COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 515
(By Senator Craigo)
____________
[Originating in the Committee on Government Organization;
April 1, 1997]
____________
A BILL to repeal section twelve, article four, chapter twelve of
the code of West Virginia, one thousand nine hundred thirty- one, as amended; to repeal sections two and two-a, article
eight, chapter twenty-seven of said code; to amend and
reenact sections five, nine, ten and eleven-a, article six,
chapter five of said code; to amend and reenact section six,
article two, chapter five-f of said code; to amend and
reenact section one, article seven, chapter six of said
code; to amend and reenact section one, article five,
chapter seven of said code; to amend and reenact section
fifteen, article thirteen, chapter eight of said code; to
amend and reenact sections one, two, three, four, five,
seven, eight, nine, ten, eleven, twelve and thirteen,
article one, chapter twelve of said code; to amend and
reenact sections two, three, four and five, article two of
said chapter; to amend and reenact sections one, one-a, one- b, four, ten-a and thirteen-b, article three of said
chapter; to further amend said article by adding thereto two new sections, designated sections ten-c and ten-d; to amend
and reenact sections two, three, four, six, seven, eight,
nine and thirteen, article four of said chapter; to further
amend said article by adding thereto two new sections,
designated sections three-a and eight-a; to amend and
reenact sections two, four, five and six, article five of
said chapter; to further amend said article by adding
thereto a new section, designated section seven; to amend
and reenact sections one-a, three, four and five, article
six of said chapter; to amend and reenact sections two,
three, five and six, article six-a of said chapter; to
further amend said chapter by adding thereto a new article,
designated article six-b; to amend and reenact sections
fourteen, seventeen and eighteen, article one, chapter
thirteen of said code; to amend and reenact section three,
article three of said chapter; to amend and reenact sections
nine, twelve and thirteen, article nine-d, chapter eighteen
of said code; to amend and reenact section nine, article
fifteen-a, chapter thirty-one of said code; to amend and
reenact section two, article fifteen-b of said chapter; to
amend and reenact section eleven, article twenty of said
chapter; to amend and reenact section two-a, article three,
chapter fifty of said code; to amend and reenact section
seven-a, article one, chapter fifty-seven of said code; to
amend and reenact section twelve, article one, chapter
fifty-nine of said code, all relating to the uniform processing of proceeds and disbursements in relation to the
issuance of revenue bonds by the state building commission,
the school building authority, the West Virginia
infrastructure and jobs development council and the West
Virginia regional jail and correctional facility authority;
consolidation and organization of certain boards and
commissions; state officials, officers and employees to be
paid twice per month; collection of moneys due a county,
district, municipality, magistrate court and circuit courts;
duties and responsibilities of the state treasurer in
relation to state depositories; payment and deposit of taxes
and other amounts due the state or any political
subdivision; duties and responsibilities of the state
auditor and treasurer in relation to appropriations,
expenditures and deductions; accounts of treasurer and
auditor; auditor to certify condition of revenues and funds
of the state; accounts of appropriations; accounts of the
auditor; accounts of expenditures; signing of checks and
warrants; facsimile signatures and use of mechanical and
electrical devices; forgery; penalty; comparison of books of
auditor and treasurer; monthly balances; annual report of
the auditor; office hours of auditor and treasurer;
employment of legal counsel; absence of auditor or
treasurer; bank reconciliation; balancing state accounts;
state treasurer's duties and responsibilities in relation to
public securities; treasurer as financial advisor; selection of alternate advisor; employment or selection of bond
counsel; the state board of investments continued; body
corporate; members; appointment of certain members;
qualifications and term of office; officers; executive
secretary; term; organization; board staff; surety bonds for
members and employees; powers of the board; debt management;
debt information reporting; debt capacity advisory division
created; resolution authorizing issuance and fixing terms of
bonds; bond registration; municipal bond commission,
officers, employees, chief administrative officer, meetings,
quorum, compensation and expenses, legal representation; use
of photographic copies in evidence; state records, papers or
documents; destruction or transfer to archives of originals;
and destruction of canceled checks and paid and canceled
bonds and coupons.
Be it enacted by the Legislature of West Virginia:
That section twelve, article four, chapter twelve of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be repealed; that sections two and two-a, article eight,
chapter twenty-seven of said code be repealed; that sections
five, nine, ten and eleven-a, article six, chapter five of said
code be amended and reenacted; that section six, article two,
chapter five-f of said code be amended and reenacted; that
section one, article seven, chapter six of said code be amended
and reenacted; that section one, article five, chapter seven of
said code be amended and reenacted; that section fifteen, article thirteen, chapter eight of said code be amended and reenacted;
that sections one, two, three, four, five, seven, eight, nine,
ten, eleven, twelve and thirteen, article one, chapter twelve of
said code be amended and reenacted; that sections two, three,
four and five, article two of said chapter be amended and
reenacted; that sections one, one-a, one-b, four, ten-a and
thirteen-b, article three of said chapter be amended and
reenacted; that said article be further amended by adding thereto
two new sections, designated sections ten-c and ten-d; that
sections two, three, four, six, seven, eight, nine and thirteen,
article four of said chapter be amended and reenacted; that said
article be further amended by adding thereto two new sections,
designated sections three-a and eight-a; that sections two, four,
five and six, article five of said chapter be amended and
reenacted; that said article be further amended by adding thereto
a new section, designated section seven; that sections one-a,
three, four and five, article six of said chapter be amended and
reenacted; that sections two, three, five and six, article six-a
of said chapter be amended and reenacted; that said chapter be
further amended by adding thereto a new article, designated
article six-b; that sections fourteen, seventeen and eighteen,
article one, chapter thirteen of said code be amended and
reenacted; that section three, article three of said chapter be
amended and reenacted; that sections nine, twelve and thirteen,
article nine-d, chapter eighteen of said code be amended and
reenacted; that section nine, article fifteen-a, chapter thirty-one of said code be amended and reenacted; that section two,
article fifteen-b of said chapter be amended and reenacted; that
section eleven, article twenty of said chapter be amended and
reenacted; that section two-a, article three, chapter fifty of
said code be amended and reenacted; that section seven-a, article
one, chapter fifty-seven of said code be amended and reenacted;
and that section twelve, article one, chapter fifty-nine of said
code be amended and reenacted, all to read as follows:
CHAPTER 5. GENERAL POWERS AND AUTHORITY OF THE GOVERNOR,
SECRETARY OF STATE AND ATTORNEY GENERAL; BOARD
OF PUBLIC WORKS; MISCELLANEOUS AGENCIES, COMMISSIONS,
OFFICES, PROGRAMS, ETC.
ARTICLE 6. STATE BUILDING COMMISSION.
§5-6-5. Deposit and disbursement of funds of commission;
security for deposits; audits.
(a) Except as provided in sections five-a and eleven-a of
this article, all moneys of the commission from whatever source
they were derived shall be paid to the treasurer of the state of
West Virginia who shall not commingle the moneys, but shall
deposit them to a special revenue fund to be known as the "state
building commission fund". The moneys in the account shall be
impressed with and subject to the lien or liens on the moneys in
favor of the bondholders provided in the proceedings for issuance
of bonds pursuant to this article. The moneys in the account
shall be paid out on check of the treasurer on requisition of the
chairman of the commission, or of
such any other person as the commission may authorize to make the requisition. All deposits
of the moneys shall, if required by the treasurer or the
commission, be secured by obligations of the United States, of
the state of West Virginia, or of the commission, of a market
value equal at all times to the amount of the deposit, and all
banking institutions are authorized to give
such security for the
deposits. The legislative auditor and his or her legally
authorized representatives
are hereby authorized and empowered
may from time to time
to examine the accounts and books of the
commission, including its receipts, disbursements, contracts,
leases, sinking funds, investments and any other matters relating
to its financial standing.
(b) Notwithstanding any other provisions of this article to
the contrary, all proceeds from the issuance of all revenue
bonds issued after the first day of July, one thousand nine
hundred ninety-seven pursuant to this article, including any
moneys in any special funds, sinking funds, reserve funds, or any
other moneys or funds and all interest thereon shall be credited
to the state treasury and invested by the board of investments as
provided in article six, chapter twelve of this code, and all
disbursements, including, but not limited to, the completion of
authorized projects, costs of issuance, and all debt service
obligations shall be credited to and paid from the state treasury
pursuant to a warrant drawn by the auditor as provided in
articles two and three, chapter twelve of this code. The auditor
and treasurer may remit funds for sinking funds, debt service reserves and any other reserve requirements as required by any
trustee agreement. In the case of refunding bonds, or bonds
issued pursuant to a master indenture dated prior to the first
day of July, one thousand nine hundred ninety-seven, the
treasurer shall designate a financial institution to serve as
escrow trustee.
§5-6-9. Trustee for holders of bonds; contents of trust
agreement.
The commission may enter into an agreement or agreements
with any trust company, or with any bank having the powers of a
trust company, whether within or outside of the state, as trustee
for the holders of bonds issued
hereunder under this article,
setting forth
therein such in the agreement the duties of the
state and of the commission in respect
of to the acquisition,
construction, improvement, maintenance, operation, repair and
insurance of the project, the conservation and application of all
moneys, the insurance of moneys on hand or on deposit, and the
rights and remedies of the trustee and the holders of the bonds,
as may be agreed upon with the original purchasers of
such the
bonds.
and including therein The agreement shall include
provisions:
(1) Restricting the individual right of action of
bondholders as is customary in trust agreements respecting bonds
and debentures of corporations;
(2) protecting and enforcing the
rights and remedies of the trustee and the bondholders; and
(3)
providing for approval by the original purchasers of the bonds of
the appointment of consulting architects, and of the security given by those who contract to construct the building, and by any
bank or trust company in which the proceeds of bonds or rentals
shall be deposited, and for approval by the consulting architects
of all contracts for construction. All expenses incurred in
carrying out
such the agreement may be treated as a part of the
cost of maintenance, operation and repairs of the project.
Notwithstanding any other provisions of this article to the
contrary, all proceeds from the issuance of all revenue bonds
issued after the first day of July, one thousand nine hundred
ninety-seven, pursuant to this article, including any moneys in
any special funds, sinking funds, reserve funds, or any other
moneys or funds and all interest thereon shall be credited to the
state treasury and invested by the board of investments as
provided in article six, chapter twelve of this code, and all
disbursements, including, but not limited to, the completion of
authorized projects, costs of issuance, and all debt service
obligations shall be credited to and paid from the state treasury
pursuant to a warrant drawn by the auditor as provided in
articles two and three, chapter twelve of this code. The auditor
and treasurer may remit funds for sinking funds, debt service
reserves and any other reserve requirements as required by any
trustee agreement. In the case of refunding bonds, or bonds
issued pursuant to a master indenture dated prior to the first
day of July, one thousand nine hundred ninety-seven, the
treasurer shall designate a financial institution to serve as
escrow trustee.
§5-6-10. Trust existing in favor of existing bondholders.
The properties and interests in properties, real, personal
and mixed, tangible and intangible, standing or held in the name
of or for and in behalf of, or for the benefit of, the
commission, or the state of West Virginia to the extent that the
properties and interests in properties were acquired or improved
by the expenditure of the proceeds of bonds previously issued by
the commission, and the moneys, deposits, securities and choses
in action and other rights held in the name of or for and in
behalf of, or for the benefit of, the commission, other than
moneys, deposits, securities, choses in action and other rights
or which are investments of: (1) Proceeds of bonds previously
issued by the commission held for expenditure for completion of
now existing projects of the commission;
or (2) revenues of the
commission from existing projects of the commission which, after
provision for operation and maintenance expenses and coverage
requirements not otherwise provided for, are in excess of sums
required to pay the principal of and interest on the bonds of the
commission previously issued, as and when due and payable;
or (3)
proceeds of bonds of the commission issued after the effective
date of this section;
or (4) revenues pledged for the repayment
of bonds issued pursuant to section eleven-a of this article; or
(5) revenues of the commission from projects acquired after the
effective date of this section or constructed by the commission,
are
declared to be subject to and shall be held by the commission
in trust for the satisfaction of the obligations evidenced by the bonds previously issued by the commission and the interest
coupons on the bonds:
Provided, That nothing in this article
shall be taken to validate or to attempt to validate rights under
any existing lease or other agreement entered into under the
former provisions of this article between the commission and the
state of West Virginia or any officer, department or agency of
this state to the extent that the lease or agreement provides for
payments from general tax revenues of the state. Until the
satisfaction in full of the obligations evidenced by bonds
previously issued by the commission
are satisfied in full, the
commission shall hold, manage and operate the trust properties
and interests in properties, moneys, deposits, securities and
choses in action and other rights, separate from all other
properties and interests in properties, moneys, deposits,
securities and choses in action and other rights that may after
the effective date of this section be held and owned by the
commission. Upon the satisfaction of all of the obligations of
the commission, all of the trust properties and interests in
properties, moneys, deposits, securities and choses in action and
other rights
shall become and be are free and clear of the trust.
Notwithstanding any other provisions of this article to the
contrary, all proceeds from the issuance of all revenue bonds
issued after the first day of July, one thousand nine hundred
ninety-seven, pursuant to this article, including any moneys in
any special funds, sinking funds, reserve funds or any other
moneys or funds and all interest thereon shall be credited to the state treasury and invested by the board of investments as
provided in article six, chapter twelve of this code, and all
disbursements, including, but not limited to, the completion of
authorized projects, costs of issuance, and all debt service
obligations shall be credited to and paid from the state treasury
pursuant to a warrant drawn by the auditor as provided in
articles two and three, chapter twelve of this code. The auditor
and treasurer may remit funds for sinking funds, debt service
reserves and any other reserve requirements as required by any
trustee agreement. In the case of refunding bonds, or bonds
issued pursuant to a master indenture dated prior to the first
day of July, one thousand nine hundred ninety-seven, the
treasurer shall designate a financial institution to serve as
escrow trustee.
§5-6-11a. Special power of commission to transfer or expend bond
proceeds for capital improvements at institutions of higher
education, state parks and the capitol complex and to
construct and lease a center for arts and sciences of West
Virginia; limitations; state building commission authorized
to issue revenue bonds; fund created; use of funds to pay
for development of education, arts, sciences and tourism
projects.
(a) The Legislature finds and declares that in order to
attract new business and industry to this state, to retain
existing business and industry providing the citizens of this
state with economic security and to advance the business prosperity and economic welfare of this state it is necessary to
promote adequate higher education, arts, sciences and tourism
facilities, including infrastructure, for: (1) State-of-the-art
educational opportunities for all citizens of this state; (2)
tourism enhancements at state parks, the capitol complex or other
tourism sites throughout the state; (3) hands-on arts and
sciences training for the youth of West Virginia; and (4)
programs using the performing arts as an educational tool.
Therefore, in order to promote education, arts, sciences and
tourism, the Legislature finds that public financial support
should be provided for constructing, equipping, improving and
maintaining capital improvement projects which promote education,
arts, sciences and tourism in this state.
(b) The state building commission shall, by resolution, in
accordance with the provisions of this article, issue revenue
bonds of the commission from time to time, to pay for a portion
of the cost of constructing, equipping, improving or maintaining
capital improvement projects under this section or to refund the
bonds, at the discretion of the authority. The principal amount
of the bonds issued under this section shall not exceed, in the
aggregate, one hundred million dollars. Any revenue bonds issued
on or after the first day of January, one thousand nine hundred
ninety-six, which are secured by lottery proceeds shall mature at
a time or times not exceeding twenty-five years from their
respective dates. The principal of, and the interest and
redemption premium, if any, on the bonds shall be payable solely from the special fund provided in this section for the payment.
Notwithstanding provisions of this article to the contrary, all
proceeds from the issuance of any revenue bonds issued after the
first day of July, one thousand nine hundred ninety-seven,
pursuant to this article, including any moneys in any special
funds, sinking funds, reserve funds or any other moneys or funds
and all interest thereon shall be credited to the state treasury
and invested by the board of investments as provided in article
six, chapter twelve of this code, and all disbursements,
including, but not limited to, the completion of authorized
projects, costs of issuance and all debt service obligations
shall be paid from the state treasury pursuant to a warrant drawn
by the auditor as provided in articles two and three, chapter
twelve of this code. The auditor and treasurer may remit funds
for sinking funds, debt service reserves and any other reserve
requirements as required by any trustee agreement. In the case
of refunding bonds, or bonds issued pursuant to a master
indenture dated prior to the first day of July, one thousand nine
hundred ninety-seven, the treasurer shall designate a financial
institution to serve as escrow trustee.
(c) There is hereby created in the state treasury a special
revenue fund named the "education, arts, sciences and tourism
debt service fund" into which shall be deposited on and after the
first day of July, one thousand nine hundred ninety-six, the
amounts specified in section eighteen, article twenty-two,
chapter twenty-nine of this code. All amounts deposited in the fund shall be pledged to the repayment of the principal, interest
and redemption premium, if any, on any revenue bonds or refunding
revenue bonds authorized by this section. The commission may
further provide in the resolution and in the trust agreement for
priorities on the revenues paid into the education, arts,
sciences and tourism debt service fund as may be necessary for
the protection of the prior rights of the holders of bonds issued
at different times under the provisions of this section. The
bonds issued pursuant to this section shall be separate from all
other bonds which may be or have been issued from time to time
under the provisions of this article. The education, arts,
sciences and tourism debt service fund shall be pledged solely
for the repayment of bonds issued pursuant to this section. On
or prior to the first day of May of each year, commencing the
first day of May, one thousand nine hundred ninety-six, the
commission shall certify to the state lottery director the
principal and interest and coverage ratio requirements for the
following fiscal year on any revenue bonds or refunding revenue
bonds issued pursuant to this section, and for which moneys
deposited in the education, arts, sciences and tourism debt
service fund have been pledged, or will be pledged, for repayment
pursuant to this section.
After the commission has issued bonds authorized by this
section, and after the requirements of all funds have been
satisfied, including coverage and reserve funds established in
connection with the bonds issued pursuant to this section, any balance remaining in the education, arts, sciences and tourism
debt service fund may be used for the redemption of any of the
outstanding bonds issued under this section which, by their
terms, are then redeemable or for the purchase of the outstanding
bonds at the market price, but not to exceed the price, if any,
at which redeemable, and all bonds redeemed or purchased shall be
immediately canceled and shall not again be issued.
(d) The commission shall expend twenty-five million dollars
of the bond proceeds for certified capital improvement projects
at state institutions of higher education. For the purposes of
certifying the projects which will receive funds from the bond
proceeds, a committee shall be established and comprised of the
governor, or his or her designee, the secretary of the department
of administration, the secretary of the department of education
and the arts, the chancellor of the university of West Virginia
board of trustees and the chancellor of the board of directors of
the state college system. The committee shall meet as often as
necessary and take recommendations from any source whatever
regarding the capital improvement projects at state institutions
of higher education. The committee shall meet within forty-five
days of the effective date of this section. Prior to making its
recommendations, the committee shall conduct at least two public
hearings, one of which must be held outside of Kanawha County.
Notice of the time, place, date and purpose of the hearing shall
be published in at least one newspaper in each of the three
congressional districts at least fourteen days prior to the date of the public hearing. On or before the fifteenth day of
September, one thousand nine hundred ninety-six, the committee
shall certify to the commission a list of those capital
improvement projects at state institutions of higher education
which will receive funds from the proceeds of bonds issued
pursuant to this section. Once certified, the list may not
thereafter be altered or amended other than by legislative
enactment.
(e) The commission shall expend up to twenty-six million
dollars from the proceeds of the bonds authorized by this section
to pay a portion of the costs of projects certified under this
subsection for development, maintenance or promotion of arts and
sciences or constructing and equipping a center for arts and
sciences of West Virginia located on a site acquired for that
purpose. Any proceeds expended to pay a portion of project costs
to construct and equip a center for arts and sciences of West
Virginia shall not exceed forty percent of the total cost of the
project and permanent endowments for operation and maintenance,
and bond proceeds shall not be expended until sixty percent of
the total cost has been committed from sources other than bond
proceeds. For the purposes of certifying the projects which will
receive funds from the bond proceeds under this subsection, a
committee shall be established and comprised of the governor, or
his or her designee, the secretary of the department of
administration, the director of the division of natural
resources, the director of the West Virginia development office and a representative of the capitol building commission, other
than the secretary of the department of administration, who shall
be selected by the capitol building commission. The capitol
building commission shall select its representative within thirty
days of the effective date of this section. The committee shall
meet as often as necessary and take recommendations from any
source whatever regarding which projects should be certified.
The committee shall meet within forty-five days of the effective
date of this section. Prior to making its determination, the
committee shall conduct one public hearing on the projects to be
certified under this subsection. Notice of the time, place, date
and purpose of the hearing shall be published in at least one
newspaper in each of the three congressional districts at least
fourteen days prior to the date of the public hearing. The
committee shall make its determination as to whether bond
proceeds will be expended for the purposes set forth in this
subsection and the amount to be expended for each project, on or
before the fifteenth day of June, one thousand nine hundred
ninety-six. Thereafter, the decision may not be altered or
amended other than by legislative enactment. The commission is
authorized to acquire by purchase or lease real property to be
used as the site for a center for arts and sciences of West
Virginia; and notwithstanding the provisions of section seven of
this article, enter into a long-term lease agreement with a
nonprofit corporation organized under the laws of this state for
operation and maintenance of the center. The nonprofit corporation shall, as consideration for any long-term lease
agreement, complete the construction and equipping of the center
and demonstrate to the satisfaction of the commission its
financial ability to operate and maintain the center during the
term of the lease agreement. The nonprofit corporation shall
have at least nine members on its board of directors which are
appointed by the governor with the advice and consent of the
Senate. Of the nine appointed members, three shall be selected
from each congressional district:
Provided, That none of the
appointed members shall be a resident of Kanawha County. The
members appointed by the governor with the advice and consent of
the Senate shall serve on the board for three-year staggered
terms of the members first appointed by the governor, one from
each congressional district will serve a three-year term, one
from each congressional district will serve a two-year term and
one from each congressional district shall serve a one-year term.
(f) The commission shall expend the balance of the bond
proceeds for certified projects at state parks, the capitol
complex or other tourism sites. The committee established in
subsection (e) of this section shall certify to the commission on
or before the fifteenth day of September, one thousand nine
hundred ninety-six, a list of those capital improvement projects
at state parks, the capitol complex or other tourism sites which
will receive funds from the proceeds of bonds issued pursuant to
this section. The committee shall meet as often as necessary and
take recommendations from any source whatever regarding the capital improvement projects at state parks, the capitol complex
or other tourism sites in this state. The committee shall meet
within forty-five days of the effective date of this section.
Prior to making its recommendations, the committee shall conduct
at least two public hearings on the projects to be certified
under this subsection, one of which must be held outside of
Kanawha County. Notice of the time, place, date and purpose of
the hearing shall be published in at least one newspaper in each
of the three congressional districts at least fourteen days prior
to the date of the public hearing. Once certified, the list may
not thereafter be altered or amended other than by legislative
enactment.
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 the consolidation of legal, technical and
support staff or services. The sharing of office space, the
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:
Provided, That to allow for a more efficient operation and cooperation among and
between the entities set forth in subdivisions (1), (2), (3) and
(4) of this subsection, the state treasurer, on or after the
effective date of this section, may consolidate and provide
financial and designate legal services, technical and support
staff and services, sharing of office space and procedures among
and between the described entities:
(1) 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 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;
(3) The public energy authority provided for in article one,
chapter five-d of this code: Provided, That nothing in this
section shall be construed to limit the independence and autonomy
of the public energy authority; and
(4) The state board of investments provided for in article
six, chapter twelve of this code: Provided, That nothing in this
section shall be construed to limit the independence and autonomy
of the state board of investments.
(b) In furtherance of the goal of increased efficiency and
cooperation, the director of the debt management division of the
board of investments and the secretary of the department of administration are jointly charged with the responsibility of
developing and presenting recommendations for administrative and
statutory change to the boards and commissions,
to the board of
investments,
to the state treasurer,
to the governor, and
to the
Legislature. Not later than the first day of January, one
thousand nine hundred ninety-five, the director and the secretary
shall present to the governor and the Legislature a report
setting forth their findings, any recommendations for
administrative or statutory change and drafts of specific
legislation for consideration by the Legislature during the
regular session in the year one thousand nine hundred ninety- five.
(c) The director and the secretary shall invite
representatives of the following boards to participate in an ad
hoc working group to develop policies and respond to initiatives
recommended by the director and the secretary:
(1)
The municipal bond commission provided for in article
three, chapter thirteen of this code;
(2)
Thehospital finance authority provided for in article
twenty-nine-a, chapter sixteen of this code;
(3)
The solid waste management board provided for in article
twenty-six, chapter sixteen of this code;
(4)
The water development authority provided for in article
five-c, chapter twenty of this code; and
(5)
Thehousing development fund provided for in article
eighteen, chapter thirty-one of this code.
The working group shall identify circumstances where one
entity may provide services for another, including, but not
limited to, circumstances where one spending unit may finance the
programs of another, to ensure that the terms of any indebtedness
are the terms most beneficial to the state. The director and the
secretary shall facilitate cooperation between the boards and
commissions in developing specific legislation for consideration
by the Legislature during the regular session of the Legislature
in the year one thousand nine hundred ninety-five.
(d) On and after the effective date of this section, the
board of investments, with the assistance of the director of the
West Virginia debt management commission, shall provide
administrative support and shall act as liaison with the office
of the governor with respect to the following entities:
(1) 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) Hospital finance authority provided for in article
twenty-nine-a, chapter sixteen of this code; and
(3) Public energy authority provided for in article one,
chapter five-d of this code.
CHAPTER 6. GENERAL PROVISIONS RESPECTING OFFICERS.
ARTICLE 7. COMPENSATION AND ALLOWANCES.
§6-7-1. State officials, officers and employees to be paid twice
per month; effective date.
All full-time and part-time salaried and hourly officials,
officers and employees of the state and the state board of
regents trustees and board of directors shall be paid twice per
month, and under the same procedures and in the same manner as
the state auditor currently pays agencies on such basis;
beginning the first day of July, one thousand nine hundred
eighty-six: Provided, That anytime after the first day of July,
one thousand nine hundred ninety-nine, or any date thereafter, as
determined by the auditor, all officials, officers or employees,
except elected officials and employees whose compensation is
fixed by statute, may be paid one pay cycle in arrears. Any
employee whose employment with the state begins on or after the
first day of July, one thousand nine hundred ninety-nine, as
determined by the auditor, shall not receive their first pay
until the end of the second regular payroll cycle after beginning
employment. Nothing contained in this section is intended to
increase or diminish the salary or wages of any official, officer
or employee.
CHAPTER 7. COUNTY COMMISSIONS AND OFFICERS.
ARTICLE 5. FISCAL AFFAIRS.
§7-5-1. Sheriff ex officio county treasurer.
The sheriff
shall be is ex officio county treasurer and as
such the treasurer shall receive, collect and disburse all moneys
due
such the county or any district, thereof and shall also
receive, collect and disburse to the treasurer of the county
board of education all school money for the county, unless the sheriff is designated by the board of education as its treasurer,
as provided in section six, article nine, chapter eighteen of
this code. The sheriff shall keep his
or her office at the
courthouse for the county, in a suitable room or rooms provided
for that purpose by the
county court county commission, in which
all money and property in his
or her possession shall be kept,
unless
deposited by him he or she deposits it in
a the county
depository
where the sheriff has deposited the money and
property in the county depository he or she shall keep an in
which case as accurate daily deposit account
of the property and
money thereof shall be kept in his
or her office.
He The sheriff
shall keep in his
or her office a fair and accurate account of
all receipts and disbursements by him
or her, showing the time
when, from whom, to whom and on what account
the moneys were
received and paid.
and He
or she shall so arrange his
or her
books
so that the amount received and paid on account of separate
and distinct funds, or specific appropriations,
shall be is
exhibited in separate and distinct accounts, and he
or she shall
also keep separate and distinct accounts for the funds of each
fiscal year.
When any money is paid to the sheriff, except for taxes, the
sheriff shall give
duplicate receipts to the person paying the
same duplicate receipts thereof money, stating briefly the fund
or account for which
the money was paid.
one of which receipts
such person shall forthwith That person shall immediately
deposit
one of the receipts with the clerk of the
county court county commission, who shall, in a well-bound book to be kept by
him
or her in his
or her office for
the that purpose, charge the
sheriff therewith and preserve
such the receipt in his
or her
office.
The sheriff and his
or her sureties on his
or her official
bond shall be held liable for all public moneys coming into his
or her hands as ex officio treasurer from every source whether
or not the
same shall be public moneys are deposited in a bank:
Provided, That nothing in this article prohibits the payment of
funds due the county treasurer by credit or check card. Such
collection of funds by credit or check card is at the discretion
of the county commission.
CHAPTER 8. MUNICIPAL CORPORATIONS.
ARTICLE 13. TAXATION AND FINANCE.
§8-13-15.Collection of municipal taxes, fines and assessments.
Unless otherwise provided, it
shall be is the duty of the
treasurer of the municipality or
any other individual who may be
designated by general law, by charter provisions or by the
governing body, to collect and promptly pay into the municipal
treasury all taxes, fines, special assessments or other moneys
due the municipality. All
such taxes, fines, special assessments
(except assessments for permanent or semipermanent public
improvements) and other moneys due the municipality are
hereby
declared to be debts owing to the municipality, for which the
debtor
shall be is personally liable.
and The treasurer, or
other
designated individual
so individual, may enforce this liability by appropriate civil action in any court of competent
jurisdiction, and is hereby vested with the same rights to
distrain for the same as is vested in the sheriff for the
collection of taxes.
Such The treasurer or other
designated
individual shall give a bond, conditioned according to law, in
such penalty and with such security as the governing body may
require:
Provided, That nothing in this article prohibits the
payment of taxes, fines, special assessments or other moneys due
the municipality by credit or check card. The collection of
these funds is at the discretion of the municipality.
CHAPTER 12. PUBLIC MONEYS AND SECURITIES.
ARTICLE 1. STATE DEPOSITORIES.
§12-1-1. Legislative findings and purpose.
The Legislature finds and declares that the efficient
collection, disbursement, management and investment of public
moneys
by the state board of investments in the state treasury
will benefit the citizens, teachers and public employees of this
state by reducing the costs of government and providing sources
of increased revenue without the necessity of increased taxation.
and To achieve these goals,
the state treasurer and the board of
investments, an independent entity immune to the changing
political climate, shall provide a stable and continuous source
of professional financial management, and shall be given the
authority to develop and maintain modern systems, consistent with
sound financial practices, for the collection, disbursement,
management and investment of
such the public moneys.
§12-1-2. Depositories for demand deposits; categories of demand
deposits; competitive bidding for disbursement accounts;
maintenance of deposits by state treasurer.
The state
board of investments 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 The state or national bank shall, upon request to
such board
the treasurer, be designated as a state depository for
such the
deposits, if
such the bank meets the requirements set forth in
this chapter.
Demand deposit accounts
shall consist of receipt,
disbursement and investment accounts. Receipt accounts
shall be
are 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 of the state are deposited.
Disbursement accounts
shall be are 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 of the state are paid to any political
subdivision, person, firm or corporation, except moneys paid from
investment accounts.
Investment accounts
shall be are those accounts established
by the board of investments for the buying and selling of
securities for investment for the state of West Virginia or any
official, department, board, commission or agency
thereof of the
state or to meet obligations to paying agents or for paying charges incurred for the custody, safekeeping and management of
such the 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
board of investments state treasurer shall
promulgate
propose rules,
and regulations for promulgation, in accordance
with the provisions of chapter twenty nine-a of the code of West
Virginia,
as amended, concerning depositories for receipt
accounts and investment accounts prescribing the selection
criteria,
procedures procedure compensation and
such any other
contractual terms
as it he or she considers to be in the best
interests of the state.
giving The state treasurer shall give
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 the
depositories; and (3) the value and importance of
such the
deposits to the economy of the communities and the various areas
of the state affected thereby.
The state
board of investments treasurer shall select
depositories for disbursement accounts through competitive
bidding by eligible banks in this state. The
board state
treasurer shall
promulgate propose rules
and regulations for
promulgation, in accordance with the provisions of chapter
twenty-nine-a of
the this code,
of West Virginia, as amended, prescribing the procedures and criteria for
such the bidding and
selection.
It The state shall, in
its his or her invitations for
bids, specify the approximate amounts of deposits, the duration
of contracts to be awarded and
such any 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
board of investments
state treasurer, shall be maintained at all times in the state
treasury, in cash 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
as a depository.
§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, be designated as an eligible depository
for interest earning deposits of state funds if
such the 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 shall make and
apportion such interest earning deposits and shall prescribe the interest rates, terms and conditions of
such the 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 the 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.
§12-1-4. Bonds to be given by depositories.
Before allowing any money to be deposited with any eligible
depository in excess of the amount insured by an agency of the
federal government, the
board of investments state treasurer
shall require
such the depository to give a collaterally secured
bond, in the amount of not less than ten thousand dollars,
payable to the state of West Virginia, conditioned upon the
prompt payment, whenever lawfully required, of any state money,
or part thereof, that may be deposited with
such the depository,
or of any accrued interest on deposits.
Such The bond shall be
a continuous bond but may be increased or decreased in amount or
replaced by a new bond with the approval of the
board of
investments state treasurer. The collateral security for
such
the bond shall consist of bonds of the United States, of the
federal land banks, of the federal home loan banks, or bonds of
the state of West Virginia or of any county, district or
municipality of this state, or other bonds or securities approved
by the
board of investments state treasurer. All bonds
so
secured received are
here designated as collaterally secured
bonds. Withdrawal or substitution of any collateral pledged as
security for the performance of the conditions of
such the bond
may be permitted with the approval in writing of the
state board
of investments treasurer. All depository bonds shall be recorded
by the
board of investments treasurer in a book kept in
its his
or her office for
the that purpose, and a copy of
such the
record, certified by
the board of investments him or her, shall
be is prima facie evidence of the execution and contents of
such the bond in any suit or legal proceeding. All collateral
securities shall be delivered to or deposited for the account of
the
board of investments state treasurer of the state of West
Virginia, and in the event
said the securities are delivered to
the
board of investments treasurer, it he or she shall furnish a
receipt therefor to the owner thereof. The
board of investments
state treasurer and
its his or her bondsmen
shall be are liable
to any person for any loss by reason of the embezzlement or
misapplication of
said the securities by the
board of investments
state treasurer or any of
its his or her employees, and for the
loss thereof due to
the board of investments' his or her
negligence or the negligence of
its his or her employees
and such
the state treasurer shall deliver the securities
shall be
delivered to the owner thereof when liability under the bond
which they are pledged to secure has terminated. The
board of
investments state treasurer may permit the deposit under proper
receipt of
such the securities with one or more banking
institutions within or outside the state of West Virginia and may
contract with
any such institution the institutions for
safekeeping and exchange of any such collateral securities, and
may prescribe the rules
and regulations for handling and
protecting the same.
§12-1-5. Limitation on amount of deposits.
The amount of state funds on deposit in any depository in
excess of the amount insured by an agency of the federal
government
shall may not exceed ninety percent of the value of collateral pledged on the collaterally secured bond given by
such
the depository. The value of
such the collateral shall be
determined by the
board of investments state treasurer.
§12-1-7. Rules of the state treasurer; depositors, agreements.
In addition to rules
and regulations specially authorized in
this article, the
board of investments state treasurer is
generally authorized to
promulgate propose for promulgation any
rules
and regulations it
deems considers necessary to protect the
interests of the state, its depositories and taxpayers. All
rules
and regulations promulgated proposed for promulgation by
the
board state treasurer shall be are subject to the provisions
of article three, chapter twenty-nine-a of this code. Any rules
and regulations previously established by the board of public
works pursuant to this article
shall remain in effect until
amended, superseded or rescinded by the
board of investments
state treasurer.
The
board of investments state treasurer is also authorized
to enter into any depositors' agreements for the purpose of
reorganizing or rehabilitating any depository in which state
funds are deposited, and for the purpose of transferring the
assets, in whole or in part, of any
such depository to any other
lawful depository when, in the judgment of the
board state
treasurer, the interests of the state will be promoted
thereby by
entering into an agreement, and upon
the condition that no right
of the state to preferred payment be waived.
§12-1-8. Conflict of interest.
No depository in this state may serve or
be is eligible for
designation as a state depository if any member of the
state
treasurer's office or board of investments, or a spouse, child or
parent of
such the member, is an officer, director or employee
thereof, or owns, either in his,
her or their own name or
beneficially, an interest in
such the depository. A member of
the
state treasurer's office or the board shall disclose
such the
circumstance, if any, in the sworn statement required under the
provisions of section one, article one, chapter six-b of this
code.
§12-1-9. Transfer of funds by check or electronic funds transfer
bank wire; requirements.
Subject to applicable banking regulations or state law, the
state treasurer or the state board of investments may transfer
funds by check or
bank wire electronic funds transfer whenever
the transfer of funds is actually needed to pay the warrants
drawn by the auditor upon the treasury, to equalize deposits or
to provide funds to purchase investments for the account of the
state. All checks drawn for transfer of funds shall have printed
or stamped on the face of
same the check "for transfer of funds
only", or if the transfer is made by
wire electronic funds
transfer, the
bank wire electronic funds transfer and supporting
documents shall be marked "for transfer of funds only".
§12-1-10. The state treasurer to keep accounts with
depositories; settlements with depositories;
statements of depository balances; reconciliation of statements and records.
The
state board of investments shall keep in its office state
treasurer shall keep in his office or her office a record showing
the account of each depository. Under the account of each
depository
entry shall be made showing the treasurer shall enter
the amount and date of each deposit, the amount and date of each
withdrawal and the balance on deposit. The
board of investments
state treasurer shall cause the state's account with each
depository to be settled at the end of every month of the year
and the balance in the depository to the credit of the
board of
investments treasury to be carried forward to the account of the
next month.
All the statements and records shall be reconciled monthly
and
shall keep the reconciled reports shall be kept in the
board
of investments' treasurer's office. The reconciled records for
each month shall be kept in the
board of investments' treasurer's
office for a period of five years.
§12-1-11. Reports by depositories to treasurer; discontinuance
of depositories.
Each depository of state funds shall at the end of each
quarter cause its president or cashier to report
the amount of
state funds on deposit to the
board of investments state
treasurer the amount of state funds on deposit and
such the
report shall be verified by the affidavit of the officer making
it. The form and contents of
such the report shall be prescribed
by the
board state treasurer. For the failure to file
such the report, or for other good cause, the
board state treasurer may
discontinue any depository as an eligible depository and cause
all state funds to be withdrawn from any depository or
depositories
so that were discontinued. When a depository is
discontinued, the
board of investments state treasurer shall
immediately notify
such the depository of its discontinuance, and
shall
also issue its order to the treasurer, directing him
immediately
to withdraw by current checks or by transfer to
another depository or depositories the full amount of the
deposits held by
any the discontinued depository.
so
discontinued After
such the discontinuance it
shall be is
unlawful for the
state treasurer to deposit any state funds in
any
discontinued depository
so discontinued until such time as
the depository
may be is reinstated to eligibility.
§12-1-12. When treasurer shall make funds available to the board
of investments; depositories outside the state.
When the funds in the treasury exceed the amount needed for
current operational purposes, as determined by the
board of
investments state treasurer, the
state treasurer shall make all
of
such the excess
funds available for investment by the board of
investments, which shall invest the
same excess funds for the
benefit of the general revenue 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, the board of investments 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 the 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
the depositories in like manner as funds are deposited
in depositories within the state under this article.
The
state treasurer or board of investments may transfer
funds to banks outside the state for investment purposes or 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.
§12-1-13. Payment of banking services and litigation costs for
prior investment losses.
(a) The
state treasurer and the board of investments
is are
authorized to pay for banking services, and services ancillary
thereto to the banking services, by either a compensating balance
in a noninterest-bearing account maintained at the financial
institution providing the services or with a state warrant as
described in section one, article five of this chapter.
(b) The board of investments is authorized to pay for the
investigation and pursuit of claims against third parties for the
investment losses incurred during the period beginning on the
first day of August, one thousand nine hundred eighty-four, and
ending on the thirty-first day of August, one thousand nine
hundred eighty-nine. The payment may be in the form of a state warrant.
(c) (b) If payment is made by a state warrant, the board of
investments is authorized to establish within the consolidated
fund an investment pool which will generate sufficient income to
pay for all banking services provided to the state and to pay for
the investigation and pursuit of the prior investment loss
claims. All income earned by the investment pool shall be paid
into a special account of the
board of investments state
treasurer to be known as the banking services account and shall
be used solely for the purpose of paying for all banking services
and services ancillary to the banking services provided to the
state,
and for the investigation and pursuit of the prior
investment loss claims
,amortize the balance in the investment
imbalance fund and for investment advisory services.
ARTICLE 2. PAYMENT AND DEPOSIT OF TAXES AND OTHER AMOUNTS DUE
THE STATE OR ANY POLITICAL SUBDIVISION.
§12-2-2. Itemized record of moneys received for deposit;
regulations governing deposits; credit to state
fund; exceptions.
(a) All officials and employees of the state authorized by
statute to accept moneys due the state of West Virginia shall
keep a daily itemized record of such the moneys so received for
deposit in the state treasury and shall deposit the moneys within
twenty-four hours with the state board of investments treasurer
all moneys received or collected by them for or on behalf of the
state for any purpose whatsoever. The treasurer may review the procedures and methods used by these officials and employees and
change those procedures and methods if he or she determines it to
be in the best interest of the state. The treasurer and the
board of investments shall promulgate propose rules, and
regulations for promulgation in accordance with the provisions of
chapter twenty nine-a of this code governing the procedure for
such the deposits.
The official or employee making such the deposits with the
state board of investments treasurer shall prepare such the
deposit lists in such a manner and upon such report forms as may
be prescribed by the board of investments treasurer. Once the
board has satisfied itself that all deposits have been promptly
prepared and deposited, it shall transfer all such funds to a
special bank account of the state treasurer and provide him with
such deposit report. The original. of this report shall
accompany the deposit to the treasurer. The state treasurer
shall immediately send certified or receipted copies shall be
immediately forwarded by the state treasurer of the deposit
report to the state auditor and to the secretary of
administration. and a copy shall be provided to the board of
investments The original of the deposit report shall become a
part of the treasurer's permanent record.
(b) When so paid, such The moneys shall be credited to the
state fund and treated by the auditor and treasurer as part of
the general revenue of the state: Provided, That all moneys
received out of appropriations made by the Congress of the United States shall be recorded in special fund accounts, apart from the
general revenues of the state, in the state treasury and all such
moneys shall not be used for any purpose whatsoever unless and
until authorized and directed by the Legislature, excepting the
following funds which shall be recorded in separate accounts:
(1) All funds excluded by the provisions of section six,
article eleven, chapter four of this code;
(2) All funds derived from the sale of farm and dairy
products from farms operated by any agency of the state
government other than the farm management commission;
(3) All endowment funds, bequests, donations, executive
emergency funds, and death and disability funds;
(4) All fees and funds collected at state educational
institutions for student activities;
(5) All funds derived from collections from dormitories,
boardinghouses, cafeterias and road camps;
(6) All moneys received from counties by institutions for the
deaf and blind on account of clothing for indigent pupils;
(7) All insurance collected on account of losses by fire and
refunds;
(8) All funds derived from bookstores and sales of blank
paper and stationery, and collections by the chief inspector of
public offices;
(9) All moneys collected and belonging to the capitol
building fund, state road fund, state road sinking funds, general
school fund, school fund, state fund (moneys belonging to counties, districts and municipalities), state interest and
sinking funds, state compensation funds, the fund maintained by
the public service commission for the investigation and
supervision of applications, and all funds and moneys payable to
or received by the natural resources commission of West Virginia
and moneys collected and received by the division of natural
resources pursuant to article two, article two-a and article two- b, chapter twenty of this code; and
(10) All moneys collected or received under any act of the
Legislature providing that funds collected or received thereunder
shall be used under the act are for specific purposes.
(c) All moneys, excepted as provided in subdivisions one
through nine, inclusive, of subsection (b) of this section, shall
be paid into the state treasury in the same manner as other
collections, not so excepted and shall be recorded in separate
accounts to be used and expended only for the purposes for which
the same they are authorized to be collected by law: Provided,
That amounts collected pursuant to subdivision ten, subsection
(b) of this section, which are found from time to time to exceed
funds needed for the purposes set forth in general law may be
transferred to other accounts or funds and redesignated for other
purposes by appropriation of the Legislature. The gross amount
collected in all cases shall be paid into the state treasury, and
commissions, costs and expenses of collection authorized by
general law to be paid out of the gross collection, including
bank and credit or check card fees, are hereby authorized to shall be paid out of the moneys collected and paid into the state
treasury in the same manner as other payments are made from the
state treasury.
(d) The state board of investments treasurer shall have has
authority to establish an imprest fund or funds in the office of
any state agency or institution making which makes proper
application to the treasurer board. To implement this authority
the board treasurer shall promulgate rules and regulations
propose rules for promulgation, in accordance with the provisions
of chapter twenty nine-a of this code. The board treasurer or
its his or her designee shall annually audit all such the funds
and prepare a list of all such the funds showing the location and
amount of the funds as of fiscal year end, retaining such the
list as a permanent record of the board treasurer until such time
as the legislative auditor shall have has completed an audit of
the imprest funds of all agencies and institutions involved.
(e) The treasurer may develop and implement a centralized
receipts processing center. In order to carry out this
provision, the treasurer may transfer equipment and personnel
from appropriate state agencies to the centralized receipts
processing center in order to implement the provisions of this
code section.
§12-2-3. Deposit of moneys by state officials and employees.
All officials and employees of the state authorized by
statute to accept moneys due the state of West Virginia shall
deposit such the moneys in such the manner as directed by the board of investments treasurer shall direct and shall promptly
transmit or cause the deposit to be transmitted, such deposits
together with a certificate of deposit, as soon as practicable to
the depository in which they desire to make the deposit, and
shall retain and record the deposit lists: Provided, That all
officials and employees of the state authorized to accept moneys
that they have determined are not funds due the state, shall
request the treasurer to approve the deposit of the funds into an
approved depository. The request shall be made on forms and in
accordance with procedures as estimated by the treasurer. No
funds shall be deposited until the written approval of the
treasurer is obtained. The treasurer is the final determining
authority as to whether these funds are funds due or not due the
state. The treasurer shall on a quarterly basis provide the
legislative auditor with a report of all accounts approved by him
or her.
§12-2-4. Duty of depositories.
Immediately upon the receipt of such a deposit, it shall be
is the duty of the depository to credit the state board of
investments treasurer with the amount of the deposit, to date and
sign the certificate of deposit by some legally constituted
official of the depository and to promptly transmit such the
certificate to the state board of investments treasurer.
§12-2-5. Deposits in correspondent banks of state depositories.
When any payment of money has been made to the state for road
bonds or other purposes outside of the state, the board of investments treasurer shall have has the authority to place the
same money to the credit of one or more state depositories in one
or more of its correspondent banks located within or without the
state. The board of investments treasurer shall, upon making
such a deposit in such the correspondent bank, secure from it a
proper certificate of deposit certifying the amount of the
deposit and the name of the state depository to whose credit the
deposit was made by the board of investments treasurer. The
board of investments treasurer shall forward a copy of such the
certificate to the state depository receiving such the deposit
through its correspondent bank, and it shall be is the duty of
such the depository immediately to issue to issue immediately to
the state of West Virginia a proper certificate of deposit for
the amount so deposited, dated the same day the deposit was made
in such correspondent bank. However, before making such the
deposit, however the board of investments the treasurer shall
secure written authority from such the depository, designating
the name and address of its correspondent bank or banks in which
deposits are to be made and the maximum amount to be deposited in
each. The depository bonds of all state depositories so
authorizing and receiving such the deposits in their
correspondent banks shall be are liable for such the deposits the
same as if the deposits had been made with them directly, whether
such the bonds are so conditioned on or not, and all depository
bonds hereafter issued shall so provide.
ARTICLE 3. APPROPRIATIONS, EXPENDITURES AND DEDUCTIONS.
§12-3-1. Manner of payment from treasury; form of checks.
Every person claiming to receive money from the treasury of
the state shall apply to the auditor for a warrant for same the
money. The auditor shall thereupon examine the claim, and the
vouchers, certificates and evidence, if any, offered in support
thereof for so much thereof as he or she finds to be justly due
of the claim, from the state, if payment thereof is authorized by
law, and if there is an appropriation not exhausted or expired
out of which it is properly payable. The auditor shall issue his
or her warrant on the treasurer, specifying to whom and on what
account the money mentioned therein set forth in the warrant is
to be paid, and to what appropriation it is to be charged. The
auditor shall present daily reports to the board of investments
treasurer daily reports on the number of warrants issued, the
amounts of the warrants and the dates on the warrants for the
purpose of effectuating the investment policy of the board of
investments. On the presentation of the warrant to the
treasurer, the treasurer shall ascertain whether the warrant has
been drawn in pursuance of an appropriation made by law there are
sufficient funds in the treasury to pay the warrant, and if he or
she finds it to be so, he or she shall in that case, but not
otherwise, endorse his or her check upon the warrant, directed to
some depository. which The check shall be payable to the order
of the person who is to receive the money therein specified; or
the treasurer may issue a bank wire an electronic funds transfer
in payment of the warrant. If the check is not presented for payment within six months after it is drawn, it shall is then be
the duty of the treasurer to credit it to the depository on which
it was drawn, to credit the state fund with the amount unclaimed
property fund pursuant to the provisions of article eight,
chapter thirty-six of this code, and immediately notify the
auditor to make corresponding entries on the auditor's books.
No state depository may pay a check unless it is presented within
six months after it is drawn and every check shall bear upon its
face the words, "Void, unless presented for payment within six
months." All claims required by law to be allowed by any court,
and payable out of the state treasury, shall have the seal of the
court allowing or authorizing the payment of the claim affixed by
the clerk of the court to his or her certificate of its
allowance. and no such The claim may not be audited and paid by
the auditor unless the seal of the court is thereto attached to
the certificate. as aforesaid No tax or fee may be charged by
the clerk for affixing his or her seal to the certificate,
referred to in this section. The treasurer and the board of
investments shall jointly promulgate propose rules for
promulgation in accordance with the provisions of chapter twenty-
nine-a of this code governing the procedure for such the payments
from the treasury.
§12-3-1a. Payment by deposit in bank account.
The treasurer auditor may issue his or her warrant on the
treasurer to pay any person claiming to receive money from the
treasury by deposit to such that person's account in any bank or other financial institution within the state authorized to
receive deposits via electronic funds transfer, if such that
person furnishes to the treasurer auditor written authorization
of such that method of payment. After the authorization has been
approved by the auditor, it shall be forwarded to the treasurer
for further processing. The treasurer auditor shall prescribe
the form of such the authorization. This section shall not be
construed to require the treasurer auditor to utilize use the
method of payment authorized by this section; but such the method
is authorized only as an alternative method of payment to persons
claiming to receive money from the treasury. A written
authorization furnished pursuant to this section may be revoked
by written notice furnished to the treasurer auditor. Upon the
execution of such authorization and its receipt by the office of
the auditor, the payment shall be made in the manner specified on
the form and remitted by the treasurer to the designated bank or
other financial institution: Provided, That after the first day
of July, two thousand and two, the state auditor shall cease
issuing paper warrants except for income tax refunds. After that
date all warrants, except for income tax refunds, shall be
issued by electronic funds transfer. However, this provision
shall not prevent the auditor from issuing paper warrants on an
emergency basis as determined by the auditor.
§12-3-1b. Voluntary direct deposits by auditor treasurer of
salaries of employees to banks or other financial institutions.
Any officer or employee of the state of West Virginia may
authorize that his or her net wages be deposited directly to his
or her account in any bank or other financial institution within
this state via electronic funds transfer. The direct deposits
may be authorized on a form provided by the treasurer auditor.
Upon execution of such the authorization and its receipt by the
office of the treasurer auditor, the direct deposits shall be
made in the manner specified on the form and remitted by the
treasurer to the designated bank or other financial institution
on or before the day or days the officer or employee is due his
or her net wages. Direct deposit authorizations may be revoked
at any time thirty days prior to the date on which the direct
deposit is regularly made and on a form to be provided by the
office of the treasurer auditor: Provided, That after the first
day of July, two thousand two, the treasurer shall deposit all
net wages directly into the employees' accounts at any bank or
financial institution via electronic funds transfer.
§12-3-4. No check to be drawn on depository having insufficient
funds; necessity of warrant and check or electronic
funds transfer.
The treasurer shall draw no check on any depository unless
there be is money enough therein in the depository to the credit
of the treasury to pay such the check when duly presented for
payment. No depository holding money to the credit of the
treasury shall pay out the same money, or any part thereof of the
money, except upon a check of the treasurer endorsed on a warrant of the auditor authorizing such the check or a duly authorized
bank wire electronic funds transfer drawn in place of such the
check.
§12-3-10a. Purchasing card program.
Notwithstanding the provisions of section ten of this
article, payment of claims may be made through the use of the
state purchasing card program authorized by the provisions of
this section. The auditor in cooperation with the state
treasurer may establish a state purchasing card program for the
purpose of authorizing all spending units of state government to
use a purchasing card as an alternative payment method when
making small purchases. The purchasing card program shall be
conducted so that procedures and controls for the procurement and
payment of goods and services are made more efficient. The
program shall permit spending units to use a purchase charge card
to purchase goods and services. The amount of any one purchase
made with the purchase charge card shall not exceed five hundred
dollars the amount contained in the jointly proposed rules and
regulations of the auditor and the purchasing division of the
department of administration promulgated in accordance with the
provisions of chapter twenty-nine-a of the code of West Virginia:
Provided, That purchasing cards may not be utilized for the
purpose of obtaining cash advances, whether the advances are made
in cash or by other negotiable instrument. Purchases of goods
and services must be received either in advance of or
simultaneously with the use of a state purchasing card for payment for those goods or services. The auditor, by legislative
rule, may eliminate the requirement for vendor invoices and
provide a procedure for consolidating multiple vendor payments
into one monthly payment to a charge card vendor. Selection of
a charge card vendor to provide state purchase cards shall be
accomplished by competitive bid. The purchasing division of the
department of administration shall contract with the successful
bidder for provision of state purchase charge cards. Purchase
charge cards issued under the program shall be used for official
state purchases only. The auditor and the director of the
purchasing division of the department of administration shall
jointly propose rules for promulgation in accordance with the
provisions of article three, chapter twenty-nine-a of this code
to govern the implementation of the purchase card program.
§12-3-10c. Transaction fees; disposition of fees.
(a) In order to promote and enhance the use of the state
purchasing card program established by the provisions of section
ten-a of this article and in order to maintain and develop the
fiscal operations and accounting systems of the state, the
auditor and the treasurer may assess joint transaction fees for
all financial documents that will be processed on the central
accounting system. The transaction fees shall be prescribed by
legislative rule and may include the following:
(1) A penalty fee assessed against spending units of state
government which submits claims for payment of goods and
services when the claims are authorized to be paid by use of a state purchasing card and the spending unit has failed to utilize
the state purchasing card; and
(2) A transaction fee to be assessed against spending units
of state government for every transaction received,
electronically or otherwise, by the auditor from the centralized
accounting system.
(b) All fees collected under this section shall be deposited
in the state treasury in an account to be known as the technology
support fund and to be administered by the auditor. On a
quarterly basis, the auditor shall transfer one half of the fees
deposited in the fund to the treasurer. The auditor and the
treasurer shall use the moneys to maintain and develop the state
purchasing card program, and the fiscal operations and accounting
systems administered by their respective offices.
§12-3-10d. Purchasing card fund created; expenditures.
All money received by the state pursuant to any agreement
with vendors providing purchasing charge cards shall be deposited
in a special revenue revolving fund designated the purchasing
card administration fund, which is hereby created in the state
treasury to be administered by the department of administration.
All expenses of the purchasing division of the department of
administration incurred in the implementation and operation of
the purchasing card program shall be paid from the fund.
Expenditures from the fund shall be made in accordance with
appropriations by the Legislature pursuant to provisions of
article three, chapter twelve of this code and upon fulfillment of the provisions of article two, chapter five-a of this code.
Amounts collected which are found from time to time to exceed the
funds needed to effectuate the purposes set forth in this section
may be transferred to other accounts or funds and redesignated
for other purposes upon appropriation by the Legislature.
§12-3-13b. Voluntary deductions by state auditor from salaries
of employees to pay association dues or fees and
to pay supplemental health and life insurance
premiums.
Any officer or employee of the state of West Virginia may
authorize that a voluntary deduction from his net wages be made
for the payment of membership dues or fees to an employee
association. Voluntary deductions may also be authorized by an
officer or employee for any supplemental health and life
insurance premium, subject to prior approval by the auditor.
Such deductions shall be authorized on a form provided by the
auditor of the state of West Virginia and shall state (a) the
identity of the employee; (b) the amount and frequency of such
deductions; and (c) the identity and address of the association
or insurance company to which such dues shall be paid. Upon
execution of such authorization and its receipt by the office of
the auditor, such deductions shall be made in the manner
specified on the form and remitted to the designated association
or insurance company on the tenth day of each month: Provided,
That voluntary other deductions, as approved and authorized by the auditor, may be made in accordance with rules and regulations
promulgated by the auditor pursuant to article three, chapter
twenty-nine-a of this code, Provided,further, That such
deductions shall be made either once or twice monthly at the
option of the employee. Deduction authorizations may be revoked
at any time thirty days prior to the date on which the deduction
is regularly made and on a form to be provided by the office of
the state auditor: Provided, however, That nothing in this
section shall interfere with or remove any existing arrangement
for dues deduction between an employer or any political
subdivision of the state and its employees.
ARTICLE 4. ACCOUNTS, REPORTS AND GENERAL PROVISIONS.
§12-4-2. Accounts of treasurer and auditor; auditor to certify condition of revenues and funds of the state.
The treasurer shall keep in his or her office separate
accounts with each depository, and also a general summary account
of receipts and disbursements for the state. and When money is
paid into the treasury, it shall be charged the treasury shall
charge it to the proper depository and credited credit it to
such a general summary account. The auditor shall keep in his or
her office separate accounts of the particular heads or sources
of revenue, and a general summary account with the treasurer,
beside such any individual accounts with officers and persons as
may be necessary. and The auditor shall charge every sum of
money received for the state as aforesaid to the treasurer's
account, and credit it under the particular head of revenue to which it properly belongs, distinguishing especially in distinct
accounts the receipts on account of the capital of the school
fund and those on account of the income of said the fund subject
to annual distribution. The auditor shall certify revenues
annually to the commissioner of finance and administration the
condition of the state revenues and the several funds of the
state. Such The certification shall be used by the commissioner
in the preparation of a tentative state budget as required of him
or her by article two, chapter five-a of this code.
§12-4-3. Accounts of appropriations.
The auditor and treasurer secretary of administration shall
each keep in books, to be used for that purpose exclusively, an
account of every appropriation made by law, and of the several
sums drawn thereon on the appropriations, so that such the books
the accounts may show at all times the balance undrawn on each
appropriation. The account so kept shall be compared every
quarter month and errors, if any, corrected.
§12-4-3a. Accounts of the auditor
The auditor shall at all times maintain and have available
for public inspection a report containing monthly balances in the
treasury. The balances shall include, but not be limited to:
(a) The general revenue surplus balance;
(b) The general revenue surplus appropriation account
balance;
(c) The state general revenue reappropriated account
balance;
(d) The state general revenue current account balance;
(e) The total state account balance; and
(f) The total general revenue.
§12-4-4. Accounts of expenditures; signing of checks and
warrants; facsimile signatures and use of mechanical and electrical devices; forgery; penalty.
When the treasurer issues his or her check on a depository,
he or she shall credit the same to the account of such the
depository, and charge it to the general summary account of
receipts and disbursements mentioned in section two of this
article. The auditor shall keep accounts of the particular heads
of expenditures, and, when he issues his or her warrant on the
treasurer, shall credit the treasurer's summary account therewith
and charge the same under the particular head of expenditure to
which it properly belongs, distinguishing especially the
disbursements on account of the capital and the annual income of
the school fund, as directed in section two of this article in
relation to receipts belonging to the said fund. All checks when
issued by the treasurer shall bear his or her signature, shall be
personally signed by him or her, or by such any employees as are,
in writing, employee who is authorized by him or her to make his
or her signature thereto, or bear a facsimile of the treasurer's
signature. All warrants when issued by the auditor shall bear
his or her signature, personally signed by him or her, or by
such any employees as who are, authorized in writing, authorized
by him or her to make his signature thereto, or bear a facsimile of the auditor's signature. Such The signature of the treasurer,
or auditor, respectively, may be made, however, by means of such
any mechanical or electrical device as the treasurer, or auditor,
respectively, may select. after the same shall have been
approved by the governor and the attorney general; any such The
treasurer or auditor shall safely keep the mechanical or
electrical device, as respectively selected, to be safely kept in
their respective offices so that no one shall have access hereto
except the treasurer, or the auditor, and such of their
respective authorized employees as may be who are authorized to
respectively sign checks or warrants as hereinabove provided in
this section. If any person, other than the treasurer, or
auditor, respectively, or their respective authorized employees
duly and respectively authorized by them so to do, as above
provided, shall sign the name of the treasurer or the auditor,
respectively, by the use of any mechanical or electrical device,
or otherwise, or use the facsimile of the signature of either of
them, on any check or warrant, or utter or attempt to employ as
true such the forged check or warrant, knowing the same check or
warrant to be forged, he or she shall be is guilty of a felony
and, upon conviction shall be confined in the penitentiary not
less than two nor more than ten years.
§12-4-6. Comparison of books of auditor and treasurer; monthly
balances.
At the end of every quarter month of the year, the general
summary account of the treasurer kept on the books of the auditor's office shall be compared with the general summary
account of receipts and disbursements kept by the treasurer. and
the If there are any errors, if there be any in either, they
shall be corrected, the receipts and disbursements summary
account of the quarter month be adjusted and ascertained, and
there shall be a balance be struck showing the amount then in the
treasury, which the balance shall be carried forward in the books
of both offices to the account for the next quarter month.
§12-4-7. Annual report of auditor.
An The auditor shall furnish his or her annual report of the
auditor shall be furnished to the governor by the thirty-first
day of within one week December after the end of the fiscal
year. It shall contain a statement of the receipts and
disbursements, under the proper general heads, during from the
preceding fiscal year, and show the balance in the treasury at
the beginning and end of that year. It shall also contain an
estimate of the revenue and expenditures for the current year,
with similar statements and estimates respecting the school fund.
It shall show the indebtedness of the state and the balances
standing at the end of the year to the credit of the several
unexpired appropriations, specifying in each case the date when
the appropriation was made. The report shall be accompanied
with such any remarks
as that
may serve to explain the amounts of
receipts and disbursements and the balances and estimates
reported. In it the auditor shall point out any defects which
may occur to him or her in the revenue laws and suggest the proper remedies. and If, in his or her opinion, the future
revenue be is likely to prove insufficient, he or she shall
recommend plans for increasing the revenue and suggest
such any
new subjects of taxation, or
such any
additional taxes on the old
subjects, as he or she may deem proper.
§12-4-8. Office hours of auditor and treasurer.
The hours for transacting business in the offices of the
auditor and treasurer
shall be are
from nine eight-thirty in the
morning until five o'clock in the afternoon.
12-4-8a. Employment of legal counsel.
The auditor and treasurer may employ legal counsel:
Provided, That the auditor and the treasurer may at their
discretion, use the services of the attorney general.
§12-4-9. Absence of auditor or treasurer.
When it is necessary for either of the said officers auditor
or treasurer to be absent, the other officer shall be informed
thereof of the absence. During such absence, the duties of the
absent officer so absent may be performed by the chief clerk in
his office auditor's or treasurer's designee. But if such
absence be for more than a day at any one time, the governor may
appoint a proper person to discharge the duties of such officer
during his absence. In either case the, The absent officer and
his or her sureties
shall be are
liable for any malconduct or
neglect of the chief clerk or person so acting in his or her
place.
Notwithstanding restrictions which may otherwise be provided by law concerning membership on any board, agency or commission,
the auditor and treasurer each may designate a representative who
is authorized to act for and on their behalf in any and all
matters relating to
such those
memberships.
§12-4-13. Bank reconciliations; balancing state accounts.
The Legislature finds that the bank accounts of the treasury
contain numerous unreconciled items and that the single audit
report for the period ending on the thirtieth day of June, one
thousand nine hundred eighty-nine, states that as of the end of
the audit period there were forty million ninety-three thousand
six hundred eighty-one dollars and forty-seven cents more in the
bank accounts maintained by the state treasurer than recorded on
the accounting records of the state. Therefore, the Legislature
directs that:
(a) The state treasurer shall take all necessary actions to
identify all unreconciled items on the bank accounts maintained
by the state treasurer. All items identified on or before the
thirtieth day of June, one thousand nine hundred ninety, shall be
recorded in the state account(s) to which they have been
identified. Any unreconciled items not identified on or before
the thirtieth day of June, one thousand nine hundred ninety,
shall be recorded in a special revenue account known as the
"single audit account".
(b) All moneys identified in the single audit report as not
having been recorded on the accounting records of the state
treasurer shall be recorded in the single audit account. If after the recording of
said the
moneys in the single audit
account, the treasurer is able to identify the appropriate state
accounts the moneys should be credited to, he or she is hereby
authorized to shall transfer
such the
moneys from the single
audit account to the appropriate account.
(c) Effective on the first day of July, one thousand nine
hundred ninety, the state treasurer shall file a report with the
governor reflecting all actions taken concerning unreconciled
items in bank accounts maintained by the state treasurer through
the period ending on the thirtieth day of June, one thousand nine
hundred ninety. After the governor has reviewed the report and
determined that the state treasurer has complied with all
previous of the provisions of this code section, the governor
shall certify the report to the board of investments. The board
of investments
is may
then authorized to use, in such manner as
it determines, the balance in the single audit account to
eliminate any imbalance in the state accounts caused by the
investment losses incurred during the period beginning on the
first day of August, one thousand nine hundred eighty-four, and
ending on the thirty-first day of January, one thousand nine
hundred eighty-nine.
(d) Effective on the first day of July, one thousand nine
hundred ninety, the state treasurer shall take action to ensure
that all bank accounts of the state treasurer are reconciled each
month. If after six months from receipt of a bank statement any
items remain as unreconcilable, the state treasurer shall record
such the
amounts as a debit or credit to the state's general
revenue fund. The board of investments shall keep in its office
separate accounts with each depository and shall take action to
ensure that all bank accounts of the board are reconciled each
month. if after six months from receipt of a bank statement any
items remain as unreconcilable, the board shall record such
amounts as a debit or credit to the state's general fund.
ARTICLE 5. PUBLIC SECURITIES.
§12-5-2. Treasurer custodian of securities; charges to companies
for care, exchange and substitution of securities.
The treasurer of this state, unless otherwise expressly
provided by law, shall be is custodian of all securities required
by law to be deposited with the state or held in legal custody by
the state. and All departments of this state, commissioners or
agents of the state, who hold any such securities, shall transfer
and deliver the same them to the state treasurer to be kept and
held by him or her as legal custodian thereof until they are
released in the manner provided by law. Provided, that the state
treasurer shall determine and approve which securities shall be
acceptable securities.
The board of investments treasurer may, by formal order of
record, fix fair and reasonable charges for the care, custody,
exchange and substitution of securities deposited by insurance
companies and companies issuing annuity contracts. and such
charges They shall collected collect the charges from such those
companies by the state treasurer and deposited by him shall deposit them in the general revenue fund: Provided, That no such
charge shall be made against any such company having securities
of the par value of less than three hundred thousand dollars
deposited hereunder under this section.
§12-5-4. Treasurer to keep accounts and make collections.
It shall be is the duty of the treasurer and the board of
investments to keep an accurate account of all securities
received by them respectively him or her and to collect and
account for the interest on the securities as the same it becomes
due and payable and the principal on the securities whenever
same it is due.
§12-5-5. Protection and handling of securities.
The securities retained in the treasury shall be kept in a
vault. The treasurer shall use due diligence in protecting the
securities against loss from any cause. The treasurer shall
designate certain employees to take special care of the
securities. Only the treasurer and the designated employees may
have access to
such the
securities, and at least two of these
persons shall be present whenever the securities are handled in
any manner. The treasurer may with the approval of the board of
investments, contract with one or more banking institutions in or
outside the state for the custody, safekeeping and management of
such the
securities. which The contract shall prescribe the
rules for the handling and protection thereof of the securities.
§12-5-6. When notes considered securities; appraisal.
(a)Whenever, by statute of this state, any public official, board, commission or department of this state is
charged with the approval of securities required as collateral
for the deposit of public or other funds, or required to be
deposited with the state treasurer, or board of investments or an
investment of capital or surplus or a reserve or other fund, is
required to be maintained consisting of designated securities
deposited with the board of investments state treasurer, such
securities shall, at the discretion of
such the
public official,
board, commission or department, be deemed considered to include
and mean notes executed by the person or corporation required to
make
such the
deposit and shall be made payable to the state of
West Virginia upon demand, in the event of insolvency or default
by
such that
person or corporation, for the benefit of those for
whom
such the
securities are deposited, when
such the
notes are
secured by duly executed deeds of trust on improved, unencumbered
real property located in the state and owned by the person or
corporation executing
such the
notes,
said the
deeds of trust to
be approved by the attorney general of the state as to
sufficiency of form and manner of execution and accompanied by
proper abstracts of title and fire insurance policies equal to
the amounts of
such the
notes and recorded among the land records
of the county in which the real property is located: Provided,
That whenever any
such
note so secured by a deed of trust on real
property is owned by any such person or corporation is approved
by any public official, board, commission or department of this
state, the real property shall have an appraised value of at least thirty per centum more than the amount of such the note.
said The
value of the real property shall to be determined by an
appraisal of two landowners, who are citizens of this state and
generally recognized as experienced real estate appraisers, and
who are appointed by the public official, board, commission or
department, charged with the approval of
such the
securities.
The expenses of
such the
appraisal to shall be borne paid by the
person or corporation required to make
such the
deposit. and
Each unit of such real property shall have an appraised value of
at least fifty thousand dollars.
By For the purposes of this section, the term "improved real
property" as used herein is meant means all real property within
the limits of an incorporated city or town on which permanent
buildings suitable for residential, industrial or commercial use
are located.
For the purposes of this section, the term "real property,"
for purposes hereof, shall not be deemed shall not be considered
to be encumbered by: (1) Reason of the existence of instruments
reserving rights-of-way, sewer rights and rights in walls;
nor
(2) by reason of building restrictions or other restrictive
covenants, nor by reason of the fact that it, or any part thereof
of it, is subject to lease under which rents or profits are
reserved to the owner: Provided, That the deed of trust for such
investment is a full and unrestricted first lien upon such the
property.
(b)Any such public official, board, commission or department of this state charged with the approval of securities
required to be deposited as aforesaid, required under this
section shall, at least annually and oftener if deemed considered
proper, appoint a disinterested person or persons, not exceeding
three, to make an examination and appraisal of the securities so
deposited to determine if such securities meet the requirements
of the law of this state, and the cost of such examination and
appraisal not less than ten dollars nor more than twenty-five
dollars per diem for each person, and expenses, shall be borne by
the person or corporation required to make such deposits as
security.
§12-5-7. Treasurer as financial advisor; selection of alternate
advisor; employment of bond counsel.
Notwithstanding any provisions of this code to the contrary,
the treasurer shall select or serve as financial advisor for all
bonds, notes, certificates of participation, certificate
transactions, and all other forms of securities and indebtedness
issued by the state through its departments, commissions, boards
or agencies, and shall coordinate the issuance of all bonds
issued by the state and its agencies. Provided, That the
treasurer is hereby authorized to employ full-time bond counsel:
Provided, however, That this section shall not apply to any
obligation of the West Virginia housing development fund created
pursuant to article eighteen, chapter thirty-one of this code,
the West Virginia economic development authority created pursuant
to article fifteen, chapter thirty-one of this code, the West Virginia hospital finance authority created pursuant to article
twenty-nine-a chapter sixteen of this code, the West Virginia
parkways economic development and tourism authority created
pursuant to article sixteen-a, chapter seventeen of this code,
the West Virginia public energy authority created pursuant to
article one, chapter five-d of this code, the West Virginia solid
waste management board, and the West Virginia water development
authority when otherwise provided by law. All selections made by
the treasurer in pursuant to this section shall be by competitive
bid unless the debt instrument is issued as a negotiated sale.
ARTICLE 6. WEST VIRGINIA STATE BOARD OF INVESTMENTS.
§12-6-1a. Legislative findings.
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 state board of investments is given the
authority to develop, implement and maintain an efficient and
modern system for the collection, disbursement, investment and
management of the state's money. The Legislature further finds
that in order to implement these sound fiscal policies, the board
of investments 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.
§12-6-3. State board of investments continued; body corporate; members; appointment of certain members; qualifications and
term of office.
(a) The state board of investments is hereby continued as a
body corporate of the state authorized to exercise all of the
powers and functions granted to it pursuant to this article.
There shall be seven members of the state board of investments.
The governor, or his or her designee, state treasurer and state
auditor shall be members of the board. There shall be The
governor shall appoint the other four members: appointed by the
governor Provided, That no more than three such appointed
members may belong to the same political party.
(b) The members appointed by The governor shall be appointed
appoint the four members from a list of twelve persons submitted
jointly by the governor, the state treasurer and the state
auditor. No more than two names submitted by the governor may be
appointed as members to the board. Of the members appointed by
the governor, two shall be members of the financial community,
one shall be a certified public accountant and one shall be an
attorney with experience in finance and investment matters.
Appointments shall be made by The governor shall make the
appointments with the advice and consent of the Senate.
(c) Appointed members shall serve for a term of six years
and may be reappointed at the expiration of their terms. In the
event of a vacancy among appointed members, an appointment shall
be made to fill the unexpired term. Upon the expiration of terms
on the thirtieth day of April, two thousand one, the governor shall appoint or reappoint one member to a three-year term; one
member to a four-year term; one member to a five-year term; and
one member to a six-year term. Thereafter, all terms shall be
for six years.
(d) Appointed members of the board shall serve without
compensation, but are entitled to their reasonable and necessary
expenses actually incurred in discharging their duties under this
article.
§12-6-4. Officers; executive secretary; term; organization;
board staff; surety bonds for members and employees.
(a)The governor shall be the chairman of the board and
the secretary of administration shall be his or her designee and
the treasurer shall be custodian of all funds, securities and
assets held by the board. In the absence of the governor, the
treasurer shall chair the board meetings. The board treasurer
shall elect employ an executive secretary: to serve for a term
of six years, such election to be held at the board's first
meeting after the first effective date of this article.
Effective with any vacancy in the position of executive
secretary, the board shall appoint an executive secretary to
serve at the will and pleasure of the board, which executive
secretary may not be a member with the advice and consent of the
board: Provided, That the executive secretary shall have at
least a bachelor's degree in either business administration or
accounting in an accredited program and/or have at least five
years' experience in investment management or securities markets, said experience to have occurred within the ten years next
preceding the date of appointment of the selection as executive
secretary. : Provided, however, That the executive secretary may
be paid a salary as determined by the board out of appropriations
by the Legislature: Provided further, That the board The
treasurer shall appoint a staff to act for the board. The board
may also employ an internal auditor who shall report directly to
the board. The internal auditor shall be paid a salary as
determined by the board.
(b) The board shall meet quarterly the second thursday of
the second month of each quarter and may include in its bylaws
procedures for the calling and holding of additional meetings.
(c) Each member of the board shall give a separate and
additional fidelity bond from a surety company qualified to do
business within this state in a penalty amount of two hundred
fifty thousand dollars for the faithful performance of his or her
duties as a member of the board. In addition, the board will
purchase a blanket bond for the faithful performance of its
duties in the amount of five million dollars excess of the two
hundred fifty thousand dollar individual bond required of each
member by the provisions of this section. The board may require
a fidelity bond from a surety company qualified to do business in
this state for any person who has charge of, or access to, any
securities, funds or other moneys held by the board, and the
amount of such the fidelity bond shall be fixed by the board.
The premiums payable on all fidelity bonds shall be an expense of the board.
§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) 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;
(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) Exercise all powers generally granted to and exercised
by the holders of investment securities with respect to
management of the investment securities; and
(15) Contract with one or more banking institutions in or
outside the state for the custody, safekeeping and management of
securities held by the board. and
(16) Develop and implement a centralized receipts processing
center
ARTICLE 6A. THE DEBT MANAGEMENT ACT OF 1991.
§12-6A-2. Legislative findings and declaration of public
necessity.
(a) The Legislature hereby finds and declares that efficient
and effective state government requires the designation of an
authority having responsibility for procuring, maintaining and reporting of pertinent information relating to the debt of the
state and its agencies, boards, commissions and authorities. In
addition to other duties and powers delegated to the state board
of investments by this article, the board The state treasurer
shall perform the functions and duties necessary to enable it to
serve as a central information source concerning the incurrence,
recording and reporting of debt issued by the state, its
agencies, boards, commissions and authorities.
(b) The Legislature hereby finds that:
(1) The credit rating and acceptance of bonds, notes,
certificates of participation and other securities and
indebtedness of the state and its spending units have been
unstable as a result of the instability in traditional national
and international markets of goods and services produced by the
citizens of the state;
(2) In order to finance essential capital projects for the
benefit of the citizens of the state at the lowest possible cost,
the state must maintain high levels of acceptance of the
indebtedness of the state and its spending units in the financial
markets; and
(3) In order to attain these goals, authorization of state
debt must be based on the ability of the state to meet its total
debt service requirements, in light of other uses of its fiscal
resources.
(c) The Legislature hereby further finds that the public
policies and responsibilities of the state as set forth in this article cannot be fully attained without the creation of a state
division of debt management.
§12-6A-3. Division of debt management created; director.
There is hereby created within the office of the state board
of investments treasurer, the division of debt management.
The division shall be under the control of a director to be
appointed by the board treasurer. and who The director shall be
qualified by reason of exceptional training and experience in the
field of activities of his or her respective division and shall
serve at the will and pleasure of the board treasurer.
§12-6A-5. Powers and duties.
The division of debt management shall: perform the following
functions and duties
(1) Develop a long-term debt plan including criteria for the
issuance of debt by the state and its spending units and the
continuous evaluation of the current and projected debt of the
state and its spending units;
(2) Evaluate cash flow projections relative to proposed and
existing revenue bond issues;
(3) Act as liaison with the Legislature on all debt matters,
including, but not limited to, new debt issues and the status of
debt issued by the state and its spending units;
(4) Assist the state and its spending units regarding the
issuance of debt, if requested;
(5) Establish reporting requirements for the issuance of
debt by the state and its spending units pursuant to the provisions of this article;
(6) Make and execute contracts and other instruments and pay
the reasonable value of services or commodities rendered to the
division pursuant to those contracts;
(7) Contract, cooperate or join with any one or more other
governments or public agencies, or with any political subdivision
of the state, or with the United States, to perform any
administrative service, activity or undertaking which
any such
the
contracting party is authorized by law to perform and to
charge for providing
such the
services and to expend any fees
collected;
(8) Do all things necessary or convenient to effectuate the
intent of this article and to carry out its powers and functions;
and
(9) Serve as staff agency for the debt capacity advisory
division established in article six-b of this chapter.
§12-6A-6. Debt information reporting.
(1) Within fifteen days following the end of each calendar
quarter, each state spending unit shall provide the division and
the legislative auditor
a statement of the total debt of each
such state spending unit incurred during the calendar quarter and
owing at the end of such the calendar quarter,
in the manner
provided by this article and in such form and detail as the state
board of investments treasurer may by regulation rule require
which the statement shall, include, but not be limited to, the
name of the state spending unit, the amounts and types of debt incurred during the calendar quarter and outstanding at the end
of the calendar quarter, the cost and expenses of incurring the
debt, the maturity date of each debt, the terms and conditions of
the debt, the current debt service on the debt, the current
interest rate on the debt, the source of the proceeds utilized
for repayment of the debt, the amounts of repayment during the
calendar quarter, the repayment schedule and the security for the
debt. A state spending unit having no outstanding debt may not
be required to provide the quarterly report but shall file an
annual report, as determined by the division of debt management:
Provided, That the state spending unit shall immediately notify
the division of debt management of any change in the spending
unit's outstanding debt.
(2) Not less than fifteen thirty days prior to a proposed
offering of debt to be issued by a state spending unit, written
notice of
such the
proposed offering and the terms thereof of the
offering shall be given to the division by such state spending
unit in such form as the division may by regulation rule require.
Within thirty days after closing, the terms shall be reported to
the division in the form as the division may by rule require.
(3) Within thirty days following the end of each calendar
quarter and on an annual basis the state board of investments
shall prepare and issue a report of all debt of the state and its
spending units and of all proposed debt issuances of which the
board has received notice and shall furnish a copy of
such the
report to the governor, the president of the Senate, the speaker of the House, the legislative auditor and upon request to any
legislative committee and any member of the Legislature.
and
such The
report shall be kept available for inspection by any
citizen of the state. The treasurer shall also prepare update
reports of all debt of the state and its spending units which
shall be available for inspection at the office of the state
treasurer on or before the thirty-first day of March and the
thirtieth day of September of each year.
ARTICLE 6B. DEBT CAPACITY ADVISORY COMMITTEE.
§12-6B-1. Purpose of Article.
This purpose of this article is to provide a mechanism by
which necessary information may be provided to the governor and
the Legislature so that they may prudently management the state's
financial resources by attempting to keep the state within an
average to low range of nationally recognized debt limits. The
ratio measurements which may be taken into consideration in
attempting to meet these limits include, but are not limited to,
outstanding net tax supported debt per capita, net tax supported
debt as a percentage of personal income, net tax supported debt
as a percentage of assessed valuation, and any other criteria
that recognized bond rating agencies use to judge the quality of
issues of state bonds.
§12-6B-2. Debt Capacity Advisory Division created.
There is hereby created within the offices of the state
treasurer a debt capacity advisory division.
§12-6B-3. Definitions.
For the purpose of this article:
(a)"Debt" means bonds, notes, certificates of
participation, certificate transactions, capital leases and all
other forms of securities and indebtedness.
(b)"Debt Impact Statement" means a signed statement
from the treasurer which shall include such information and be in
such form, as determined by the division, for the Legislature,
the governor, or any citizen of this state to make an informed
decision concerning the issuance of debt by the state or its
spending units.
(c) "Disclosure Statement" means a comprehensive document
containing information which shall include but is not limited to
detailed information, as determined by the division, concerning
the state's financial condition, its ability to meet its
obligations, and any other criteria that recognized bond rating
agencies use to judge the quality of issues of state bonds.
(d) "Division" means the Debt Capacity Advisory Division
established in this article.
(e) "Net Tax Supported Debt as a Percentage of Assessed
Valuation" means the net tax supported debt, as determined by the
division, divided by the most recently available estimated
assessed valuation of all taxable property in the state by the
West Virginia department of tax and revenue.
(f) "Net Tax Supported Debt as a Percentage of Personal
Income" means the net tax supported debt, as determined by the
division, divided by the most recently available personal income figures for the state by the West Virginia bureau of employment
programs.
(g) "Net Tax Supported Debt Per Capita" means the state's
net tax supported debt, as determined by the division, divided by
the most recently available population estimate for the state by
the United States Department of Commerce.
(h) "Spending Unit" means any of the state's agencies,
boards, commissions, committees, authorities, or other of its
entities with the power to issue debt and secure such debt, but
not including local political subdivisions of the state.
(I) "Tax Supported Debt" means (1) All obligations of the
State or any spending unit to which the State's full faith and
credit is pledged to pay directly or by guarantee (provided that
any such guaranteed obligations shall be included only to the
extent any such obligations are in default); and (2) all
obligations of the State or any agency or authority thereof
extending beyond one year with respect to the lease, occupancy or
acquisition of property which are incurred in connection with
debt financing transactions, including but not limited to
certificates of participation, and which are payable from taxes,
fees, permits, licenses and fines imposed or approved by the
Legislature.
Tax supported obligations do not include: (1) any
obligations of the West Virginia housing development fund, the
economic development authority, the hospital finance authority,
the West Virginia parkway authority, the West Virginia public energy authority, the West Virginia solid waste management board,
and the West Virginia water development authority (2) revenue
anticipation notes or bonds of the State; or (3) any obligations
to the extent that the debt service with respect thereto is
reasonably expected to be offset, as determined by the division,
by lease payments, user fees, federal grants or other payments
from some source other than the general fund. Such payments
shall be used expressly for the purpose of paying debt service.
(j) "Treasurer" means the Treasurer of the State of West
Virginia.
§12-6B-4. Powers and duties.
The division shall perform the following functions and
duties:
(a) Promulgate and 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,
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, (C) any other factor affecting the
marketability of such bond;
(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) Annually prepare a "disclosure statement" for the state.
The statement shall be available for inspection at the office of
the state treasurer or the office of the secretary of
administration on or before the first day of October of each
year. Updates to the disclosure statement shall be made when
necessary in the determination of the division and shall reflect
all necessary updates including, but not limited to, any such
known notices of material events in relation to the state's tax supported obligations which shall include, but may not be limited
to:
(1) principal and interest payment delinquencies;
(2) non-payment related defaults;
(3) unscheduled draws on debt service reserves reflecting
financial difficulties;
(4) unscheduled draws on credit enhancements reflecting
financial difficulties;
(5) substitution of credit or liquidity providers, or their
failure to perform;
(6) adverse tax opinions or events affecting the tax-exempt
status of the security;
(7) modifications to rights of security holders;
(8) bond calls;
(9) defeasances;
(10) release, substitution, or sale of property securing
repayment of the securities; and
(11) rating changes.
(f) Do all things necessary or convenient to effectuate the
intent of this article and to carry out its powers and functions.
§12-6B-5. Debt Impact Statement.
There shall be attached to every bill and amendment
introduced in the House of delegates and/or in the Senate of the
West Virginia legislature which authorizes the issuance of tax
supported debt, as defined in this article, a debt impact
statement in such form as the division shall determine.
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 are
in favor of the
same proposition, the governing body of the
political division shall, by resolution, authorize the issuance
of
such the bonds in an amount not exceeding the amount stated in
the proposition; fix the date
thereof of the issuance; 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
board of investments state treasurer and at
such
any other place or places as the body issuing the
same bond
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
the vote, when the bonds
shall become are payable,
which
shall may not exceed thirty-four years from the date
thereof of the bonds; determine whether all or a portion of the
bonds
shall be are subject to redemption prior to the maturity
thereof of the bonds and, if so, the terms of the redemption; and
prescribe a form for executing the bonds
that are authorized.
§13-1-17. Bonds may be registered; coupon bonds may be
registered as to principal.
The bonds issued
hereunder under this article may be
registered or coupon bonds. Coupon bonds may be registered as
to the principal in the owner's name by the
board of investments
state treasurer on books which shall be kept at
its his or her
office for
the that purpose.
and The registration shall also be
noted on the bonds, after which no transfer
shall be is 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 may
not affect the negotiability of the interest coupons, but title
to the
same shall pass bonds passes 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 the bonds and coupons shall be canceled by the
board of investments state treasurer. The state shall issue 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 shall register them in the manner
required
in the preceding under section seventeen of this
article. 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
board of investments state
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 bond. The expense of
such the
registration shall in all cases be paid by the holder of the
bonds.
ARTICLE 3. MUNICIPAL BOND COMMISSION.
§13-3-3 Officers; employees; chief administrative officer; meetings; quorum; compensation and expenses; legal representation.
(a) The secretary of the department of tax and revenue or
his or her designee shall be chair of the commission.
(b) The members of the commission shall appoint a chief administrative officer and may fix his
or her title and duties.
Notwithstanding the provisions of section two-a, article seven,
chapter six of this code, the commission
shall have has the
authority to set the compensation of the chief administrative
officer. The chief administrative officer shall serve as
secretary to the board and treasurer of the commission. The
chair may designate a board members to serve as secretary in the
absence of the chief administrative officer. The
chair treasurer
is authorized
with the approval of the commission, to employ
such
any other employees as may be necessary and
such any consultants
as the
commission deems treasurer considers advisable and fix
their compensation and prescribe their duties.
(c) Appointed members of the commission shall be paid fifty
dollars for each day or substantial portion
thereof of the day
that they are engaged in the work of the commission. Each member
of the commission may be reimbursed for all reasonable and
necessary expenses actually incurred in the performance of duties
on behalf of the commission.
(d) The commission shall hold at least three meetings in
each fiscal year, one of which meetings shall be within sixty
days of the end of the fiscal year and shall be the annual
meeting.
Such The meetings shall be held on such dates and at
such places as the chair may prescribe. Additional meetings may
be held at the call of the chair or upon the written request.
(e) The
attorney general shall be the legal advisor to the
commission state treasurer is authorized to provide or designate a provider of legal advisory services to the commission.
CHAPTER 18. EDUCATION.
ARTICLE 9D. SCHOOL BUILDING AUTHORITY.
§18-9D-9. Issuance of revenue refunding bonds; use of moneys;
power to enter into escrow agreements; call for
redemption.
The issuance of revenue refunding bonds under the
provisions of this article shall be authorized by resolution of
the school building authority and
shall are otherwise
be subject
to the limitations, conditions and provisions of other revenue
bonds under this article.
Such The revenue refunding bonds may
be issued in an amount at the option of the authority sufficient
to pay either in part or in full, together with interest earned
on the investment of the proceeds thereof, whether or not at the
time of the issuance of the revenue refunding bonds the hereafter
mentioned bonds are payable or callable for optional redemption:
(1) The principal of
such the outstanding bonds; (2) the
redemption premium, if any, on
such the
outstanding bonds if they
are to be redeemed prior to maturity; (3) the interest due and
payable on
such the
outstanding bonds to and including the
maturity date
thereof of the bonds
or the first date upon which
said the
outstanding bonds are to be redeemed, including any
interest therefore accrued and unpaid; and (4) all expenses of
the issuance and sale of
said
such
refunding.
Such The
amount of the proceeds of the revenue
refunding bonds as shall be sufficient for the payment of the
principal, interest and redemption premium, if any, on
such the
outstanding bonds which will not be immediately due and payable
shall be deposited in trust, for the sole purpose of making
such
the
payments, in a banking institution chosen by the authority
and in accordance with any provisions which may be included in
the resolution authorizing the issuance of
such the
bonds or in
the trust agreement securing the
same bonds.
Any of the moneys
so deposited in trust may, prior to the date on which
such the
moneys will be needed for the payment of principal of, interest
and redemption premium, if any, on
such the
outstanding bonds, be
invested and reinvested as determined by the authority, in whole
or in part: (a) In direct obligations issued by the United
States of America or one of its agencies or in direct obligations
of the state of West Virginia; (b) in obligations unconditionally
guaranteed by the United States of America as to principal and
interest; or (c) in certificates of deposit of a banking
corporation or association which is a member of the federal
deposit insurance corporation, or
its
successor; but any such
certificates of deposit must shall be fully secured as to both principal and interest by pledged collateral consisting of direct
obligations of or obligations guaranteed by the United States of
America, or direct obligations of the state of West Virginia,
having a market value, excluding accrued interest, at all times
at least equal to the amount of the principal of and accrued
interest on
such the
certificates of deposit. Any such The
investments
must shall
mature, or be payable in advance of
maturity at the option of the holder, and
must shall
bear
interest in
such a
manner as to provide funds which, together
with uninvested money,
will be is
sufficient to pay the bonds
refunded, when due or called for redemption, together with
interest accrued and to accrue thereon and redemption premiums,
if any. and such The refunding bonds' proceeds or obligations so
purchased therewith with the proceeds shall be deposited in
escrow and held in trust for the payment and redemption of the
bonds refunded: Provided, That if interest earned by any
investment in such escrow is shown to be in excess of the amounts
required from time to time for the payment of interest on and
principal of the refunded bonds, including applicable redemption
premium, then
such the
excess may be withdrawn from escrow and
disbursed in
such the
manner as the authority shall by resolution
determine, subject to the provisions of section five of this
article. Any moneys in the sinking or reserve funds or other
funds maintained for the outstanding bonds to be refunded may be
applied in the same manner and for the same purpose as are the
net proceeds of refunding bonds or may be deposited in the special fund or any reserve funds established for account of the
refunding bonds.
The authority to issue revenue refunding bonds
shall be is
shall be in addition to any other authority to refund bonds
conferred by law.
The school building authority shall have has the power to
enter into such escrow agreements with
such any
bank or banks and
to insert therein such in the escrow agreement protective and
other covenants and provisions as it may consider considers
necessary to permit the carrying out of the provisions of this
article and to insure the prompt payment of the principal of and
interest and redemption premiums on the revenue bonds refunded.
Where any revenue bonds to be refunded are not to be
surrendered for exchange or payment and are not to be paid at
maturity with escrowed obligations, but are to be paid from
such
a
source prior to maturity pursuant to call for redemption
exercised under a right of redemption reserved in
such the
revenue bonds, the authority shall, prior to the issuance of the
refunding bonds, determine which redemption date or dates shall
be used, call
such the
revenue bonds for redemption and provide
for the giving of the notice of redemption required by the
proceedings authorizing
such the
revenue bonds. Where
such the
notice is to be given at a time subsequent to the issuance of the
refunding bonds, the authority may deposit the necessary notices
may be deposited with the state treasurer or the bank acting as
escrow agent of the refunding bond proceeds and the escrow agent appropriately instructed and authorized to give the required
notices at the prescribed time or times. If any officer of the
public body signing any such notice
shall is
no longer be in
office at the time of the utilization of the notice, the notice
shall is nevertheless be valid and effective for its intended
purpose: Provided, That notwithstanding provisions of this
article to the contrary, all proceeds from the issuance of any
and all revenue bonds issued after the first day of July, one
thousand nine hundred ninety-seven, pursuant to this article,
including any moneys in any special funds, sinking funds, reserve
funds, or any other moneys or funds and all interest thereon
shall be credited to the state treasury and invested by the board
of investments as provided in article six, chapter twelve of this
code, and all disbursements including, but not limited to, the
completion of authorized projects, costs of issuance, and all
debt service obligations shall be credited and paid from the
state treasury pursuant of a warrant drawn by the auditor as
provided in articles two and three, chapter twelve of this code.
The auditor and treasurer may remit funds for sinking funds, debt
service reserves and any other reserve requirements as required
by any trustee agreement: Provided, however, That in the case of
refunding bonds or bonds issued pursuant to a master indenture
dated prior to the first day of July, one thousand nine hundred
ninety-seven, the treasurer shall designate a financial
institution to serve as escrow trustee.
§18-9D-12. Trust agreements for holders of bonds.
The school building authority may enter into an agreement
or agreements with any trust company, or with any bank having the
powers of a trust company, either within or outside the state, to
act as trustee for the holders of bonds issued, hereunder setting
forth therein such in the agreement those duties and containing
such those
legally binding covenants of the school building
authority with the holders of the bonds in respect to the payment
of the bond; the fixing and collecting of rents hereinbefore
referred to; the completion of authorized projects; the custody,
safeguarding and disposition of the proceeds of the bonds, and
the moneys in such special funds, sinking funds, reserve funds,
or any other moneys or funds, notwithstanding provisions of this
article to the contrary; the security for moneys on hand or on
deposit, and the rights and remedies of the trustee and the
holders of the bonds, as may be agreed upon with the purchasers
of
such the
bonds; provisions restricting the individual right of
action of bondholders as is customary in trust agreements
respecting bonds and debentures of municipal corporations,
protecting and enforcing the rights and remedies of the trustee
and the bondholders; and provisions as to any other matters which
are deemed considered necessary and advisable by the school
building authority in the best interests of the state and to
enhance the marketability of the bonds. Any
such the
agreement
entered into by the school building authority shall be binding in
all respects on
such the
authority and its successors from time
to time in accordance with the terms thereof of the agreement; and all the provisions thereof shall be enforceable by
appropriate proceedings at law or in equity, or otherwise:
Provided, That notwithstanding provisions of this article to the
contrary, all proceeds from the issuance of all revenue bonds
issued after the first day of July, one thousand nine hundred
ninety-seven, pursuant to this article, including any moneys in
any special funds, sinking funds, reserve funds, or any other
moneys or funds and all interest earned thereon shall be credited
to the state treasury and invested by the board of investments as
provided in article six, chapter twelve of this code, and all
disbursements, including, but not limited to, the completion of
authorized projects, costs of issuance, and all debt service
obligations shall be paid from the state treasury pursuant of a
warrant drawn by the auditor as provided in articles two and
three, chapter twelve of this code. The auditor and treasurer
may remit funds for sinking funds, debt service reserves and any
other reserve requirements as required by any trustee agreement:
Provided, That in the case of refunding bonds or bonds issued
pursuant to a master indenture dated prior to the first day of
July, one thousand nine hundred ninety-seven, the treasurer shall
designate a financial institution to serve as escrow trustee.
§18-9D-13. Sinking fund for payment of bonds.
From the school building capital improvement fund the
school building authority shall make periodic payments in an
amount sufficient to meet the requirements of any issue of bonds
sold under the provisions of this article, as may be specified in the resolution of the authority authorizing the issue thereof
issuance of the bonds and in any trust agreement entered into in
connection therewith with the bonds. The payments so made shall
be placed as specified in
such the
resolution of trust agreement
in a special sinking fund which is hereby pledged to and charged
with the payment of the principal of the bonds of
such the
issue
and the interest thereon on the bonds, and to the redemption or
repurchase of
such the
bonds.
such The
sinking fund to be is a
fund for all bonds of
such issue the issuance
without distinction
or priority of one over another, except as may be provided in the
resolution authorizing
such the
issue of bonds. The moneys in
the special sinking fund, less
such the
reserve for payment of
principal and interest and redemption premium, if any, as may be
required by the resolution of the school building authority,
authorizing the issue issuance and any trust agreement made in
connection therewith with the issuance, may be used for the
redemption of any of the outstanding bonds payable from
such the
fund which by their terms are then redeemable, or for the
purchase of bonds at the market price, but at not exceeding the
price, if any, at which
such the
bonds shall are redeemable in
the same year; be redeemable and all bonds redeemed or purchased
shall forthwith be canceled immediately and
shall may
not again
be issued: Provided, That notwithstanding provisions of this
article to the contrary, all proceeds from the issuance of all
revenue bonds issued after the first day of July, one thousand
nine hundred ninety-seven, including any moneys in any special funds, sinking funds, reserve funds, or any other moneys or funds
and all interest earned thereon shall be credited to the state
treasury and invested by the board of investments as provided in
article six, chapter twelve of this code, and all disbursements
including but not limited to the completion of authorized
projects, costs of issuance, and all debt service obligations
shall be paid from the state treasury pursuant of a warrant drawn
by the auditor as provided in articles two and three, chapter
twelve of this code. The auditor and treasurer may remit funds
for sinking funds, debt service reserves and any other reserve
requirements as required by any trustee agreement: Provided,
That in the case of refunding bonds, the treasurer shall
designate a financial institution to serve as escrow trustee.
CHAPTER 31. CORPORATIONS.
ARTICLE 15A. WEST VIRGINIA INFRASTRUCTURE AND JOBS DEVELOPMENT COUNCIL.
§31-15A-9. Infrastructure fund; deposits in fund; disbursements to provide loans, loan guarantees, grants and other assistance; loans, loan guarantees, grants and other
assistance are be subject to assistance agreements.
(a) The water development authority shall create and
establish a special revolving fund of moneys made available by
appropriation, grant, contribution or loan to be known as the
"West Virginia Infrastructure Fund". This fund shall be
governed, administered and accounted for by the directors,
officers and managerial staff of the water development authority as a special purpose account separate and distinct from any other
moneys, funds or funds owned and managed by the water development
authority. The infrastructure fund shall consist of sub- accounts, as deemed necessary by the council or the water
development authority, for the deposit of: (1) Infrastructure
revenues; (2) any appropriations, grants, gifts, contributions,
loan proceeds or other revenues received by the infrastructure
fund from any source, public or private; (3) amounts received as
payments on any loans made by the water development authority to
pay for the cost of a project or infrastructure project; (4)
insurance proceeds payable to the water development authority or
the infrastructure fund in connection with any infrastructure
project or project; (5) all income earned on moneys held in the
infrastructure fund; (6) all funds deposited in accordance with
section four of article fifteen-b; and (7) all proceeds derived
from the sale of bonds issued pursuant to article fifteen-b of
this chapter.
Any money collected pursuant to this section shall be paid
into the West Virginia infrastructure fund by the state agent or
entity charged with the collection of the same, credited to the
infrastructure fund, and used only for purposes set forth in this
article or article fifteen-b.
Amounts in the infrastructure fund shall be segregated and
administered by the water development authority separate and
apart from its other assets and programs. Amounts in the
infrastructure fund may not be transferred to any other fund or account or used, other than indirectly, for the purposes of any
other program of the water development authority, except that the
water development authority may use funds in the infrastructure
fund to reimburse itself for any administrative costs incurred by
it and approved by the council in connection with any loan, loan
guarantee, grant or other funding assistance made by the water
development authority pursuant to this article.
(b) Notwithstanding any provision of this code to the
contrary, amounts in the infrastructure fund
shall be is
deposited by the water development authority in one or more
banking institutions:
Provided, That any moneys so deposited
shall be are deposited in a banking institution located in this
state. The banking institution shall be selected by the water
development authority by competitive bid. Pending the
disbursement of any money from the infrastructure fund as
authorized under this section, the water development authority
shall invest and reinvest the moneys subject to the limitations
set forth in article eighteen, chapter thirty-one of this code:
Provided, however, That notwithstanding provisions of this
article to the contrary, all proceeds from the issuance of any
and all revenue bonds issued after the first day of July, one
thousand nine hundred ninety-seven, pursuant to this article,
including any moneys in any special funds, sinking funds, reserve
funds or any other moneys or funds and all interest earned
thereon shall be credited to the state treasury and invested by
the board of investments as provided in article six, chapter twelve of this code, and all disbursements, including, but not
limited to, the completion of authorized projects, costs of
issuance, and all debt service obligations shall be paid from the
state treasury pursuant of a warrant drawn by the auditor as
provided in articles two and three, chapter twelve of this code.
The auditor and treasurer may remit funds for sinking funds, debt
service reserves and any other reserve requirements as required
by any trustee agreement: Provided further, That in the case of
refunding bonds or bonds issued pursuant to a master indenture
dated prior to the first day of July, one thousand nine hundred
ninety-seven, the treasurer shall designate a financial
institution to serve as escrow trustee.
(c) To further accomplish the purposes and intent of this
article and article fifteen-b of this chapter, the water
development authority may pledge infrastructure revenues and from
time to time establish one or more restricted accounts within the
infrastructure fund for the purpose of providing funds to
guarantee loans for infrastructure projects or projects:
Provided, That for any fiscal year the water development
authority may not deposit into the restricted accounts more than
twenty percent of the aggregate amount of infrastructure revenues
deposited into the infrastructure fund during the fiscal year.
No loan guarantee shall be made pursuant to this article unless
recourse under the loan guarantee is limited solely to amounts in
the restricted account or accounts. No person shall have any
recourse to any restricted accounts established pursuant to this subsection other than those persons to whom the loan guarantee or
guarantees have been made.
(d) Each loan, loan guarantee, grant or other assistance
made or provided by the water development authority shall be
evidenced by a loan, loan guarantee, grant or assistance
agreement between the water development authority and the project
sponsor to which the loan, loan guarantee, grant or assistance
shall be made or provided, which agreement shall include, without
limitation and to the extent applicable, the following
provisions:
(1) The estimated cost of the infrastructure project or
project, the amount of the loan, loan guarantee or grant or the
nature of the assistance, and in the case of a loan or loan
guarantee, the terms of repayment and the security therefor, if
any;
(2) The specific purposes for which the loan or grant
proceeds shall be expended or the benefits to accrue from the
loan guarantee or other assistance, and the conditions and
procedure for disbursing loan or grant proceeds;
(3) The duties and obligations imposed regarding the
acquisition, construction improvement or operation of the project
or infrastructure project; and
(4) The agreement of the governmental agency to comply with
all applicable federal and state laws, and all rules and
regulations issued or imposed by the water development authority
or other state, federal or local bodies regarding the acquisition, construction, improvement or operation of the
infrastructure project or project and granting the water
development authority the right to appoint a receiver for the
project or infrastructure if the project sponsor should default
on any terms of the agreement.
(e) Any resolution of the water development authority
approving loan, loan guarantee, grant or other assistance shall
include a finding and determination that the requirements of this
section have been met.
(f) The interest rate on any loan to governmental, quasi- governmental, or not for profit project sponsors for projects
made pursuant to this article shall not exceed three percent per
annum. Due to the limited availability of funds available for
loans for projects, it is the public policy of this state to
prioritize funding needs to first meet the needs of governmental,
quasi-governmental and not for profit project sponsors and to
require that loans made to for-profit entities shall bear
interest at the current market rates. Therefore, no loan may be
made by the council to a for-profit entity at an interest rate
which is less than the current market rate at the time of the
loan agreement.
(g) The water development authority shall cause an annual
audit to be made by an independent certified public accountant of
its books, accounts and records, with respect to the receipts,
disbursements, contracts, leases, assignments, loans, grants and
all other matters relating to the financial operation of the infrastructure fund, including the operating of any sub-account
within the infrastructure fund. The person performing such audit
shall furnish copies of the audit report to the commissioner of
finance and administration, where they shall be placed on file
and made available for inspection by the general public. The
person performing such audit shall also furnish copies of the
audit report to the Legislature's joint committee on government
and finance.
ARTICLE 15B. INFRASTRUCTURE BONDS.
§31-15B-2. Infrastructure general obligation bonds; amount; when
may issue.
Bonds of the state of West Virginia, under authority of the
infrastructure improvement amendment of one thousand nine hundred
ninety-four, of the par value not to exceed in the aggregate
three hundred million dollars, are hereby authorized to be issued
and sold solely for the construction, extension, expansion,
rehabilitation, repair and improvement of water supply and sewage
treatment systems and for the acquisition, preparation,
construction and improvement of sites for economic development as
provided for by the constitution and the provisions of this
article.
These bonds may be issued by the governor upon resolution by
the infrastructure council and certification to the governor.
The bonds shall bear
such the
date and mature at
such the
time,
bear interest at
such a
rate not to exceed eight percent per
annum, be in such amounts, be in such denominations, be in such registered form, carry such registration privileges, be due and
payable at
such a
time and place and in such amounts, and subject
to such terms of redemption as
such the
resolution may provide:
Provided, That in no event may the amount of bonds outstanding
exceed an amount for which sixteen million dollars would not be
sufficient to provide annual service on the total amount of debt
outstanding.
Both the principal and interest of the bonds shall be
payable in the lawful money of the United States of America and
and the interest
on the bonds thereon shall be is exempt from
taxation by the state of West Virginia, or by any county,
district or municipality thereof, which fact shall appear on the
face of the bonds as part of the contract with the holder of the
bond.
The bonds shall be executed on behalf of the state of West
Virginia, by the manual or facsimile signature of the treasurer
thereof, under the great seal of the state or a facsimile thereof
of the seal, and countersigned by the manual or facsimile
signature of the auditor of the state: Provided, That
notwithstanding provisions of this article to the contrary, all
proceeds from the issuance of any and all revenue bonds issued
after the first day of July, one thousand nine hundred ninety- seven, pursuant to this article, including any moneys in any
special funds, sinking funds, reserve funds, or any other moneys
or funds and all interest earned thereon shall be credited to the
state treasury and invested by the board of investments as provided in article six, chapter twelve of this code, and all
disbursements including but not limited to the completion of
authorized projects, costs of issuance and all debt service
obligations shall be paid from the state treasury pursuant of a
warrant drawn by the auditor as provided in articles two and
three, chapter twelve of this code. The auditor and treasurer
may remit funds for sinking funds, debt service reserves and any
other reserve requirements as required by any trustee agreement:
Provided however,That in the case of refunding bonds or bonds
issued pursuant to a master indenture dated prior to the first
day of July, one thousand nine hundred ninety-seven, the
treasurer shall designate a financial institution to serve as
escrow trustee.
ARTICLE 20. WEST VIRGINIA REGIONAL JAIL AND CORRECTIONAL
FACILITY AUTHORITY.
§31-20-11. Borrowing of money.
The borrowing of money and the notes, bonds and security
interests evidencing any such borrowing shall be authorized by
resolution approved by the board, shall bear
such the
date or
dates and shall mature at
such a
time or times, in the case of
any such bonds, not exceeding twenty-five years from the date of
issue, as
such the
resolution or resolutions may provide. The
notes, bonds and security interests shall bear interest at
such
a
rate or rates, be in
such
denominations, be in
such a
form,
either coupon or registered, carry
such
registration privileges,
be executed in such manner, be payable in
such a
medium of payment and at such place or places, and be subject to such terms
or conditions of redemption as such resolution or resolutions may
provide: Provided, That notwithstanding provisions of this
article to the contrary, all proceeds from the issuance of any
and all revenue bonds issued after the first day of July, one
thousand nine hundred ninety-seven, pursuant to this article,
including any moneys in any special funds, sinking funds, reserve
funds, or any other moneys or funds and all interest earned
thereon shall be credited to the state treasury and invested by
the board of investments as provided in article six, chapter
twelve of this code, and all disbursements, including, but not
limited to, the completion of authorized projects, costs of
issuance, and all debt service obligations shall be paid from the
state treasury pursuant of a warrant drawn by the auditor as
provided in articles two and three, chapter twelve of this code.
The auditor and treasurer may remit funds for sinking funds, debt
service reserves and any other reserve requirements as required
by any trustee agreement: Provided, however, That in the case of
refunding bonds or bonds issued pursuant to a master indenture
dated prior to the first day of July, one thousand nine hundred
ninety-seven, the treasurer shall designate a financial
institution to serve as escrow trustee.
CHAPTER 50. MAGISTRATE COURTS.
ARTICLE 3. COSTS, FINES AND RECORDS.
§50-3-2a. Payment of fines by credit card or payment plan; suspension of licenses for failure to pay fines or appear or respond.
(a) A magistrate court may accept credit cards in payment of
all costs, fines, forfeitures or penalties. The supreme court of
appeals shall adopt rules regarding the use of credit
and check
cards to pay fines and
the rules shall state that any charges
made by the credit company shall be paid by the person
responsible for paying the fine any charges made by the credit
card company may be paid from the gross credit card collections.
A magistrate court may collect a portion of any costs, fines,
forfeitures or penalties at the time the amount is imposed by the
court so long as the court requires the balance to be paid in
accordance with a payment plan which specifies: (1) The number
of payments to be made; (2) the dates on which
such the
payments
and amounts shall be made; and (3) amounts due on
such those
dates.
(b) If any costs, fines, forfeitures, restitution or
penalties imposed or ordered by the magistrate court for hunting
or fishing violations as described in chapter twenty of this code
are not paid in full as directed by the magistrate court, the
magistrate court clerk or, upon a judgment rendered on appeal,
the circuit clerk, shall notify the director of the division of
natural resources, of
such the
failure to pay. If any costs,
fines, forfeitures, restitution or penalties imposed by the
magistrate court in a criminal case are not paid as directed by
the magistrate court, the magistrate court clerk or, upon
judgment rendered on appeal, the circuit clerk, shall notify the director of the division of motor vehicles of the failure to pay.
Upon receiving
such the
notice, the division of motor vehicles
shall suspend the operator's or commercial driver's license and
the director of the division of natural resources shall suspend
the hunting or fishing license of the person defaulting on
payment until such time that the costs, fines, forfeitures,
restitution or penalties are paid.
(c) If a person charged with any criminal violation of this
code fails to appear or otherwise respond in court, the
magistrate court shall notify the director of the division of
motor vehicles thereof within fifteen days of the scheduled date
to appear, unless the person sooner appears or otherwise responds
in court to the satisfaction of the magistrate. Upon such
receiving the notice, the division of motor vehicles shall
suspend the operator's or commercial driver's license of the
person failing to appear or otherwise respond in accordance with
the provisions of section six, article three, chapter seventeen-b
of this code.
(d) In every criminal case which involves a misdemeanor
violation, a magistrate may order restitution where appropriate
when rendering judgment.
(e) If all costs, fines, forfeitures, restitution or
penalties imposed by a magistrate court and ordered to be paid
are not paid as ordered by the judgment of the magistrate court,
the clerk of the magistrate court shall notify the prosecuting
attorney of the county of
such the
nonpayment and provide the prosecuting attorney with an abstract of judgment. The
prosecuting attorney shall file the abstract of judgment in the
office of the clerk of the county commission in the county where
the defendant was convicted and in any county wherein where the
defendant resides or owns property. The clerk of the county
commission shall record and index the abstracts of judgment
without charge or fee to the prosecuting attorney, and when so
recorded, the amount stated to be owing in the abstract shall
constitute constitutes a lien against all property of the
defendant.
CHAPTER 57. EVIDENCE AND WITNESSES.
ARTICLE 1. LEGISLATIVE ACTS AND RESOLUTIONS; PUBLIC RECORDS.
§57-1-7a. Use of photographic copies in evidence; state records,
papers or documents; destruction or transfer to archives of originals; destruction of canceled checks and paid and canceled bonds and coupons.
Any public officer of the state may, with the approval of
the state records administrator cause any or all records, papers
or documents kept by him
or her to be
photographed,
microphotographed, microfilmed or reproduced on film reproduced,
by any photographic, photostatic, microphotographic or by similar
miniature photographic process or by nonerasable optical image
disks (commonly referred to a compact disks) or by other records
retention technology approved by the state records administrator.
Such The photographic film reproductions by photographic,
photostatic, microphotographic or by similar miniature photographic process or by nonerasable optical image disks shall
be of durable material and the device used to reproduce
such the
records on
such the
film shall be one which accurately reproduces
the originals thereof of the records in all details.
Such The
photographs, microphotographs, microfilms or
photographic film reproductions by photographic, photostatic,
microphotographic or by similar miniature photographic process or
nonerasable optical image disks shall be deemed considered to be
an original record for all purposes, including introduction in
evidence in all courts or administrative agencies. A transcript,
exemplification or certified copy thereof of the records shall,
for all purposes recited herein, be deemed in this section to be
considered a transcript, exemplification or certified copy of
the original. Whenever photographs, microphotographs, microfilms
or reproductions on film reproductions by photographic,
photostatic, microphotographic or by similar miniature
photographic process or nonerasable optical image disks have been
made and put in conveniently accessible fireproof files, and
provision has been made for preserving, examining and using the
same reproductions, the respective heads of the departments,
divisions, institutions and agencies of the state may, with the
approval of the state records administrator, cause the reproduced
records and papers so photographed, microphotographed or
reproduced on film reproduced by photographic, photostatic,
microphotographic or by similar miniature photographic process or
nonerasable optical image disks, or any part thereof, to be destroyed; but before any such the records, papers or documents
are authorized to be destroyed the reproduced records, the state
records administrator shall obtain the advice and counsel of the
state historian and archivist, or his or her designated
representative, as to the desirability of placing the said
records, papers and documents in the archives of that department.
In the event the administrator is of the opinion that the record
has no further administrative, legal, fiscal, research or
historical value, the administrator may destroy or otherwise
dispose of the record, paper or document if otherwise permitted
to do so after complying with the provisions of section
seventeen, article eight, chapter five-a of this code. Not
withstanding any other provisions of this code to the contrary,
the state treasurer may at his or her discretion destroy any
canceled checks of the state after ten three years have elapsed
since the date of the check, whether or not
such the
checks have
been photographed, microphotographed, microfilmed or reproduced
on film reproduced by photographic, photostatic,
microphotographic or by similar miniature photographic process or
nonerasable optical image disks: Provided, That any canceled
bonds or interest coupons of any bond issues of this state in the
custody of the treasurer, or for which the treasurer acts as
fiscal agent or paying agent, may at his or her discretion be
destroyed by one of the two following methods below:
Method I - The treasurer shall maintain a permanent record
for the purpose of recording the destruction of bonds and coupons, showing the following: (1) With respect to bonds, the
purpose of the issuance, the date of issue, denomination,
maturity date and total principal amount; and (2) with respect to
coupons, the purpose of issue and date of the bonds to which the
coupons appertain, the maturity date of the coupons and, as to
each the maturity date, the denomination, quantity and total
amount of the coupons.
After recording the specified information, the treasurer
shall have the canceled bonds and coupons destroyed either by
burning or shredding, in the presence of an employee of the
treasurer and an employee of the legislative auditor, each of
whom shall certify that he or she saw the canceled bonds and
coupons destroyed.
Such The
certificates shall be made a part of
the permanent record. Canceled bonds or coupons shall may not be
destroyed until after one year from the date of payment; or
Method II - The treasurer may contract with any bank or
trust company acting as paying agent or copaying agent for a bond
issue of the state for the destruction of bonds and interest
coupons which have been canceled by the paying agent. The
contract shall require that the paying agent give the treasurer
a written certificate containing the same information required by
Method I. Such certificate shall include a sworn statement that
the described bonds or coupons have been destroyed. The
certificate shall be made a part of the treasurer's permanent
records.
Each contract shall also require that the paying agent be responsible for proper payment and disposition of all bonds and
coupons, and for any duplicate payments to unauthorized persons
and nonpayment to authorized persons occurring as a result of
destruction of bonds or coupons under this section. In addition,
the treasurer may require the paying agent to submit an indemnity
bonds, in an amount to be determined by the treasurer, to assure
performance of the duties specified in this section. Canceled
bonds or coupons may not be destroyed until one year from the
date of payment.
For purposes of this section, the term "bonds" shall include
interim certificates.
CHAPTER 59. FEES, ALLOWANCES AND COSTS;
NEWSPAPERS; LEGAL ADVERTISEMENTS.
ARTICLE 1. FEES AND ALLOWANCES.
§59-1-12. Payment of fines by credit card or payment plan.
A circuit court may accept credit cards in payment of all
fines, cost, forfeiture, restitution or penalties. The supreme
court of appeals shall adopt rules regarding the use of
credit
/check cards to pay fines, and
the rules shall state that
any charges made by the credit card company shall be paid by the
person responsible for paying the fine, cost, forfeiture,
restitution or penalty any charges made by the credit card
company may be paid from the gross credit card collections.
NOTE: The purpose of this bill is to define the uniform
processing of proceeds and disbursements in relation to the
issuance of revenue bonds by the state building commission, the
school building authority, the West Virginia infrastructure and
jobs development council, and the West Virginia regional jail and correctional facility authority. This bill also addresses the
following: State officials, officers and employees to be paid
twice per month; collection of moneys due a county, district,
municipality, magistrate court, circuit courts.
Certain duties and responsibilities of the state treasurer
and state auditor are addressed in relation to various topics
which are addressed in the bill title.
The remainder of the bill addresses the continuation and
membership of the board of investments, debt management and debt
capacity in West Virginia, the municipal bond commission, the
storing and reproduction of state records on photographic,
photostatic, microphotographic or by similar miniature
photographic process or nonerasable optical image disks.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
§12-4-12, §27-8-2 and §27-8-2a are being repealed;
therefore they are omitted.
§12-3-10c, §12-4-3a, §12-4-8a, §12-5-7 and §12-6B are
new; therefore, strike-throughs and underscoring have been
omitted.
Email
Webmaster | © 2024 West Virginia Legislature **
