H. B. 4444
(By Mr. Speaker, Mr. Kiss, and Delegate Ashley)
[By Request of the Executive]
[Introduced February 16, 1998; referred to the
Committee on Finance.]
A BILL to repeal sections five-a and nine-c, article six, chapter
twelve of the code of West Virginia, one thousand nine
hundred thirty-one, as amended; to repeal article eight-a,
chapter twenty-one-a of said code; to amend and reenact
sections eleven, twenty-four and thirty-three, article two,
chapter five-a of said code; to amend and reenact section
six, article two, chapter five-f of said code; to amend and
reenact section five-a, article six, chapter seven of said
code; to amend and reenact sections two, three, eight and
twelve, article one, chapter twelve of said code; to further
amend said article by adding thereto a new section
designated section twelve-a; to amend and reenact sections
one-a, two, three, five, eight, nine, eleven, thirteen,
fourteen, fifteen and nineteen, article six of said chapter; to amend and reenact section four, article six-b of said
chapter; to amend and reenact sections fourteen, seventeen
and eighteen, article one, chapter thirteen of said code;
and to amend and reenact section two, article two of said
chapter, all relating to the clarification and technical
clean-up of language concerning the responsibilities of the
state treasurer; estimating of revenue to treasurer;
accounting system of treasurer; reconciliation of assets
reported by treasurer and investment management board;
authorizing county treasurers to make funds available to
state treasurer; addressing the conflict of interest
provisions of the investment management board; authorizing
investment accounts by the treasurer; authorizing treasurer
to invest up to twenty percent of the operating funds of the
state to meet current operational needs; clarifying the
meaning of operating funds; limitations on investments by
treasurer; adding policeman's and fireman's pension funds to
definition of pension plan; amending definition of
securities; clarifying when investment management board must
adopt a fee schedule and budget; clarifying role of
treasurer with regard to transfer of funds to the investment
management board; clarifying what is invested by the
investment management board; adding treasurer as recipient of board reports; clarifying monthly reporting requirements
for the consolidated fund; clarifying certain matters
regarding loan for state building commission; changing due
date of debt capacity report; and authorizing treasurer to
be bond payor and registrar.
Be it enacted by the Legislature of West Virginia:
That sections five-a and nine-c, article six, chapter
twelve of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be repealed; that article eight-a,
chapter twenty-one-a of said code be repealed; that sections
eleven, twenty-four and thirty-three, article two, chapter five-a
of said code be amended and reenacted; that section six, article
two, chapter five-f of said code be amended and reenacted; that
section five-a, article six, chapter seven of said code be
amended and reenacted; that sections two, three, eight and
twelve, article one, chapter twelve of said code be amended and
reenacted; that said article be further amended by adding thereto
a new section designated section twelve-a; that sections one-a,
two, three, five, eight, nine, eleven, thirteen, fourteen,
fifteen and nineteen, article six of said chapter be amended and
reenacted; that section four, article six-b of said chapter be
amended and reenacted; that sections fourteen, seventeen and
eighteen, article one, chapter thirteen of said code be amended and reenacted; and that section two, article two of said chapter
be amended and reenacted, all to read as follows:
CHAPTER 5A. DEPARTMENT OF ADMINISTRATION.
ARTICLE 2. FINANCE DIVISION.
§5A-2-11. Estimates of revenue; reports on revenue collections; withholding department funds on noncompliance.
(a) Prior to the beginning of each fiscal year the secretary
shall estimate the revenue to be collected month by month by each
classification of tax for that fiscal year as it relates to the
official estimate of revenue for each tax for that fiscal year
and the secretary shall certify this estimate to the governor and
the legislative auditor and the
board of investments state
treasurer by the first day of July for that fiscal year.
The secretary shall ascertain the collection of the revenue
of the state and shall determine for each month of the fiscal
year the proportion which the amount actually collected during a
month bears to the collection estimated by him or her for that
month. The secretary shall certify to the governor, the
legislative auditor and the
board of investments state treasurer,
as soon as possible after the close of each month, and not later
than the fifteenth day of each month, and at such other times as
the governor, the legislative auditor or the
board of investments
state treasurer may request, the condition of the state revenues and of the several funds of the state and the proportion which
the amount actually collected during the preceding month bears to
the collection estimated by him or her for that month. The
secretary shall include in this certification the same
information previously certified for prior months in each fiscal
year. For the purposes of this section, the secretary shall have
the authority to require all necessary estimates and reports from
any spending unit of the state government.
If the secretary fails to certify to the governor, the
legislative auditor and the
board of investments state treasurer
the information required by this subsection within the time
specified herein, the legislative auditor shall notify the
auditor
and treasurer of the failure, and thereafter no funds
appropriated to the department of administration may be expended
until the secretary has certified the information required by
this subsection.
(b) Prior to the first day of July of each fiscal year, the
secretary shall estimate daily revenue flows for the general
revenue fund for the next fiscal year as it relates to the
official estimate of revenue. Subsequent to the end of each
fiscal year, the secretary shall compare the projected daily
revenue flows with the actual daily revenue flows from the
previous year. The secretary may for any month or months, at his or her discretion, revise the annual projections of the daily
revenue flows. The secretary shall certify to the governor, the
legislative auditor and the
board of investments state treasurer,
as soon as possible after the close of each month, and not later
than the fifteenth day of each month, and at such other times as
the governor, the legislative auditor or the
board of investments
state treasurer may request, the condition of the general revenue
fund and the comparison of the projected daily revenue flows with
the actual daily revenue flows. If the secretary fails to
certify to the governor, the legislative auditor and the
board of
investments state treasurer the information required by this
subsection within the time specified herein, the legislative
auditor shall notify the auditor
and treasurer of the failure,
and thereafter no funds appropriated to the department of
administration may be expended until the secretary has certified
the information required by this subsection.
§5A-2-24. Management accounting.
It is the intent of this section to establish a centralized
accounting system for the offices of the auditor, treasurer,
board of investments, secretary of administration and each
spending unit of state government to provide more accurate and
timely financial data and increase public accountability.
Notwithstanding any provision of this code to the contrary, the secretary shall develop and implement a new centralized
accounting system for the planning, reporting and control of
state expenditures in accordance with generally accepted
accounting principles to be used by the auditor, treasurer,
board
of investments, secretary and all spending units. The accounting
system shall provide for adequate internal controls, accounting
procedures, recording income collections, systems operation
procedures and manuals, and periodic and annual general purpose
financial statements, as well as provide for the daily exchange
of needed information among users.
The financial statements shall be audited annually by
outside independent certified public accountants, who shall also
issue an annual report on federal funds in compliance with
federal requirements.
The secretary shall implement the centralized accounting
system no later than the thirty-first day of December, one
thousand nine hundred ninety-three, and, after approval of the
system by the governor, shall require its use by all spending
units. The auditor, treasurer,
board of investments, secretary
and every spending unit shall maintain their computer systems
and data files in a standard format in conformity with the
requirements of the centralized accounting system. Any system
changes must be approved in advance of such change by the secretary. The auditor, treasurer,
board of investments and
secretary shall provide on-line interactive access to the daily
records maintained by their offices.
§5A-2-33. Financial accounting and reporting section;
comptroller; powers and responsibilities.
The financial accounting and reporting section created under
section one of this article shall be under the control and
supervision of a comptroller. The provisions of this section
shall apply to all component units of state government, as
defined by generally accepted accounting principles.
The comptroller, under the direction and supervision of the
director of the finance division, has the power and
responsibility to:
(1) Maintain financial records supporting the comprehensive
annual financial report required under subsection (8) of this
section, in accordance with generally accepted accounting
principles;
(2) Maintain the official chart of accounts of the state;
(3) Maintain the centralized accounting system;
(4) Maintain the statewide accounting policies and
procedures;
(5) Direct the establishment and maintenance of an adequate
internal control structure by the various component units of state government;
(6) Verify the periodic reconciliation of assets as reported
by the
board of investments state treasurer and investment
management board and budgetary fund balances as reported by the
state auditor;
(7) Issue management financial reports by component unit and
department, as well as consolidated management financial reports,
as follows:
(a) Monthly budgetary basis reports by revenue and expense,
budget compared to actual, and encumbrances; and
(b) Financial position reports, including, but not limited
to, cash, investments, indebtedness, obligations and accounts
payable.
(8) Issue a comprehensive annual financial report in
accordance with generally accepted accounting principles;
(9) Have the general purpose financial statements of the
state audited annually by independent certified public
accountants;
(10) Require the state pension systems, workers'
compensation commission, public employees insurance agency, board
of risk and insurance management and the various other component
units of the state to prepare financial statements audited by
independent certified public accountants and submit the audited financial statements to the financial accounting and reporting
section in the form and within the time frames established by the
financial accounting and reporting section;
(11) Maintain controls over access to the centralized
accounting system and the required modifications, as well as
edits, controls and tables;
(12) Promulgate legislative rules in accordance with article
three, chapter twenty-nine-a of this code to effectuate the
intent and purpose of this section:
Provided, That such rules
may initially be implemented by emergency rule; and
(13) Do all things necessary and convenient to maintain the
centralized accounting system, to issue financial reports of the
state and to carry out its powers and responsibilities.
CHAPTER 5F. REORGANIZATION OF THE EXECUTIVE BRANCH
OF STATE GOVERNMENT.
ARTICLE 2. TRANSFER OF AGENCIES AND BOARDS.
§5F-2-6. Reorganization of boards issuing or incurring debt.
(a) The Legislature finds and declares that boards and
commissions empowered to issue bonds, incur indebtedness and
provide financing or financial services for a public purpose may
in some cases benefit the public interest or operate more
efficiently through consolidation of legal, technical and support
staff or services, sharing of office space, consolidation of procedures, and cooperation to identify circumstances where one
entity may provide services for another, including, but not
limited to, circumstances where one board or commission may
finance the programs of another. On or after the effective date
of this section, the treasurer shall be authorized at the request
of the presiding officer of the entity to provide financial
services, provide technical staff services, provide support staff
and services and provide for the sharing of office space among
and between the following entities:
(1) The staff of the municipal bond commission provided for
in article three, chapter thirteen of this code:
Provided, That
nothing in this section shall be construed to limit the
independence and autonomy of the municipal bond commission;
(2) The staff of the hospital finance authority provided for
in article twenty-nine-a, chapter sixteen of this code:
Provided, That nothing in this section shall be construed to
limit the independence and autonomy of the hospital finance
authority; and
(3) The staff of the public energy authority provided for in
article one, chapter five-d of this code.
(b) In furtherance of the goal of increased efficiency and
cooperation, the director of the debt management division of the
board of investments state treasurers office and the secretary of the department of administration are jointly charged with the
responsibility of developing and presenting to the boards and
commissions,
to the board of investments, to the state treasurer,
to the governor and to the Legislature recommendations for
administrative and statutory change.
(c) On the effective date of this section, any funds,
equipment, personnel or office facilities associated with those
responsibilities that are transferred from the board of
investments or any other agency, to the treasurer's office shall
be transferred within thirty days of the transfer of those
responsibilities.
CHAPTER 7. COUNTY COMMISSIONS AND OFFICERS.
ARTICLE 6. COUNTY DEPOSITORIES.
§7-6-5a. County treasurer authorized to make funds available to
state treasurer; allocation of income.
Notwithstanding any other provision of this code, when it
appears to any of the various fiscal bodies of the county that
funds on deposit in its demand deposit account exceed the current
requirements or demands, and it
further be is determined by the
county treasurer that the available interest rate offered by an
acceptable depository in
such treasurer's his or her county
be is
less than the interest rate, net of administrative fees referred
to in article six, chapter twelve of this code, offered it through the state
board of investments treasurer, the county
treasurer may, with the approval in writing of each fiscal body
whose funds are involved, make such funds available to the state
board of investments treasurer for investment in accordance with
the provisions of
said article six, chapter twelve of the code.
Any income earned on such investment shall be allocated by
such treasurer to the fiscal body whose funds were made
available, such allocation to be made in accordance with the
accounting and allocation principles established by the
board of
investments treasurer.
CHAPTER 12. PUBLIC MONEYS AND SECURITIES.
ARTICLE 1. STATE DEPOSITORIES.
§12-1-2. Depositories for demand deposits; categories of demand deposits; competitive bidding for disbursement
accounts; maintenance of deposits by state treasurer.
The state treasurer shall designate the state and national
banks in this state which shall serve as depositories for all
state funds placed in demand deposits. Any such state or
national bank shall, upon request to the treasurer, be designated
as a state depository for such deposits, if such bank meets the
requirements set forth in this chapter.
Demand deposit accounts shall consist of receipt and
disbursement. Receipt accounts shall be those accounts in which are deposited moneys belonging to or due the state of West
Virginia or any official, department, board, commission or agency
thereof.
Disbursement accounts shall be those accounts from which are
paid moneys due from the state of West Virginia or any official,
department, board, commission, political subdivision or agency
thereof to any political subdivision, person, firm or
corporation, except moneys paid from investment accounts.
Investment accounts shall be those accounts established by
the West Virginia investment management board
or the state
treasurer for the buying and selling of securities for investment
for the state of West Virginia.
or any official, department,
board, commission or agency thereof or to meet obligations to
paying agents or for paying charges incurred for the custody,
safekeeping and management of such securities pursuant to the
provisions of section five, article five of this chapter, or for
paying the charges of any bank or trust company acting as paying
agent or copaying agent for a bond issue of the state pursuant to
the provisions of section seven-a, article one, chapter fifty- seven of this code
The state treasurer shall promulgate rules, in accordance
with the provisions of article three, chapter twenty-nine-a of
this code, concerning depositories for receipt accounts prescribing the selection criteria, procedures, compensation and
such other contractual terms as it considers to be in the best
interests of the state giving due consideration to: (1) The
activity of the various accounts maintained therein; (2) the
reasonable value of the banking services rendered or to be
rendered the state by such depositories; and (3) the value and
importance of such deposits to the economy of the communities and
the various areas of the state affected thereby.
The state treasurer shall select depositories for
disbursement accounts through competitive bidding by eligible
banks in this state. The treasurer shall promulgate rules,
and
regulations in accordance with the provisions of article
three, chapter twenty-nine-a of this code, prescribing the
procedures and criteria for the bidding and selection. The
treasurer shall, in the invitations for bids, specify the
approximate amounts of deposits, the duration of contracts to be
awarded and such other contractual terms as it considers to be in
the best interests of the state, consistent with obtaining the
most efficient service at the lowest cost.
The amount of money needed for current operation purposes of
the state government, as determined by the state treasurer, shall
be maintained at all times in the state treasury, in cash,
in
investments, or in disbursement accounts with banks designated as depositories in accordance with the provisions of this section.
No state officer or employee shall make or cause to be made any
deposits of state funds in banks not so designated.
§12-1-3. Depositories for interest earning deposits;
qualifications.
Any state or national bank or any state or federal savings
and loan association in this state shall, upon request made to
the
board of investments treasurer, be designated as an eligible
depository for interest earning deposits of state funds if such
bank or state or federal savings and loan association meets the
requirements set forth in this chapter. For purposes of this
article, the term "interest earning deposits" includes
certificates of deposit. The
board of investments treasurer
shall make and apportion such interest earning deposits and shall
prescribe the interest rates, terms and conditions of such
deposits, all in accordance with the provisions of article six of
this chapter:
Provided, That state or federal savings and loan
associations insured by an agency of the federal government shall
be eligible for such deposits not in excess of one hundred
thousand dollars:
Provided, however, That notwithstanding any
provision of this article to the contrary, no such interest
earning deposits may be deposited in any depository which has
been in existence over a period of five years which does not have a loan to deposit ratio of fifty percent or more and which does
not have farm, single or multifamily residential unit loans in an
amount greater than twenty-five percent of the amount of loans
representing a loan-to-deposit ratio of fifty percent. For the
purpose of making the foregoing calculation, the balances due the
depository on the following loans shall be given effect: (1)
Qualifying residential loans held by the depository; (2)
qualifying loans made in participation with other financial
institutions; (3) qualifying loans made in participation with
agencies of the state, federal or local governments; and (4)
qualifying loans originated and serviced by the depository but
owned by an out-of-state investor. The computation of the
criteria for eligibility specified above shall be based on the
average daily balances of deposits, the average daily balances of
total loans and qualifying residential loans for the period being
reported.
§12-1-8. Conflict of interest.
No depository in this state may serve or be eligible for
designation as a state depository if any
member of the West
Virginia investment management board, or employee of the
treasurer's office, or a spouse or minor child of that
member or
employee, is an officer, director or employee thereof, or owns
greater than two percent of the depository either in his or their own name or beneficially, or an interest in such depository.
A
member of the board or An employee of the treasurer's office
shall disclose the circumstance, if any, in the sworn statement
required under the provisions of section one, article one,
chapter six-b of this code.
§12-1-12. When treasurer shall make funds available to the
investment management board; depositories outside the
state.
When the funds in the treasury exceed the amount needed for
current operational purposes, as determined by the treasurer, the
treasurer shall make all of such excess available for investment
by the investment management board which shall invest the
same
excess for the benefit of the general revenue fund:
Provided,
That the treasurer, after reviewing the cash flow needs of the
state, may withhold and invest up to twenty percent of the
operating funds needed to meet current operational purposes.
Operating funds means the consolidated fund established in
section eight, article six of this chapter, including all cash
and investments of the fund.
Whenever the funds in the treasury exceed the amount for
which depositories within the state have qualified, or the
depositories within the state which have qualified are unwilling
to receive larger deposits
or the depositories cannot meet the needs of the treasurer, the treasurer may designate depositories
outside the state, disbursement accounts being bid for in the
same manner as required by depositories within the state, and
when such depositories outside the state have qualified by giving
the bond prescribed in section four of this article, the state
treasurer shall deposit funds therein in like manner as funds are
deposited in depositories within the state under this article.
The treasurer
or board of investments may transfer funds to
banks outside the state to meet obligations to paying agents
outside the state and any such transfer must meet the same bond
requirements as set forth in this article.
§12-1-12a. Investment of operating funds for cash flow needs.
(a) The Legislature hereby finds and declares that the cash
flow needs of the state require short term and liquid
investments, and that up to twenty percent of the operating funds
of the state should be sufficient to meet cash flow needs. The
Legislature further finds that the treasurer may withhold from
transfer to the investment management board up to twenty percent
of the operating funds of the state and invest those funds in
short term and liquid investments.
(b) The treasurer may exercise any and all powers reasonably
necessary or appropriate to carry out and effectuate the purposes
of this section.
(c) Investments shall be made in accordance with the
provisions of the "Uniform Prudent Investor Act" codified as
article six-c of chapter forty-four of this code.
(d) The treasurer is authorized to invest the funds in: (i)
Obligations issued by or guaranteed as to the payment of both
principal and interest by the United States of America or its
agencies or instrumentalities; (ii) repurchase agreements fully
collateralized by obligations of the United States government or
its agencies or instrumentalities; (iii) commercial paper rated
in the two highest categories by any agency nationally known for
rating commercial paper; and (iv) corporate debt rated in one of
the four highest categories by a nationally recognized rating
agency.
(e) The treasurer shall prepare monthly a report of the
investments he or she administers. A copy of each report shall
be furnished to the president of the Senate, speaker of the
House, legislative auditor, council of finance and
administration, and upon request to any legislative committee,
banking institution, state or federal savings and loan
association in this state, and any member of the news media. The
report shall also be kept available for inspection by the public.
ARTICLE 6. WEST VIRGINIA INVESTMENT MANAGEMENT BOARD.
§12-6-1a. Legislative findings.
(a) The Legislature hereby finds and declares that all the
public employees covered by the public employees retirement
system, the teachers retirement system, the West Virginia state
police retirement system, the death, disability and retirement
fund of the division of public safety and the judges' retirement
system should benefit from a prudent and conscientious staff of
financial professionals dedicated to the administration,
investment and management of those employees' and employer's
financial contributions and that an independent board and staff
should be immune to changing political climates and should
provide a stable and continuous source of professional financial
investment and management.
(b) The Legislature finds and declares that teachers and
other public employees throughout the state are experiencing
economic difficulty and that in order to reduce this economic
hardship on these dedicated public employees, and to help foster
sound financial practices, the West Virginia investment
management board is given the authority to develop, implement and
maintain an efficient and modern system for the investment and
management of the state's money. The Legislature further finds
that in order to implement these sound fiscal policies, the West
Virginia investment management board shall operate as an
independent board with its own full-time staff of financial professionals immune to changing political climates, in order to
provide a stable and continuous source of professional financial
management.
(c) The Legislature hereby finds and declares further that
experience has demonstrated that prudent investment provides
diversification and beneficial return not only for public
employees but for all citizens of the state and that in order to
have access to this sound fiscal policy, public employee and
employer contributions to the consolidated pension plan are
declared to be an irrevocable trust, available for no use or
purpose other than for the benefit of those public employees.
(d) The Legislature hereby finds and declares further that
the workers' compensation funds and coal-workers' pneumoconiosis
fund are trust funds to be used exclusively for those workers,
miners and their beneficiaries who have sacrificed their health
in the performance of their jobs, and further finds that the
assets available to pay awarded benefits should be prudently
invested so that awards may be paid.
(e) The Legislature hereby finds and declares further that
an independent public body corporate with appropriate governance
shall be the best means of assuring prudent financial management
of these funds under rapidly changing market conditions and
regulations.
(f) The Legislature hereby finds and declares further that
in accomplishing this purpose, the West Virginia investment
management board, created and established by this article, is
acting in all respects for the benefit of the state's public
employees and ultimately the citizens of the state, and the West
Virginia investment management board is empowered by this article
to act as trustee for an irrevocable trust created by this
article, and to manage and invest other state funds.
(g) The Legislature hereby finds and declares further that
the standard of care and prudence applied to trustees, the
conduct of the affairs of the irrevocable trust created by this
article and the investment of other state funds is intended to be
that applied to the investment of funds as described in the
"uniform prudent investor act" codified as article six-c of
this
chapter
forty-four of this code.
(h) The Legislature further finds and declares that the West
Virginia supreme court of appeals declared the "West Virginia
Trust Fund Act" unconstitutional in its decision rendered on the
twenty-eighth day of March, one thousand nine hundred
ninety-seven, to the extent that it authorized investments in
corporate stock but the court also recognized that there were
other permissible constitutional purposes of the "West Virginia
Trust Fund Act," and that it is the role of the Legislature to determine those purposes consistent with the court's decision and
the constitution of West Virginia.
(i) The Legislature hereby further finds and declares that
it is in the best interests of the state and its citizens to
create a new investment management board in order to: (1) Be in
full compliance with the provisions of the constitution of West
Virginia; and (2) protect all existing legal and equitable rights
of persons who have entered into contractual relationships with
the West Virginia board of investments and the West Virginia
trust fund.
§12-6-2. Definitions.
As used in this article unless a different meaning clearly
appears from the context:
(1) "Beneficiaries" means those individuals entitled to
benefits from the consolidated pension plan;
(2) "Board" means the governing body for the West Virginia
investment management board, and any reference elsewhere in this
code to board of investments or West Virginia trust fund means
the board as defined herein;
(3) "Consolidated fund" means the investment fund managed by
the board and established pursuant to subsection (a), section
eight of this article;
(4) "Consolidated pension plan" means the public employees retirement system established in article ten, chapter five of
this code, the teachers retirement system established in
article seven-a, chapter eighteen of this code, the West Virginia
state police retirement system established in article two-a,
chapter fifteen of this code, the death, disability and
retirement fund of the department of public safety established in
article two, chapter fifteen of this code, the judges' retirement
system established in article nine, chapter fifty-one of this
code, the workers' compensation fund established in article
three, chapter twenty-three of this code,
and the coal-workers'
pneumoconiosis plan established in article four-b, chapter
twenty-three of this code,
the policeman's pension and relief
fund and the fireman's pension and relief fund both established
in article twenty-two, chapter eight of this code, and any other
trust funds that have been or will be created by the Legislature;
(5) "Local government funds" means the moneys of a political
subdivision, including policemen's pension and relief funds,
firemen's pension and relief funds and volunteer fire
departments, transferred to the
board treasurer for deposit;
(6) "Participant plan" means any component system, plan or
fund of the consolidated pension plan within the definition set
forth in subdivision (4) of this section;
(7) "Political subdivision" means and includes a county, municipality or any agency, authority, board, county board of
education, commission or instrumentality of a county or
municipality and regional councils created pursuant to the
provisions of section five, article twenty-five, chapter eight of
this code;
(8) "Trustee" means any member serving on the West Virginia
investment management board:
Provided, That in section nine-a of
this article wherein the terms of the trust indenture are set
forth, "trustee" means the West Virginia investment management
board;
(9) "Securities" means all
bonds, notes, debentures or other
evidences of indebtedness, and other lawful investment
instruments; and
(10) "State funds" means all moneys of the state which may
be lawfully invested except the "school fund" established by
section four, article XII of the state constitution.
§12-6-3. West Virginia investment management board created; body
corporate; board created; trustees; nomination and appointment of trustees, qualifications and terms of appointment, advice and consent; annual and other meetings; designation of representatives and
committees; board meetings with committees regarding investment policy statement required; open meetings, qualifications.
(a) There is hereby created the West Virginia investment
management board. The board is created as a public body
corporate and established to provide prudent fiscal
administration, investment and management for the pension funds,
workers' compensation and coal-workers' pneumoconiosis funds and
other state funds.
(b) The board shall be governed by a board of trustees,
consisting of thirteen members:
(1) Nominations made to the West Virginia trust fund board
and the West Virginia board of investments shall remain in effect
and are hereby specifically reauthorized and those members shall
be members of the investment management board and shall serve out
the remainder of their respective terms subject to the advice and
consent of the Senate:
Provided, That prior appointments which
have been confirmed by the Senate are hereby specifically
reauthorized without further action of the Senate.
(2) Any appointment is effective immediately upon
appointment by the governor with respect to voting, constituting
a quorum, receiving compensation and expenses, and all other
rights and privileges of the trustee position. All appointees must have experience in pension management, institutional
management or financial markets, and one trustee must be an
attorney experienced in finance and investment matters, and one
trustee must be a certified public accountant.
(3) The governor, the state auditor and the state treasurer
or their designees shall serve as members of the board. They
shall serve by virtue of their office and are not entitled to
compensation under the provisions of this article. The governor,
the auditor and the treasurer or their designees shall be subject
to all duties, responsibilities and requirements of the
provisions of this article, including, but not limited to, the
provisions of subsections (e) and (f), section four of this
article.
(c) At the end of each trustee's term, the governor may
reappoint or appoint a successor who shall serve for six-year
terms. No more than six of the ten appointed trustees may belong
to the same political party.
(d) In the event of a vacancy among the trustees, an
appointment shall be made by the governor to fill the unexpired
term.
(e) The governor may remove any trustee, other than trustees
who serve by virtue of their elective office, in case of gross negligence or misfeasance and may declare that position vacant
and may appoint a person for the vacancy as provided in
subsection (d) of this section.
(f) Each trustee, other than those enumerated in subsection
(b), subdivision (3) of this section, shall be entitled to
receive, and, at the trustee's option, the board shall pay to the
trustee, compensation in the amount of five thousand dollars per
year and additional compensation in the amount of five hundred
dollars per meeting attended by the trustee in excess of the four
quarterly meetings required by this section. In addition, all
trustees shall receive reasonable and necessary expenses actually
incurred in discharging trustee duties pursuant to this article.
(g) The board shall meet quarterly and may include in its
bylaws procedures for the calling and holding of additional
meetings. For any quarterly or additional meeting in which the
board shall review or modify its securities list or its
investment objectives pursuant to subsection (f), section twelve
of this article, the board shall give ten days notice in writing
to the designated representative of each participant plan
selected pursuant to subdivision (1), subsection (i) of this
section, and the meeting shall be open to the members and
beneficiaries of the participant plans for that portion of the meeting in which the board undertakes the review or modification.
(h) The board shall hold an annual meeting within forty-five
days after the issuance of the year-end financial report. The
annual meeting may also serve as a quarterly meeting. The annual
meeting shall be open to the public, and the board shall receive
oral and written comments from representatives, members and
beneficiaries of the participant plans and from other citizens of
the state.
At the Prior to its annual meeting, the board shall
adopt a fee schedule and a budget reflecting fee structures for
the year.
(i) Pursuant to subsection (j) of this section, the board
shall meet with committees representing the participant plans to
discuss the board's drafting, reviewing or modifying the written
investment policy of the trust with respect to that committee's
participant plan pursuant to section twelve of this article.
Representatives and committees shall be designated as follows:
(1) The West Virginia consolidated public retirement board
shall promulgate procedural rules by which each pension system
named in paragraphs (1) through (5), inclusive, subsection (c),
section nine-a of this article, shall designate an individual
representative of each said pension system, and the West Virginia
workers' compensation commission shall promulgate procedural rules by which the pneumoconiosis fund and the workers'
compensation fund shall designate an individual representative of
each said fund.
(2) On or before the first day of June of each year, the
consolidated public retirement board shall submit in writing to
the board the names of the five designated representatives, and
the workers' compensation commission shall so submit the names of
the two representatives.
(3) Each designated representative shall provide to the
board his or her current address, updated each year on or before
the first day of July, to which address the board shall provide
notice of meetings of the board pursuant to subsection (g) of
this section.
(4) Each designated representative shall submit in writing
to the board on or before the first day of July of each year, the
names of no more than three persons comprising a committee
representing the beneficiaries of that representative's
participant plan.
(j) At its annual meeting, the board shall meet with each of
the seven committees, formed pursuant to subdivision (1),
subsection (i) of this section, for the purpose of receiving
input from the committees regarding the board's drafting, reviewing or modifying its written investment policy statement
for investment of the consolidated pension plan funds. In
developing the investment policy statement, the trustees shall
receive each committee's stated objectives and policies regarding
the risk tolerances and return expectations of each participant
plan, with attention to the factors enumerated in subsection (g),
section twelve of this article, in order to provide for the
continuing financial security of the trust and its participant
plans. The board may meet with the committees or any of them at
its quarterly and additional meetings for the same purpose.
(k) All meetings of the board shall be open to the
representatives of the participant plans as appointed pursuant
to subdivision (1), subsection (i) of this section. The
representatives shall be subject to any rules, bylaws,
guidelines, requirements and standards promulgated by the board.
The representatives shall observe standards of decorum
established by the board. The representatives shall be subject
to the same code of conduct applicable to the trustees and shall
be subject to all board rules and bylaws. The representatives
shall also be subject to any requirements of confidentiality
applicable to the trustees. Each representative shall be liable
for any act which he or she undertakes which violates any rule, bylaw or statute governing ethical standards, confidentiality or
other standard of conduct imposed upon the trustees or the
representatives. Any meeting of the board may be closed, upon
adoption of a motion by any trustee, when necessary to preserve
the attorney-client privilege, to protect the privacy interests
of individuals, to review personnel matters or to maintain
confidentiality when confidentiality is in the best interest of
the beneficiaries of the trust.
§12-6-5. Powers of the board.
The board may exercise all powers necessary or appropriate
to carry out and effectuate its corporate purposes. The board
may:
(1) Adopt and use a common seal and alter the same at
pleasure;
(2) Sue and be sued;
(3) Enter into contracts and execute and deliver
instruments;
(4) Acquire (by purchase, gift or otherwise), hold, use and
dispose of real and personal property, deeds, mortgages and other
instruments;
(5) Promulgate and enforce bylaws and rules for the
management and conduct of its affairs;
(6) Notwithstanding any other provision of law, retain and
employ legal, accounting, financial and investment advisors and
consultants;
(7) Acquire (by purchase, gift or otherwise), hold,
exchange, pledge, lend and sell or otherwise dispose of
securities and invest funds in interest earning deposits and in
any other lawful investments;
(8) Maintain accounts with banks, securities dealers and
financial institutions both within and outside this state;
(9) Engage in financial transactions whereby securities are
purchased by the board under an agreement providing for the
resale of the securities to the original seller at a stated
price;
(10) Engage in financial transactions whereby securities
held by the board are sold under an agreement providing for the
repurchase of the securities by the board at a stated price;
(11) Consolidate and manage moneys, securities and other
assets of the other funds and accounts of the state and the
moneys of political subdivisions which may be made available to
it under the provisions of this article;
(12) Enter into agreements with political subdivisions of
the state whereby moneys of the political subdivisions are invested on their behalf by the board;
(13) Charge and collect administrative fees from political
subdivisions for its services;
(14) (11) Exercise all powers generally granted to and
exercised by the holders of investment securities with respect to
management of the investment securities;
(15) (12) Contract with one or more banking institutions in
or outside the state for the custody, safekeeping and management
of securities held by the board;
(16) (13) Make, and from time to time, amend and repeal
bylaws, regulations and procedures not inconsistent with the
provisions of this article;
(17) (14) Hire its own employees, consultants, managers and
advisors as it considers necessary and fix their compensation and
prescribe their duties;
(18) (15) Develop, implement and maintain its own banking
accounts and investments;
(19) (16) Do all things necessary to implement and operate
the board and carry out the intent of this article;
(20) Require the state auditor and treasurer to transmit
state funds on a daily basis for investment: Provided, That
money held for meeting the daily obligations of state government need not be transferred;
(21) (17) Upon request of the treasurer, transmit funds for
deposit in the state treasury to meet the daily obligations of
state government;
and
(22) (18) Notwithstanding any other provision of the code to
the contrary, conduct investment transactions, including
purchases, sales, redemptions and income collections which
transactions shall not be treated by the auditor as recordable
transactions on the state's accounting system;
and
(19) Invest state funds that may be transferred to the board
by the treasurer for investment purposes.
§12-6-8. Investment funds established; management thereof.
(a) There is hereby established a special investment fund to
be managed by the board and designated as the "Consolidated
Fund."
(b) Each board, commission, department, official or agency
charged with the administration of state funds is hereby
authorized to make moneys available to the
board for investment
treasurer for investment purposes: Provided, That the state
treasurer may, based upon the liquidity of the state, accept or
reject the request to invest funds.
(c) Each political subdivision of this state through its treasurer or equivalent financial officer is hereby authorized to
enter into agreements with the
board for the investment state
treasurer for the investment of moneys of the political
subdivision. Any political subdivision may enter into an
agreement with any state agency from which it receives funds to
allow the funds to be transferred to their investment account
with the
investment management board state treasurer.
(d) Moneys held in the various funds and accounts
administered by the board shall be invested as permitted in
section twelve of this article and subject to the restrictions
contained in that section. The treasurer shall maintain records
of the deposits and withdrawals of each participant and the
performance of the various funds and accounts. The board shall
report the earnings on the various funds under management to the
treasurer at such times as determined by the 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 minimum 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:
Provided, however, That the consolidated fund and the moneys of
the consolidated pension plan shall not be combined or deposited
to a single account or fund.
§12-6-9. Fees for service.
The board shall charge fees, as adopted
at the annual
meeting annually, for the reasonable and necessary expenses
incurred by the investment management board in rendering services
to the participant plans and the consolidated fund. The fees
shall be subtracted from the total return of the board, and the
net return shall be credited to each of the participant plans and
the consolidated fund. All fees which are dedicated or
identified or readily identifiable to an individual participant
plan or the consolidated fund shall be charged against that plan
or fund, and all other fees shall be charged as a percentage of
assets under management.
At its annual meeting, The board shall
adopt a fee schedule and a budget reflecting fee structures
annually.
§12-6-11. Standard of care.
Any investments made under this article shall be made in
accordance with the provisions of the "Uniform Prudent Investor
Act" codified as article six-c of
this chapter
forty-four of this
code and shall be further subject to the following requirements:
(a) Trustees shall discharge their duties with respect to
the consolidated pension plan for the exclusive purpose of
providing benefits to participants and their beneficiaries;
(b) Trustees shall diversify fund investment so as to
minimize the risk of large losses unless, under the
circumstances, it is clearly prudent not to do so;
(c) Trustees shall defray reasonable expenses of investing
and operating the funds under management; and
(d) Trustees shall discharge their duties in accordance with
the documents and instruments governing the trust fund or other
funds under management insofar as such documents and instruments
are consistent with the provisions of this article.
§12-6-13. Investments by board; exceptions.
All duties vested by law in any agency, commission, official
or other board of the state relating to the investment of moneys,
and the acquisition, sale, exchange or disposal of securities or
any other investment are hereby transferred to the board,
except as provided in section twelve and twelve-a, article one of this
chapter and the prepaid tuition trust fund established by article
thirty, chapter eighteen of this code: Provided, That neither
this section nor any other section of this article applies to the
"board of the school fund" and the "school fund" established by
section 4, article XII of the state constitution:
Provided,
however, That funds under the control of the municipal bond
commission may, in the discretion of the commission, be made
available to the board for investment to be invested by the
commission as provided in article three, chapter thirteen of this
code.
§12-6-14. Reports of board.
The board shall prepare annually, or more frequently if
deemed necessary by the board, a report of its operations and the
performance of the various funds administered by it. A copy
thereof shall be furnished to the chief financial officer of each
participant,
state treasurer, the president of the Senate,
speaker of the House, legislative auditor, and upon request to
any legislative committee, any banking institution or state or
federal savings and loan association in this state, and any
member of the news media, and such report shall be kept available
for inspection by any citizen of this state.
§12-6-15. Consolidated fund audits.
The board shall cause to be conducted an annual external
audit of all investment transactions of the consolidated fund by
a nationally recognized accounting firm.
Provided, That the
board shall on a monthly basis provide to each state agency and
any other entity investing moneys in the consolidated fund an
itemized statement of the agency's or the entity's account in the
consolidated fund. The statement shall include the beginning
balance, contributions, withdrawals, income distributed, change
in value and ending balance
§12-6-19. Authorization for loans by the board.
(a) The board, upon request of the state building
commission, shall transfer moneys as a loan to the state building
commission in an amount not to exceed in the aggregate twenty-one
million dollars for the purposes of financing or refinancing the
projects specified in subsections (b) and (d), section eight,
article six, chapter five of this code. The money borrowed shall
bear interest during the term of the loan at a fixed rate not to
exceed the interest rate on treasury notes, bills or bonds of the
same term as the term of the loan the week of closing on the loan
as reported by the treasury of the United States. Loans made
under this subsection shall be repaid in regular monthly or semiannual payments, or as funds are made available by the budget
office of department of administration, and shall be paid in
full not later than twenty-five years from the date the loans
are made with terms and conditions mutually agreed upon by the
state building commission and the investment management board.
(b) The investment management board shall upon request of
the state building commission transfer moneys as a loan to the
state building commission in an amount not to exceed in the
aggregate one hundred thirty-seven million dollars for the
purposes of financing construction of regional jails,
correctional facilities or building extensions or improvements to
regional jails and correctional facilities.
Prior to the
expenditure of any loan proceeds, the regional jail and
correctional facility authority shall certify a list of projects
to the state building commission and the joint committee on
government and finance that shall be funded from loan proceeds.
This certified list cannot thereafter be altered or amended other
than by legislative enactment. The state building commission
shall borrow money as needed by the regional jail and
correctional facility authority. The investment management board
shall transfer loan proceeds to the authority for expenditure.
The money borrowed shall bear
no interest during the term of the loan.
at a fixed rate not to exceed the interest rate on
treasury notes, bills or bonds of the same term as the term of
the loan the week of closing on the loan as reported by the
treasury of the United States
(c) The regional jail and correctional facility authority
shall expend the loan proceeds received under the provisions of
subsection (b) of this section to proceed with the projects
included in the letter submitted to the joint committee on
government and finance dated the fifteenth day of January, one
thousand nine hundred ninety-seven:
Provided, That the letter
shall not be construed to prioritize any project or projects
which are included in the letter:
Provided, however, That the
authority may also expend loan proceeds for any expansion to any
existing regional jail or any expansion to a regional jail under
construction upon the effective date of this section.
(d) Loans made under this section for the projects specified
in subsection (b) of this section and in subsection (d), section
eight, article six, chapter five of this code, shall be repaid in
annual payments of not less than twelve million dollars per year
by appropriation of the Legislature to the
board state treasurer.
The amount transferred for loans under subsection (a) or (b) of
this section shall not exceed that amount which the
board state treasurer determines is reasonable given the cash flow needs of
the consolidated fund. The board shall make transfers for loans
first for the project specified in subsection (d), section eight,
article six, chapter five of this code, second for the projects
specified in subsection (b) of this section and third for
projects specified in subsection (b), section eight, article six,
chapter five of this code, which are in imminent danger of
default in payment. The
board state treasurer shall take the
steps necessary to increase the liquidity of the consolidated
fund over a period of the next five years to allow for the loans
provided in this section without increasing the risk of loss in
the consolidated fund.
ARTICLE 6B. DEBT CAPACITY ADVISORY DIVISION.
§12-6B-4. Powers and duties.
The division shall perform the following functions and
duties:
(a) Promulgate rules pursuant to article three, chapter
twenty-nine-a of this code, for the management and conduct of its
affairs;
(b) Annually review the size and condition of the state's
tax-supported debt and submit to the governor and to the
Legislature,
on or before the first day of October of each year fifteen days after the receipt by the state treasurer of the
comprehensive annual financial report for the previous fiscal
year, a report containing an estimate of the maximum amount of
new tax-supported debt that prudently may be authorized for the
next fiscal year, together with a report explaining the basis for
the estimate. The estimate shall be advisory and in no way
restrict the governor or the Legislature. In preparing its
annual review and estimate, the division shall, at a minimum,
consider:
(1) The amount of net tax supported debt that, during the
next fiscal year and annually for the following ten fiscal years:
(A) Will be outstanding; and (B) has been authorized but not yet
issued;
(2) Projected debt service requirements during the next
fiscal year and annually for the following ten fiscal years based
upon: (A) Existing outstanding debt; (B) previously authorized
but unissued debt; and (C) projected bond authorizations;
(3) Any information available from the budget section of the
department of administration in connection with anticipated
capital expenditures projected for the next five fiscal years;
(4) The criteria that recognized bond rating agencies use to
judge the quality of state bonds;
(5) Any other factor that the division finds as relevant to:
(A) The ability of the state to meet its projected debt service
requirements for the next fiscal year; (B) the ability of the
state to meet its projected debt service requirement for the next
five fiscal years; and (C) any other factor affecting the
marketability of such bond; and
(6) The effect of authorizations of new tax-supported debt
on each of the considerations of this subsection.
(c) Conduct ongoing review of the amount and condition of
bonds, notes and other security obligations of the state's
spending units: (1) Not secured by the full faith and credit of
the state or for which the Legislature is not obligated to
replenish reserve funds or make necessary debt service payments;
(2) for which the state has a contingent or limited liability or
for which the Legislature is permitted to replenish reserve funds
or make necessary debt service payments if deficiencies occur.
When appropriate, the division shall recommend limits on such
additional obligations to the governor and to the Legislature.
Such recommendation is advisory and shall in no way restrict the
governor, the Legislature or the spending unit.
(d) The treasurer may review all proposed offerings of debt,
as defined in this article, submitted to the division of debt management, as provided in section six, article six-a of this
chapter. The division may also request any additional
information which may be needed to issue an advisory opinion to
the governor, the speaker of the House of Delegates and the
president of the Senate as to the impact of the proposed offering
on the state's net tax-supported debt outstanding and any other
criteria which the treasurer feels may be relevant to the
marketability of said offering and its impact on the state's
credit rating. Such advisory opinion shall in no way restrict
the governor, the Legislature or the spending unit.
(e) Do all things necessary or convenient to effectuate the
intent of this article and to carry out its powers and functions.
CHAPTER 13. PUBLIC BONDED INDEBTEDNESS.
ARTICLE 1. BOND ISSUES FOR ORIGINAL INDEBTEDNESS.
§13-1-14. Resolution authorizing issuance and fixing terms of
bonds.
If three fifths of all the votes cast for and against the
proposition to incur debt and issue negotiable bonds shall be in
favor of the same, the governing body of the political division
shall, by resolution, authorize the issuance of such bonds in an
amount not exceeding the amount stated in the proposition; fix
the date thereof; set forth the denominations in which they shall be issued, which denominations shall be one hundred dollars or
multiples thereof; determine the rate or rates of interest which
the bonds shall bear, which rate or rates of interest shall be
within the maximum rate stated in the proposition submitted to
vote and payable semiannually; prescribe the medium with which
the bonds shall be payable; require that the bonds shall be made
payable at the office of the state
board of investments treasurer
and at such other place or places as the body issuing the same
may designate; provide for a sufficient levy to pay the annual
interest on the bonds and the principal at maturity; fix the
times within the maximum period, as contained in the proposition
submitted to vote, when the bonds shall become payable, which
shall not exceed thirty-four years from the date thereof;
determine whether all or a portion of the bonds shall be subject
to redemption prior to the maturity thereof and, if so, the terms
of the redemption; and prescribe a form for executing the bonds
authorized.
§13-1-17. Bonds may be registered; coupon bonds may be
registered as to principal.
The bonds issued hereunder may be registered or coupon
bonds. Coupon bonds may be registered as to the principal in the
owner's name by the state
board of investments treasurer on books which shall be kept at its office for the purpose and the
registration shall also be noted on the bonds, after which no
transfer shall be valid unless made by the state
board of
investments treasurer on the books of registration and similarly
noted on the bonds. Bonds registered as to principal may be
discharged from registration by being transferred to bearer,
after which they shall be transferable by delivery; but may
again, and from time to time, be registered as to the principal
amount as before. The registration of coupon bonds as to the
principal sum shall not affect the negotiability of the interest
coupons, but title to the same shall pass by delivery.
§13-1-18. Registration of coupon bonds as to interest; exchange
of registered bond for coupon bond.
Coupon bonds may also be registered as to the interest by
the holder surrendering the bonds with the unpaid coupons
attached, which bonds and coupons shall be canceled by the state
board of investments treasurer. New bonds of the same date and
tenor and for the same amounts as the bonds surrendered, or, at
the option of the holder, a single bond for the aggregate amount
of the bonds surrendered, but without interest coupons attached,
shall be issued in the place of the coupon bonds and registered
in the manner required in the preceding section. A registered bond may at any time be surrendered and be exchanged by the
holder for a coupon bond by the holder delivering the registered
bond to the state
board of investments treasurer who shall cancel
the same and who shall cause a new bond of the same date and
tenor and for the same amount to be issued, and with interest
coupons for the interest thereafter to accrue thereon attached,
and deliver the same to the holder of the surrendered bond. The
governing body of the county, municipal corporation or school
district which issued the original bond shall issue and execute
the new bond required by this section and shall pass the
resolutions and ordinances necessary to authorize the same. The
expense of such registration shall in all cases be paid by the
holder of the bonds.
ARTICLE 2. REFUNDING BONDS.
§13-2-2. Terms of refunding bonds; time, place and amount of
payments.
Upon determining to issue such refunding bonds, the
governing body of such political division shall, by resolution,
authorize the issuance of such bonds in an amount not exceeding
the principal amount permitted by section one of this article,
fix the date thereof, the rate or rates of interest which such
bonds shall bear, payable semiannually, and require that the bonds shall bear, payable at the office of the state
board of
investments treasurer and at such other place or places as the
body issuing the same may designate. Such resolution shall also
provide that such bonds shall mature serially in annual
installments beginning not more than three years after the date
thereof, and the last of such annual installments shall mature in
not exceeding thirty-four years from the date of such bonds. The
amount payable in each year on the refunding bonds, together with
any unrefunded or unissued bonds of the prior issue, may be so
fixed that, when the amount of interest is added to the principal
amount to be paid during the respective years, the total amount
payable in each year shall be as nearly equal as practicable; or
such bonds may be made payable in annual installments as nearly
equal in principal as may be practicable.
All or a portion of the refunding bonds may be subject to
redemption prior to the maturity thereof, at the option of the
body issuing the same, at such times and prices and on such terms
as shall be designated in the resolution required by this
section. The body issuing the refunding bonds may not levy taxes
in connection with the redemption of any refunding bonds in
excess of the taxes that would have been levied for the payment
of principal of and interest on such refunding bonds in such year.
NOTE: The purpose of this bill is to clarify and provide
technical clean-up of language concerning the responsibilities of
the state treasurer; providing estimates of revenue to the
treasurer; accounting system of treasurer; reconcilement of
assets reported by treasurer and investment management board;
authorizing county treasurers to make funds available to state
treasurer; addressing the conflict of interest provisions of the
investment management board; authorizing investment accounts by
the treasurer; authorizing treasurer to invest up to twenty
percent of the operating funds of the state to meet current
operational needs; limitations on investments by treasurer;
adding the policeman's and fireman's pension funds to definition
of pension plan; amending definition of securities; clarifying
when investment management board must adopt a fee schedule and
budget; clarifying role of treasurer with regard to transfer of
funds to the investment management board; clarifying what is
invested by the investment management board; adding treasurer as
recipient of board reports; clarify the monthly reporting
requirements for the consolidated fund; clarifying certain
matters regarding loan for state building commission; changing
due date of debt capacity report; and to authorize treasurer to
be bond payor and registrar.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
§12-1-12a is new; therefore, strike-throughs and
underscoring has been omitted.
§§12-6-5a, 12-6-9c and 21A-8A are being repealed and are
therefore not part of the bill text.
Email
Webmaster | © 2024 West Virginia Legislature **
