SJR14 H JUD AM 3-5 #1

    The Committee on the Judiciary moves to amend the resolution on page two, following the enacting section, by striking out the reminder of the resolution and inserting in lieu thereof the following language:

“ARTICLE X. Taxation and Finance.

§12. FUTURE FUND.

    The principal of the West Virginia Future Fund, as created by general law, may not be spent, appropriated or encumbered unless by vote of two-thirds of the members elected to each house of the Legislature. Investment income of the West Virginia Future Fund may be spent, appropriated or encumbered after a term of six years following the statutory creation of the West Virginia Future Fund. Investment income of the West Virginia Future Fund may be spent, appropriated or encumbered solely for enhancing education and workforce development; economic development and diversification; infrastructure improvements, including post-mining land development; and tax relief measures for the benefit of the citizens and businesses of the State of West Virginia in a manner and subject to conditions, definitions, qualifications and requirements as prescribed by general law. For purposes of this amendment, “investment income” means income of any nature whatsoever that is generated by or from an investment, including, but not limited to, distributions, dividends, interest payments, realized gains and earnings, but shall not include unrealized gains.

    The Legislature shall provide, by general law, for the implementation of the provisions of this amendment.

    Resolved further, That in accordance with the provisions of article eleven, chapter three of the Code of West Virginia, 1931, as amended, such amendment is hereby numbered “Amendment No. 1” and designated as the “Future Fund Amendment” and the purpose of the proposed amendment is summarized as follows: “The purpose of this amendment is to protect the principal of the West Virginia Future Fund and to specify how the investment income from the fund may be spent. The principal of the “West Virginia Future Fund”, as created by general law, may not be spent, appropriated or encumbered unless by vote of two-thirds of the members elected to each house of the Legislature. Investment income of the West Virginia Future Fund may be spent, appropriated or encumbered after a term of six years following the statutory creation of the West Virginia Future Fund. Investment income of the West Virginia Future Fund may be spent, appropriated, or encumbered solely for enhancing education and workforce development; economic development and diversification; infrastructure improvements, including post-mining land development; and tax relief measures for the benefit of the citizens and businesses of the State of West Virginia in a manner and subject to conditions, definitions, qualifications and requirements as prescribed by general law.””