SB577 HFIN AM 3-11 #1                                                                                                        McO

            The Committee on Finance moves to amend the bill on page two, section twelve-e, line three, following the words “of this article” and the comma, by inserting the words “after first consulting with the West Virginia investment management board and the state board of treasury investments to determine what their estimated rate of return on investment, including administrative expenses, would be if the moneys to be invested with the foundation were instead to be invested with the investment management board or the board of treasury investments when compared to any estimated return on investment, including administrative expenses, provided by the foundation” followed by a comma;

            On page four, section twelve-e, line one, by striking out subsection (f) in its entirety and inserting in lieu thereof a new subsection (f) to read as follows:

            “(f) Prior to the initial transfer of funds to a foundation, the four-year public college or university shall submit its plan for the investment of the funds with its foundation to the higher education policy commission for its review. The purpose of review shall solely be to determine if the plan is financially prudent for the institution. Upon the commission's written finding that the plan is financially prudent for the institution, the institution is authorized to transfer its funds to the foundation for purposes of investment under this section.”;

            And,

            On page four, section twelve-e, line nine, following the words “university has”, by striking out the remainder of the subsection and inserting in lieu thereof the following: “a long-term bond from not less than two of the following rating entities of at least A3 by Moody's Investors Service, A- by Standard & Poor's and A- by Fitch Ratings.”.

ADOPTED

REJECTED