Senate Bill No. 243
(By Senators Burdette, Mr. President, and Boley,
By Request of the Executive)
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[Introduced March 1, 1993; referred to the Committee
on Finance.]
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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, for a total amount not to exceed forty percent withinany two-year period, in the form of a short-term debt investment to be repaid within twelve months of said investment.

NOTE: The purpose of this bill is to permit the twenty percent limit on investment in a single eligible business to be exceeded, up to an additional twenty percent, for short-term financing of no more than one year.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.