SENATE JOINT RESOLUTION NO. 14
(By Senators Kessler (Mr. President), Wells, FItzsimmons, Beach, Plymale, D. Hall, Snyder, Yost, Cann, Cookman, Laird, Jenkins and Miller)
[Originating in the Committee on the Judiciary; reported February 20, 2014.]
Proposing an amendment to the Constitution of the State of West Virginia, amending article X thereof, by adding thereto a new section, designated section 12, relating to the West Virginia Future Fund; prohibiting spending of principal and permitting spending of interest in certain instances from the West Virginia Future Fund; 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 & Finance.
§12. FUTURE FUND.
The principal of the “West Virginia Future Fund,” as created by general law, may not be spent, appropriated or encumbered. Interest 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. Interest 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.
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 interest from the fund may be spent.”
NOTE: The purpose of this joint resolution is to propose an amendment to the West Virginia Constitution that would protect the principal of the West Virginia Future Fund and specify how the interest from the fund may be spent.
This section is new; therefore, strike-throughs and underscoring have been omitted.