COMMITTEE SUBSTITUTE
FOR
H. B. 2307

(By Mr. Speaker, Mr. Chambers, and Delegate Burk)
[By Request of the Executive]
(Originating in the House Committee on Finance)
[March 8, 1993]

A BILL to amend and reenact section seven, article seven, chapter twelve of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to limitation on investments by the jobs investment trust fund.

Be it enacted by the Legislature of West Virginia:
That section seven, article seven, chapter twelve of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 7. JOBS INVESTMENT TRUST FUND.
§12-7-7. Limitation on investments.
Subject to the provisions of section nine of this article, the board may invest in any eligible business: Provided, That at the time of the placement of the investment not more than twenty percent of the board's total investment portfolio is so invested in one eligible business within any two-year period: Provided, however, That the board may invest in an eligible business up to an additional twenty percent of the board's total investment portfolio, or a total of two million dollars whicheveris less, in the form of a short-term debt investment to be repaid within twelve months of said investment.