SB 121 Text

COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 121
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Originating in the Committee on Finance;
reported March 28, 2001.]
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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"; source of funding; permissible expenditures from the fund; prohibiting redesignation of funds; and promulgation of rules.

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 revenue 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 code, 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.

(1) Which enable development projects that have been funded from other sources to be completed;

(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 the funds. The governor shall notify the Legislature's joint committee on government and finance, 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.

(e) The council for community and economic development shall propose legislative rules for promulgation in accordance with article three, chapter twenty-nine-a of this code. The rules shall provide criteria for appropriation of the funds to ensure accountability for those funds. The rules shall provide a method by which the council can evaluate and measure the success of the "Sunny Day Fund". The council shall prepare a report based on its findings and submit it annually to the Legislature's joint committee on government and finance by the first day of January.

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