ENGROSSED

COMMITTEE SUBSTITUTE

FOR

SENATE JOINT RESOLUTION NO. 14

(By Senators Kessler (Mr. President), Wells, Fitzsimmons, Beach, Plymale, D. Hall, Snyder, Yost, Cann, Cookman, Laird, Jenkins and Miller)

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[Originating in the Committee on the Judiciary; reported February 20, 2014.]

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Proposing an amendment to the Constitution of the State of West Virginia, amending article X thereof, by adding thereto a new section, designated section twelve, relating to the West Virginia Future Fund; prohibiting spending of principal, permitting spending of investment income in certain instances from the West Virginia Future Fund and defining investment income; numbering and designating such proposed amendment; and providing a summarized statement of the purpose of such proposed amendment.

    Resolved by the Legislature of West Virginia, two thirds of the members elected to each house agreeing thereto:

    That the question of ratification or rejection of an amendment to the Constitution of the State of West Virginia be submitted to the voters of the state at the next general election to be held in 2014, which proposed amendment is that article X thereof be amended by adding thereto a new section, designated section 12, to read as follows:

ARTICLE X. Taxation and Finance.

§12. FUTURE FUND.

    The principal of the West Virginia Future Fund, as created by general law, may not be spent, appropriated or encumbered. Investment income of the West Virginia Future Fund may be spent, appropriated or encumbered after a term of six years following the statutory creation of the West Virginia Future Fund. Investment income of the West Virginia Future Fund may be spent, appropriated or encumbered solely for enhancing education and workforce development; economic development and diversification; infrastructure improvements; and tax relief measures for the benefit of the citizens and businesses of the State of West Virginia in a manner and subject to conditions, definitions, qualifications and requirements as prescribed by general law. For purposes of this amendment, “investment income” means income of any nature whatsoever that is generated by or from an investment, including, but not limited to, distributions, dividends, interest payments and earnings, but shall not include unrealized gains.

    The Legislature shall provide, by general law, for the implementation of the provisions of this amendment.

    Resolved further, That in accordance with the provisions of article eleven, chapter three of the Code of West Virginia, 1931, as amended, such amendment is hereby numbered “Amendment No. 1” and designated as the “Future Fund Amendment” and the purpose of the proposed amendment is summarized as follows: “The purpose of this amendment is to protect the principal of the West Virginia Future Fund and to specify how the investment income from the fund may be spent. The principal of the “West Virginia Future Fund”, as created by general law, may not be spent, appropriated or encumbered. Investment income of the West Virginia Future Fund may be spent, appropriated or encumbered after a term of six years following the statutory creation of the West Virginia Future Fund. Investment income of the West Virginia Future Fund may be spent, appropriated, or encumbered solely for enhancing education and workforce development; economic development and diversification; infrastructure improvements; and tax relief measures for the benefit of the citizens and businesses of the State of West Virginia in a manner and subject to conditions, definitions, qualifications and requirements as prescribed by general law.”