West Virginia § 7-19-5 - 7-19-5. Acceptance or rejection of loan package; deposit agreement.
Full text of West Virginia West Virginia Code § 7-19-5 — 7-19-5. Acceptance or rejection of loan package; deposit agreement., with citation guidance and answers to common questions.
§ 7-19-5. 7-19-5. Acceptance or rejection of loan package; deposit agreement.
(a) The agent may accept or reject a linked deposit loan package or any portion thereof, based on the ratio of county funds to be deposited to jobs to be sustained or created.
(b) Upon acceptance of the linked deposit loan package or any portion thereof, the agent may place certificates of deposit with the eligible lending institution at up to and including five percent below current market rates as determined by the agent. When necessary, the agent may place certificates of deposit prior to acceptance of a linked deposit loan package.
(c) The eligible lending institution shall enter into a deposit agreement with the agent, which agreement shall include requirements necessary to carry out the purposes of this article. Such requirements shall reflect the market conditions prevailing in the eligible lending institution's lending area. The agreement may include a specification of the period of time in which the lending institution is to lend funds upon the placement of a linked deposit and shall include provisions for the certificates of deposit to be placed for up to two-year maturities that may be renewed for up to an additional two years. Interest shall be paid at the times determined by the agent.
Source: official West Virginia text · Last verified 2026-08-27
Frequently Asked Questions About West Virginia § 7-19-5
What does West Virginia Code § 7-19-5 cover?
Section 7-19-5 ("7-19-5. Acceptance or rejection of loan package; deposit agreement.") is part of the West Virginia Code, the codified statutory law of West Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite West Virginia § 7-19-5?
A common citation format is "West Virginia Code § 7-19-5" (West Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of West Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the West Virginia official source linked on this page or consult a licensed West Virginia attorney.
How does West Virginia § 7-19-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in West Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in West Virginia.