ATLANTA -- The West Virginia School Building Authority last week filed a lawsuit before the state Supreme Court seeking to clear the way for an upcoming new-money bond issue made possible by legislation also passed last week.

The planned $180 million deal, proceeds of which would be used to build new schools, has been held up since June by a lawsuit that questioned the authority's use of annual general-fund appropriations to back its bonds. In July, the West Virginia Supreme Court banned future new-money sales of the authority's bonds unless voters first approve them or a dedicated revenue source is found.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.