHORITY SO DETERMINE, THE
AUTHORITY MAY LEASE ALL OF ITS PROPERTY AND EQUIPMENT
UPON WHATEVER TEEMS AND CONDITIONS THE AUTHORITY MAY FIX
AND DETERMINE.
11. EMPLOYEES TO BE COVERED BY WORKMEN'S COMPENSATION.
ALL ELIGIBLE EMPLOYEES OF THE AUTHORITY ARE
CONSIDERED TO BE WITHIN THE WORKMEN'S COMPENSATION ACT OF
WEST VIRGINIA, AND PREMIUMS ON THEIR COMPENSATION SHALL
BE PAID BY THE AUTHORITY AS REQUIRED BY LAW.
12. LIBERAL CONSTRUCTION OF COMPACT.
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