2005 West Virginia Code - §18-27-7. — Conveyance of loan funding deposit after payment of principal and interest.

§18-27-7. Conveyance of loan funding deposit after payment of principal and interest.

When the principal of and interest on bonds of the board issued to finance the cost of an education loan financing program or programs, including any refunding bonds issued to refund and refinance such bonds, have been fully paid and retired or when adequate provision has been made to fully pay and retire the same, and all other conditions of the bond resolution authorizing the same have been satisfied and the lien created by such bond resolution has been released in accordance with the provisions thereof, the board shall promptly do such things and execute such deeds and conveyances as are necessary and required to convey any remaining moneys, properties and other assets comprising loan funding deposits to the institutions of higher education which furnished the same in proportion to the amounts furnished by the respective institutions of higher education.