H. B. 2307
(By Mr. Speaker (Mr. Chambers) and Delegate Burk)
(By Request of the Executive)
[Introduced March 1, 1993; referred to the
Committee on Finance.]
A BILL to amend and reenact section seven, article seven, chapter
twelve of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to limitation on
investments by the jobs investment trust fund.
Be it enacted by the Legislature of West Virginia:
That section seven, article seven, chapter twelve of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, and reenacted to read as follows:
ARTICLE 7. JOBS INVESTMENT TRUST FUND.
§12-7-7. Limitation on investments.
Subject to the provisions of section nine of this article,
the board may invest in any eligible business:
Provided, That at
the time of the placement of the investment not more than twenty
percent of the board's total investment portfolio is so invested
in one eligible business within any two-year period:
Provided,
however, That the board may invest in an eligible business up to
an additional twenty percent of the board's total investmentportfolio, for a total amount not to exceed forty percent within
any two-year period, in the form of a short-term debt investment
to be repaid within twelve months of said investment.
NOTE: The purpose of this bill is to permit the twenty
percent limit on investment in a single eligible business to be
exceeded, up to an additional twenty percent, for short-term
financing of no more than one year.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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