(a) Indebtedness of Town of Eleanor Building Commission. No constitutional or statutory limitation with respect to the nature or amount of or rate of interest on indebtedness which may be incurred by municipalities, counties or other public or governmental bodies shall apply to the indebtedness of the Town of Eleanor Building Commission. No indebtedness of any nature of the said building commission shall constitute an indebtedness of the Town or a charge against any property of the Town. No indebtedness or obligation incurred by the Town of Eleanor Building Commission shall give any right against any member of the governing body of the Town of Eleanor. The rights of creditors of the aforesaid building commission shall be solely against the commission as a corporate body and shall be satisfied only out of property held by it in its corporate capacity.
(b) Disposition of surplus of the Town of Eleanor Building Commission. If the Town of Eleanor Building Commission should realize a surplus over and above the amount required for the improvement, maintenance and operation of its facilities and for meeting all required payments on its obligations, it shall set aside such reserve for future improvements, maintenance, operations and contingencies as it shall deem proper and shall then apply the residue of such surplus, if any, to the payment of any recognized and established obligations not then due, and after all such recognized and established obligations have been paid and discharged in full, the commission shall, at the end of each fiscal year, set aside the reserve for future improvements, maintenance, operations and contingencies, as aforesaid, and then pay the residue of such surplus, if any, to the Town in direct proportion to their financial contribution.
(c) Property, Bonds and Obligations of the Town of Eleanor Building Commission Exempt from Taxation. The Town of Eleanor Building Commission shall be exempt from the payment of any taxes or fees to the State or any subdivisions thereof or any municipalities or to any officer or employee of the State or of any subdivision thereof or of any municipality. The property of said building commission shall be exempt from all municipal and county taxes. Bonds, notes, debentures and other evidences of indebtedness of said building commission are declared to be issued for a public purpose and to be public instrumentalities, and, together with interest thereon, shall be exempt from taxation.
(d) Contributions to the Town of Eleanor Building Commission; Funds and Accounts of Said Building Commission; Reports; Audits. Contributions may be made to the Town of Eleanor Building Commission from time to time by the Town, and persons that shall desire to do so. All funds received by such building commission shall be deposited in such banking institution or banking institutions as the board may direct and shall be withdrawn therefrom in such manner as the board may direct. The aforesaid building commission shall keep strict account of all of its receipts and expenditures and shall each quarter make a quarterly report thereon to the Town and persons which have made contributions to it, and such report shall contain an itemized account of its receipts and disbursements during the preceding quarter. Such report shall be made within sixty days after the termination of the quarter. Within sixty days after the end of each fiscal year, the said building commission shall make an annual report containing an itemized statement of its receipts and disbursements for the preceding fiscal year and publish the same as a Class II-0 legal advertisement in compliance with the provisions of article three [§ 59-3-1 et seq.], chapter fifty-nine of this code, and the publication area for such publication shall be each county in which the commission's facilities are located. The books, records and accounts of the said building commission shall be subject to audit and examination by the state tax commissioner and by other proper public official or body in the manner provided by law.
(e) Authority to Convey or Transfer Property to Town of Eleanor Building Commission. The Town may convey or transfer to the Town of Eleanor Building Commission either alone or with another governmental body, property of any kind, heretofore acquired by said Town to carry out the purposes of said building commission. All provisions of West Virginia Code §8-33-9 and 8-33-10, as amended, shall apply.
(Passed 10-21-99.)