SB518 SFA Carmichael 3-14

            Senator Carmichael moves that the Senate concur in the amendments of the House of Delegates to the bill, with further amendment as follows:

            On page one of the amendment, beginning on line five, following the word “code” and the colon, by striking out the words “Provided, That the board of directors shall consult and invest the funds with the West Virginia Board of Treasury Investments or the West Virginia Investment Management Board”, and inserting in lieu thereof the words “Provided, however, That for short term investments the board of directors shall consult with the State Treasurer prior to investing funds; for long term investments, the board shall consult with the Investment Management Board and compare the rate of return on investment for the previous three years and compare the expense loads for the past three years; if the comparison for the Investment Management Board is more favorable, the Board must invest the funds with the Investment Management Board”, followed by a period;

            On page one of the amendment, beginning on line twelve, following the words “of this code” and the colon, by striking out the words “Provided, That the board of directors shall consult and invest the funds with the West Virginia Board of Treasury Investments or the West Virginia Investment Management Board”, and inserting in lieu thereof the words “Provided, however, That for short term investments the board of directors shall consult with the State Treasurer prior to investing funds; for long term investments, the board shall consult with the Investment Management Board and compare the rate of return on investment for the previous three years and compare the expense loads for the past three years; if the comparison for the Investment Management Board is more favorable, the Board must invest the funds with the Investment Management Board”, followed by a period;”;

            And,

            By striking out the amendment of the House of Delegates to the title and substituting therefor a new title, to read as follows:

            Eng. Com. Sub. for Senate Bill No. 518--A Bill to amend and reenact §7-12-7 of the Code of West Virginia, 1931, as amended, relating generally to granting county and municipal economic development authorities the authority to invest funds received from the sale, lease or other disposition of real or personal property owned by such authority in a manner determined by the authority’s board of directors to be in the best interest of the authority under an investment policy adopted and maintained by the board that is consistent with the standards of the Uniform Prudent Investor Act; requiring that for short term investments the board of directors shall consult with the State Treasurer prior to investing funds; and requiring that for long term investments, the board shall consult with the Investment Management Board and compare the rate of return on investment for the previous three years and compare the expense loads for the past three years, and if the comparison for the Investment Management Board is more favorable, the board must invest the funds with the Investment Management Board.”.