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Introduced Version Senate Bill 470 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 470

(By Senators Love, Bailey, Bowman, Wells, Facemyer, Fanning and Green)

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[Introduced January 28, 2008; referred to the Committee on Government Organization; and then to the Committee on Finance.]

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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.

Be it enacted by the Legislature of West Virginia:
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 investment.
(c) Each political subdivision of this state through its State Treasurer treasurer 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 be added.

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