SENATE
HOUSE
JOINT
BILL STATUS
STATE LAW
REPORTS
EDUCATIONAL
CONTACT
home
home
Introduced Version Senate Bill 121 History

OTHER VERSIONS  -  Committee Substitute (1)  |  Engrossed Version  |     |  Email
Key: Green = existing Code. Red = new code to be enacted


Senate Bill No. 121

(By Senators Tomblin (Mr. President) and Sprouse
By Request of the Executive)
____________

[Introduced February 15, 2001; referred to the Select Committee on Economic Development; and then to the Committee on Finance.]
____________



A BILL to amend article two, chapter five-b of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section three-b, relating to the creation of a "Sunny Day Fund".

Be it enacted by the Legislature of West Virginia:
That article two, chapter five-b of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section three-b, to read as follows:
ARTICLE 2. WEST VIRGINIA DEVELOPMENT OFFICE.
§5B-2-3b. Establishment of sunny day fund.

(a) There is hereby created in the state treasury a special account, designated the "Sunny Day Fund," which shall be an interest-bearing account and may be invested in the manner permitted by article six, chapter twelve of this article, with the interest income a proper credit to the fund.
(b) Funds paid into the account may be derived from the following sources:
(1) Appropriations by the Legislature;
(2) All interest or return on investments accruing to the fund; and
(3) Any gift, grants, bequests, transfers or donations which may be received from any governmental entity or unit or any person, firm, foundation, or corporation.
(c) Appropriations from the "Sunny Day Fund" are limited to expenditures:
(1) Which enable development projects, that have been funded from other sources, to be consummated;
(2) Which are used for the construction of permanent improvements, including, but not limited to, buildings, roads, bridges, and utilities; and
(3) Which produce permanent, full time jobs within one year of the completion of the permanent improvements.
If money from the fund is needed based on the recommendation of the West Virginia council for community and economic development, for one of the stated purposes, the governor may authorize the expenditure of such funds. The governor shall notify the presiding officers of both houses of the Legislature, in writing, on a quarterly basis of appropriations made from this fund and the purpose for which the appropriation is made.
(d) Notwithstanding the provisions of section two, article two, chapter twelve of this code, moneys within the "Sunny Day Fund" may not be redesignated for any purpose other than those set forth in this section.


NOTE: The purpose of this bill is to create a special account designated the "Sunny Day Fund" for the promotion of certain economic development projects.

This section is new; therefore, strike-throughs and underscoring have been omitted.











































This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Email WebmasterWebmaster   |   © 2024 West Virginia Legislature **


X

Print On Demand

Name:
Email:
Phone:

Print