Senate Joint Resolution No. 4
(By Senators Wooton, Ball, Bowman, Buckalew, Dittmar, Hunter,
Kimble, Oliverio, Ross, Schoonover, Snyder and White)
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[Originating in the Committee on the Judiciary;
reported February 13, l997.]
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Proposing an amendment to the Constitution of the State of West
Virginia, amending section six, article ten thereof,
relating to taxation and finance; the credit of the state
not to be granted in certain cases; allowing the state to
invest its funds in common stocks of corporations and other
equity positions; numbering and designating such proposed
amendment; and providing a summarized statement of the
purpose of such proposed amendment.
Resolved by the Legislature of West Virginia, two thirds of
the members elected to each house agreeing thereto:
That the question of ratification or rejection of an
amendment to the Constitution of the State of West Virginia be
submitted to the voters of the State at the next general election
to be held in the year one thousand nine hundred ninety-eight,
which proposed amendment is that section six, article ten
thereof, be amended to read as follows:
ARTICLE X. TAXATION AND FINANCE.
§6. Credit of state not to be granted in certain cases
.
The credit of the state shall not be granted to, or in aid of any county, city, township, corporation or person; nor shall
the state ever assume, or become responsible for the debts or
liabilities of any county, city, township, corporation or person.
; nor shall the state ever hereafter become a joint owner, or
stockholder in any company or association in this state or
elsewhere, formed for any purpose whatever.
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Resolved further, That in accordance with the provisions of
article eleven, chapter three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, such proposed
amendment is hereby numbered "Amendment No. 1" and designated as
the "Modern Investment Management Amendment" and the purpose of
the proposed amendment is summarized as follows: "To authorize
the investment of funds in commonm stocks or other equity
positions in order to diversify portfolios and maximize potential
gain on investments by elimination of the present constitutional
prohibition against investing state funds in common stocks and
other equity funds."
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(NOTE: The purpose of this amendment is to remove the
language of the constitution which prohibits the state from
investing in equity positions and common stocks.
Strike-throughs indicate language that would be stricken
from the present constitution, and underscoring indicates new
language that would be added.)