2005 West Virginia Code - §18-27-15. — Investment of funds of board.

§18-27-15. Investment of funds of board.

Except as otherwise provided in subsection (c), section fourteen of this article, the board may invest any funds in (i) direct obligations of the United States of America, (ii) obligations as to which the timely payment of principal and interest is fully guaranteed by the United States of America, (iii) obligations of the federal intermediate credit banks, federal banks for cooperatives, federal land banks, federal home loan banks, federal national mortgage association, government national mortgage association and the student loan marketing association, (iv) certificates of deposit or time deposits constituting direct obligations of any bank: Provided, That investments may be made only in those certificates of deposit or time deposits in banks which are insured by the federal deposit insurance corporation if then in existence, and (v) in withdrawable capital accounts or deposits of state or federal chartered savings and loan associations which are insured by the federal savings and loan insurance corporation. Any such securities may be purchased at the offering or market price thereof at the time of such purchase. All such securities so purchased shall mature or be redeemable on a date or dates prior to the time when, in the judgment of the board, the funds so invested will be required for expenditure. The express judgment of the board as to the time when any funds will be required for expenditure or be redeemable is final and conclusive.