Enrolled Version - Final Version
House Bill 2779 History
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ENROLLED
H. B. 2779
(By Delegates Carper, Evans, Facemyer, Higgins,
Louisos, Oliverio and Vest)
[Passed April 10, 1993; in effect ninety days from passage.]
AN ACT to amend article six, chapter twelve of the code of West
Virginia, one thousand nine hundred thirty-one, as amended,
by adding thereto a new section, designated section nine-e,
relating to establishing a fifteen million dollar revolving
loan fund to be used by the West Virginia economic
development authority for industrial development; limiting
the amount of the loans; legislative findings; loans for
industrial development; availability of funds and interest
rates.
Be it enacted by the Legislature of West Virginia:
That article six, chapter twelve of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
nine-e, to read as follows:
ARTICLE 6. WEST VIRGINIA STATE BOARD OF INVESTMENTS.
§12-6-9e. Legislative findings; loans for industrial
development; availability of funds and interest
rates.
(a) The Legislature hereby finds and declares that the
citizens of the state benefit from the creation of jobs andbusinesses within the state; that an industrial development loan
program will provide for economic growth and stimulation within
the state; and that loans from pools established in the
consolidated fund will assist in providing the needed capital to
assist industrial development. This section is enacted in view
of these findings.
(b) The board of investments may make available, on a
revolving basis, up to fifteen million dollars from the
consolidated fund to loan the West Virginia economic development
authority for industrial development projects authorized by
section seven, article fifteen, chapter thirty-one of this code:
Provided,
That the West Virginia economic development authority
may not loan more than two million dollars for any one industrial
development project. The loans shall be secured by notes,
security interests or bonds issued by the West Virginia economic
development authority evidencing the indebtedness of the economic
development authority to the board.
The notes, security interests or bonds issued by the
economic development authority shall be secured by security equal
to or better than one of the three highest rating grades by an
agency which is nationally known in the field of rating corporate
securities or by a letter of credit guarantee issued by a bank
having an unsecured legal lending limit greater than two million
dollars.
(c) The interest rates and maturity dates on the loans to
the West Virginia economic development authority shall be at
competitive rates and maturities as determined by the board. The
board shall determine the financial condition of pools within theconsolidated fund and shall determine if there is sufficient
liquidity within the pools to make the loans specified in this
section.