ENROLLED
COMMITTEE SUBSTITUTE
FOR
H. B. 4287
(By Delegates White, Swartzmiller, Yost, Stalnaker, Kominar,
Varner, Manchin, Palumbo, Pino, Caputo and Browning)
[Passed March 8, 2008; in effect ninety days from passage.]
AN ACT to amend and reenact §12-6-8 of the Code of West Virginia,
1931, as amended; and to amend and reenact §12-6C-6 of said
code, all relating to clarifying that the funds, pools and
securities maintained or invested in by the West Virginia
Investment Management Board and the West Virginia Board of
Treasury Investments are authorized investments for all local
government funds.
Be it enacted by the Legislature of West Virginia:
That º12-6-8 of the Code of West Virginia, 1931, as amended,
be amended and reenacted; and that §12-6C-6 of said code be amended
and reenacted, all to read as follows:
ARTICLE 6. WEST VIRGINIA INVESTMENT MANAGEMENT BOARD.
§12-6-8. Investment funds established; management thereof.
(a) There is continued a special investment fund designated as the Consolidated Fund. Effective the thirtieth day of June, two
thousand five, the power and authority of the Board as to the
consolidated fund terminates. On the first day of July, two
thousand five, the Board shall transfer the consolidated fund, all
moneys, obligations, assets, securities and other investments of
the consolidated fund and all records, properties and any other
document or item pertaining to the consolidated fund in its
possession or under its control to the West Virginia Board of
Treasury Investments established in article six-c of this chapter.
(b) Each board, commission, department, official or agency
charged with the administration of state funds may request the
State Treasurer to make moneys available to the Board for
investment.
(c) Each political subdivision of this state through its
treasurer or equivalent financial officer may enter into agreements
with the State Treasurer for the investment of moneys of the
political subdivision. Any political subdivision may enter into an
agreement with a state spending unit from which it receives funds
to request transfer of the funds to their investment account with
the Investment Management Board or the West Virginia Board of
Treasury Investments.
(d) Moneys held in the various funds and accounts administered
by the Board shall be invested as permitted by this article and
subject to the restrictions contained in this article. The Board shall report the earnings on the various funds under management to
the State Treasurer at the times determined by the State Treasurer.
The Board shall also establish rules for the administration of the
various funds and accounts established by this section as it
considers necessary for the administration of the funds and
accounts, including, but not limited to: (1) The specification of
amounts which may be deposited in any fund or account and minimum
periods of time for which deposits will be retained; and (2)
creation of reserves for losses:
Provided, That in the event any
moneys made available to the Board may not lawfully be combined for
investment or deposited in the consolidated funds established by
this section, the Board may create special accounts and may
administer and invest those moneys in accordance with the
restrictions specially applicable to those moneys.
(e) Notwithstanding any provision of this code to the
contrary, the funds, pools and securities maintained or invested in
by the Board in accordance with this article are authorized
investments for all local government funds.
ARTICLE 6C. WEST VIRGINIA BOARD OF TREASURY INVESTMENTS.
§12-6C-6. Consolidated fund continued; management.
(a) The consolidated fund is continued and notwithstanding any
provision of this code to the contrary, is vested in the West
Virginia Board of Treasury Investments on the first day of July,
two thousand five.
(b) Each spending unit authorized to invest moneys shall
unless prohibited by law, request the State Treasurer to invest its
moneys. Based upon spending unit representations, the State
Treasurer shall send the moneys to the West Virginia Board of
Treasury Investments or to the Investment Management Board for
investment.
(c) Each political subdivision of this state through its
treasurer or equivalent financial officer may enter into agreements
with the State Treasurer for the investment of moneys of the
political subdivision. Any political subdivision may enter into an
agreement with the state spending unit from which it receives
moneys to allow the board to invest the moneys.
(d) Moneys held in the various funds and accounts administered
by the board are invested as permitted by this article and subject
to the restrictions contained in this article.
(e) The State Treasurer shall maintain records of the deposits
and withdrawals of each participant and the performance of the
various funds, pools and accounts. The board shall report the
earnings on the funds, pools, and accounts under management to the
State Treasurer at the times determined by the State Treasurer.
(f) The board shall establish policies for the administration
of the various funds, pools and accounts authorized by this article
as it determines necessary. The policies may specify the minimum
amounts and timing of deposits and withdrawals and any other matters authorized by the board.
(g) Notwithstanding any provision of this code to the
contrary, the funds, pools and securities maintained or invested in
by the Board in accordance with this article are authorized
investments for all local government funds.