The town shall have the power and authority to issue its revenue bonds or other obligations or refunding revenue bonds or other obligations, as appropriate, under and pursuant to W. Va. Code Article 8-16, or other appropriate provisions of the West Virginia Code as may be applicable from time to time (the “Bond Act”) for the purposes of financing or refinancing costs of infrastructure improvements or economic development activities and projects within the town. The town may pledge or otherwise utilize the collections of the municipal sales and use taxes imposed by this subchapter and the funds on deposit from time to time in the Town Sales and Use Tax Fund to satisfy the debt service requirements and any prior debt service requirements deficit each fiscal year on, and to fund or replenish any required reserves in accordance with the bond documents for, any bonds or other obligations issued by the town from time to time, including any refunding bonds, to finance or refinance infrastructure improvements or economic development activities and projects within the town, including the funding or replenishing of any reserve funds relating to any such bonds or other obligations, and/or to make lease payments which repay the debt service or otherwise secure bonds or other obligations issued to finance or refinance infrastructure improvements or economic development activities and projects within the town. The town may utilize the procedures established pursuant to the Bond Act in connection with the issuance of such bonds or other obligations and in connection therewith, it is hereby clarified and directed that the municipal sales and use taxes imposed by this subchapter shall not be considered to be taxation solely for the purposes of and as contemplated by W. Va. Code Article 8-16.
(Ord. 19-002, passed 5-13-2019)