House Bill 4287 History
H. B. 4287
(By Delegates, White, Swartzmiller, Yost,
Stalnaker, Kominar, Varner, Manchin, Palumbo,
Pino, Caputo and Browning)
[Introduced January 25, 2008; referred to the
Committee on Political Subdivisions then Finance.]
Be it enacted by the Legislature of West Virginia:
A BILL to amend and reenact §12-6C-6 of the Code of West Virginia,
1931, as amended, relating to investments by political
subdivisions and clarifying that political subdivisions may
invest with the West Virginia Investment Management Board and
the West Virginia Board of Treasury Investments.
That §12-6C-6 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 6C. WEST VIRGINIA BOARD OF TREASURY INVESTMENTS.
§12-6C-6. Consolidated fund continued; management.
(a) The consolidated fund is continued and notwithstanding any
provision of this code to the contrary is vested in the West
Virginia Board of Treasury Investments on the first day of July,
two thousand five.
(b) Each spending unit authorized to invest moneys shall
unless prohibited by law, request the State Treasurer to invest its moneys. Based upon spending unit representations, the State
Treasurer shall send the moneys to the West Virginia Board of
Treasury Investments or to the Investment Management Board for
(c) Each political subdivision of this state through its
or equivalent financial officer may enter into
agreements with the State Treasurer for the investment of moneys of
the political subdivision. Notwithstanding any provision of this
code to the contrary, the funds and pools maintained by the West
Virginia Investment Management Board in accordance with article six
of this chapter and the West Virginia Board of Treasury Investments
in accordance with this article are authorized investments for all
local government funds.
Any political subdivision may enter into
an agreement with the state spending unit from which it receives
moneys to allow the board to invest the moneys.
(d) Moneys held in the various funds and accounts administered
by the board are invested as permitted by this article and subject
to the restrictions contained in this article.
(e) The State Treasurer shall maintain records of the deposits
and withdrawals of each participant and the performance of the
various funds, pools and accounts. The board shall report the
earnings on the funds, pools, and accounts under management to the
State Treasurer at the times determined by the State Treasurer.
(f) The board shall establish policies for the administration of the various funds, pools and accounts authorized by this article
as it determines necessary. The policies may specify the minimum
amounts and timing of deposits and withdrawals and any other
matters authorized by the board.
NOTE: The purpose of this bill is to clarify that funds and
pools of the West Virginia Management Board and the West Virginia
Board of Treasury Investments are authorized investments for funds
of political subdivisions.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would