Senate Bill No. 437
(By Senators Craigo, Felton, Jones,
Wehrle, Anderson, Whitlow, Minard, Walker,
Blatnik and Wiedebusch)
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[Introduced March 22, 1993;
referred to the Committee on Finance.]
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A BILL to repeal article fifteen, chapter thirty-one of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended; and to amend and reenact article seven, chapter
twelve of said code, all relating to the consolidated
investment trust authority; short title; purposes of
article; legislative findings; abolishment of West Virginia
economic development authority and jobs investment trust;
establishment of consolidated investment trust authority as
successor corporation; definitions; composition of
consolidated investment trust authority; appointment; terms;
chief executive officer; quorum; compensation and expenses;
management and control of authority; officers; liability;
corporate powers; funding; loans to industrial development
agencies or enterprises of projects; acceptance or rejection
of investment package; insurance fund; bonds or notes issued
pursuant to article; approval of authority; trustee for bondholders; contents of trust agreement; pledge or
assignment of revenues; use of funds by authority;
restrictions on funds relating to projects; horseshoe
pitcher's hall of fame; refunding bonds or notes;
obligations of authority undertaken pursuant to article not
debt of state, county, municipality or any political
subdivision; negotiability of bonds and notes issued
pursuant to article; bonds and notes issued pursuant to
article; cumulative authority as to powers conferred;
applicability of other statutes and charters; authority of
board of investments; loan and insurance application
requirements; documentary materials concerning trade
secrets; commercial or financial information;
confidentiality; economic development fund; transfer of
state property to authority; validity of any pledge,
mortgage, deed of trust or security instrument; money of the
authority; conflict of interest; when contracts void;
agreement with federal agencies not to alter or limit powers
of authority; audits; projects not to be considered public
improvements; foreign trade zones; severability; and
construction.
Be it enacted by the Legislature of West Virginia:
That article fifteen, chapter thirty-one of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
repealed; and that article seven, chapter twelve of said code be
amended and reenacted, all to read as follows:
ARTICLE 7. CONSOLIDATED INVESTMENT TRUST AUTHORITY.
§12-7-1. Short title.
This article shall be known and may be cited as "The
Consolidated Investment Trust Authority Act".
§12-7-2. Purposes of article.
The purposes of this article shall be to provide for the
formation of a consolidated economic development investment fund
to promote, assist, encourage and, in junction with such banking
corporation or institutions, trust companies, savings banks,
building and loan associations, insurance companies or related
corporations, partnerships, foundations or other institutions, to
develop and advance the business prosperity and economic welfare
of the state of West Virginia; to encourage and assist in the
location of new business development and maintain the economic
stability of this state, provide maximum opportunities for
employment, encourage thrift and improve the standard of living
of the citizens of this state; to cooperate and act in
conjunction with other organizations, public or private, the
objects of which are the promotion and advancement of industrial,
commercial, tourist or manufacturing developments in this state;
to borrow moneys and to issue its bonds, notes, commercial paper,
other debt instruments and security interests as well as creating
an insurance fund for credit enhancement purposes; to furnish
money and credit or credit enhancement to approved industrial
development agencies or enterprises in this state or to
financially assist projects by insuring bonds, notes, loans and
other instruments, including, but not limited to the insuring of financing of working capital or the refinancing of existing debt
of an enterprise, thereby establishing a source of credit and
credit enhancement not otherwise available therefor. Such
purposes are hereby declared to be public purposes for which
public money may be spent and area purposes which will promote
the health, safety, morals, right to gainful employment, business
opportunities and general welfare of the inhabitants of the
state.
§12-7-3. Legislative findings.
(a) The Legislature hereby finds and declares that the
creation of a consolidated public body corporate to make
investment funds available to eligible businesses would stimulate
economic growth and provide or retain jobs within the state.
Accordingly, it is declared to be the public policy of the state
to create an availability of funds through an investment program
to inject needed capital into the business community, sustain or
improve business profitability, and provide jobs to the citizens
of the state.
(b) That lack of employment and business opportunities has
resulted in thousands of workers and their families leaving the
state to find such opportunities elsewhere, and that this exodus
has adversely affected the tax base of counties and
municipalities resulting in an impairment of their financial
ability to support education and other local government services;
that security against unemployment and the spread of indigency
and economic stagnation can best be provided by the promotion,
attraction, stimulation, rehabilitation and revitalization of commerce, tourism, industry, and manufacturing; that the present
and future health, safety, morals, right to gainful employment
and general welfare of the people of the state require as a
public purpose the promotion and development of new jobs within
this state; that the means and measures being authorized for the
financing of projects, including the insuring of loans or other
debt issued for working capital or the refinancing of existing
debt of an enterprise, are, as a matter of public policy, for the
public purposes of the several counties, municipalities and the
state; that the device under which industrial development
organizations in the state acquire or build industrial buildings
or sites and equip the same with funds raised through popular
subscription, loans or otherwise for lease and sale to new or
expanding industries has proven effective in creating new
employment and business opportunities locally, is in accord with
the American tradition of community initiative and enterprise,
and requires and deserves encouragement and support from the
state, as a means toward alleviation of unemployment and economic
distress; that industrial development corporations in the state
have invested substantial funds in successful industrial projects
and are experiencing difficulty in undertaking additional
projects by reason of the partial inadequacy of their own funds
potentially available from local subscription sources and by
reason of limitations of local financial institutions in
providing additional and sufficiently sizable first deed of trust
or mortgage loans or letters of credit and other forms of credit
enhancement; that an urgent need exists to stimulate a larger flow of private investment funds from banks, investment houses,
insurance companies and other financial institutions into
projects; that the availability of financial assistance through
the creation of an insurance fund will promote the economic
development of the state; and that it is in the public interest,
in order to address the needs aforesaid, that a state
instrumentality be created as a public body corporate with full
powers to accept grants, gifts and appropriations, and to
generate revenues.
(c) The legislature further finds:
(1) That the availability of financial assistance through
the creation of the consolidated investment trust authority will
efficiently promote economic development in the state and will
serve the public purposes of the state;
(2) That a variety of means and measures for the financing
of projects, including the insuring of loans or other forms of
financing or credit to be made available for working capital,
innovative investment plans and options, debt or equity financing
or the refinancing of existing debt of an enterprise, will, as a
matter of public policy, serve the public purposes of the state;
and
(3) That it is in the public interest, in order to address
the needs of the business community and the citizens of the
state, that a public body corporate be created with full power to
accept grants, gifts and appropriations, to generate revenues, to
borrow money and issue its bonds, notes, commercial paper, other
debt instruments and security interests to the end that funds obtained thereby may be used to furnish money and credit to
approved industrial development agencies or enterprises or to
promote the establishment of new projects or to retain existing
projects. (1989, c.54)
§12-7-4. Establishment of consolidated investment trust
authority as successor corporation to the West Virginia
economic development authority and jobs investment trust.
(a) The authority shall be the corporate successor to the
West Virginia economic development authority and is hereby vested
with all right, title and interest of such corporation in and to
all property, rights and choses in action heretofore owned by or
vested in such corporation, including, but not limited to, its
loan portfolio, and shall assume all debts, liabilities and other
obligations, if any, of such corporation. As of the effective
date of this legislation, such corporation shall cease to exist
and all rights and interests heretofore vested in such
corporation shall be vested in the authority.
(b) The authority shall be the corporate successor to the
jobs investment trust and is hereby vested with all right, title
and interest of such corporation in and to all property, rights
and choses in action heretofore owned by or vested in such
corporation, including, but not limited to, its loan portfolio,
and shall assume all debts, liabilities and other obligations, if
any, of such corporation. As of the effective date of this
legislation, such corporation shall cease to exist and all rights
and interests heretofore vested in such corporation shall be vested in the authority.
(c) The unexpended balance of any funds herebefore
authorized by any provision of this code for use of the West
Virginia economic development authority or the jobs investment
trust as of the effective date of this legislation is hereby
transferred to the authority.
(d) At the time of transfer a minimum of one million dollars
of said funds shall be allotted for the purpose of buying down
the interest rates, to a maximum of two percent, on loans to
eligible small businesses as defined in article one-a, section
one-c, chapter twelve: Provided, That the eligible small
businesses meet the criteria found in article one-a, sections
three-b, four-b and five-c, chapter twelve: Provide, however,
That the state, the authority, the development office and its
officers and employees are not liable to any lending institution
in any manner for payment of principal or interest on the loan to
any eligible small business.
§12-7-5. Definitions.
As used in this article, the following words have the
meanings herein ascribed to them, unless the context in which
they are used clearly implies a different meaning:
(a) "Authority" means the consolidated investment trust
authority.
(b)"Board" means the governing body of the authority as
apointed hereunder in section six-b.
(c) "Securities" means all bonds, notes, stocks, debentures or other forms of negotiable and nonnegotiable evidences of
indebtedness or ownership.
(d) "Bonds" means bonds or other debt instruments of the
authority issued under this article, whether the interest thereon
is taxable or tax-exempt for federal income tax purposes.
(e) "Business Plan" means a document detailing the sales,
production and distribution plans of an enterprise, together with
the expenditures necessary to carry out those plans (including
budget and cash flow projections) on an annual basis, and an
employment plan setting forth steps to be taken by the enterprise
to retain jobs or reduce unemployment in this state.
(f) "Cost of establishing a project" means the cost of
acquiring existing facilities, cost of machinery, cost of
equipment and fixtures, cost of construction, including, without
limitation, cost of improvements, repairs and renovations, cost
of all lands, water areas, property rights and easements,
financing charges and interest prior to and during construction,
cost of architectural engineering, legal and financial or other
consulting services, plans, specifications and surveys, estimates
of costs and any other expenses necessary incident to determining
the feasibility or practicability of any project, together with
such other costs and expense as may be necessary or incident to
the financing and the construction or acquisition of the project
and the placing of the same in operation.
(g) "County" means any county of this state.
(h) "Enterprise" means an entity which is or proposes to be
engaged in the state in any business activity for profit. The entity may be owned, operated, controlled, or under the
management of a person, partnership, corporation, trust,
community-based development organization or council, local
commerce group, employee stock ownership plan, pension or
profit-sharing entity or organization.
(i) "Federal agency" means the United States of America and
any department, corporation, agency or instrumentality created,
designated or established by the United States of America.
(j) "Financing plan" means a plan designed to meet the
financing needs of an enterprise as reflected in the business
plan.
(k) "Fund" means the economic development fund provided for
in section twenty-eight of this article.
(l) "Government" means state and federal government, and any
political subdivision, agency or instrumentality thereof,
corporate or otherwise.
(m) "Industrial development agency" means any incorporated
organization, foundation, association, or agency to whose members
or shareholders no profit inures, which has as its primary
function the promotion, encouragement and development of
industrial, commercial, manufacturing and tourist enterprise or
projects in this state.
(n) "Insurance fund" means the insurance fund created by
this article.
(o) "Loan" means any extension of financing by the authority
to an industrial development agency or an enterprise, including,
but not limited to, a loan, a lease or an installment sale.
(p) "Municipality" means any city or town in this state.
(q) "Notes" means any notes, including commercial paper, of
the authority issued under this article whether the interest
thereon is taxable to tax-exempt for federal income tax purposes.
(r) "Project" means a commercial or industrial undertaking
and all of the assets reasonably and necessarily required
therefor, all as determined by the authority, which determination
shall be conclusive, and shall include, without limiting the
generality of the foregoing, industrial projects and commercial
projects as presently defined in section three, article two-c,
chapter thirteen of this code.
(s) "Revenues" means all fees, premiums, charges, moneys,
profits, payments of principal of, or interest on, loans and
other investments, gifts, grants, appropriations, contributions
and all other income derived or to be derived by the authority of
this article.
(t) "Security interest" mans an interest in the loan
portfolio of the authority which interest is secured by an
underlying loan or loans and is evidenced by a note issued by the
authority.
§12-7-6. Consolidated investment trust authority; composition;
appointment, terms; chairman; quorum; compensation and
expenses.
(a) There is hereby created the consolidated investment
trust authority. The authority is created as a public body
corporate and established to improve and otherwise promote
economic development in this state.
(b) The authority shall consist of fifteen members, eight of
whom shall serve by virtue of their respective positions. These
eight are the treasurer of the state of West Virginia, the
chairman of the council for community and economic development or
his or her designee, the executive director of the West Virginia
development office, the secretary of commerce labor and
environmental resources, the tax commissioner, the director of
the West Virginia housing development fund, an individual
appointed by the board of directors of the state colleges system,
and an individual appointed by the board of trustees of the
university of West Virginia. The other seven members shall be
appointed by the governor with the advice and consent of the
senate, and shall be private sector members and have experience
in finance, real estate, investment matters, or business
recruitment and development.
(c) The executive director of the West Virginia development
office shall serve as the chairman of the authority. He or she
may, by written notice filed with the secretary of the authority,
from time to time, delegate to any subordinate the power to
represent him or her at any meeting of the authority. The
authority shall designate the treasurer and secretary of the
board.
(d) In case of any vacancy as to members appointed by the
governor, such vacancy shall be filled in the same manner as the
original appointment. Any person appointed to fill a vacancy
shall serve only for the unexpired term.
(e) The governor may remove any appointed member in case of incompetency, neglect of duty, moral turpitude or malfeasance in
office, and the governor may declare the office vacant and fill
the vacancy as provide in other cases of vacancy.
(f) Eight members of the authority shall constitute a
quorum. No action may be taken by the board except upon the
affirmative vote of at least a majority of those members present,
but in no event fewer than six of the members serving on the
authority.
(g) The members of the authority shall receive no
compensation for their services as members of the authority but
shall be entitled to their reasonable and necessary expenses
actually incurred in discharging their duties under this article.
(h) The authority shall meet on a monthly basis beginning
the first day of July, one thousand nine hundred ninety-three, or
more often if deemed necessary by the chairman.
(i) The terms of the authority members appointed by the
governor first taking office on or after the effective date of
this legislation shall expire as designated by the governor at
the time of appointment, two at the end of the first year, two at
the end of the second year, two at the end of the third year, and
one at the end of the fourth year. As these original
appointments expire, each subsequent appointment shall be for a
full four-year term. Any member whose term has expired shall
serve until his successor has been duly appointed and qualified.
Any member shall be eligible for reappointment.
§12-7-7. Management and control of consolidated investment trust
authority is vested in board; officers; liability.
(a) In order to carry out the day-to-day management and
control of the trust and effectuate the purposes of this article,
the executive director of the West Virginia development office
shall serve as the executive officer of the consolidated
investment trust authority. He or she may also designate to any
subordinate the authority to manage the day-to-day affairs of the
authority.
(b) The West Virginia development office shall provide staff
support services for the authority, shall act as fiscal agent for
the authority and, as such, shall provide accounting services for
the authority, invest all funds as directed by the authority,
service all investment activities of the authority, and shall
make the disbursements of all funds as directed by the authority,
for which the West Virginia development office shall be
reasonably compensated, as determined by the board. The
authority may reimburse any state spending unit for any expenses
actually incurred in providing any service or the use of any
facility to the authority.
(c) The members and officers of the authority shall not be
liable personally, either jointly or severally, for any debt or
obligation created by the authority.
(d) The acts of the authority shall be solely the acts of
its corporation and shall not be deemed to be those of an agent
of the state, nor shall any debt or obligation of the authority
be deemed to be a debt or obligation of the state.
(e) The chairman shall, without regard to the provisions of civil service laws applicable to officers and employees of the
state of West Virginia, appoint such managers, assistant
managers, officers, employees, attorneys and agents as are
necessary for the transaction of its business, fix their
compensation, define their duties, and provide a system of
organization to fix responsibility and promote efficiency.
§12-7-8. Corporate powers.
The authority, as a public corporation and governmental
instrumentality exercising public powers of the state, shall have
and may exercise all powers necessary or appropriate to carry out
the purposes of this article, including the power:
(1) To cooperate with industrial development agencies in
efforts to promote the expansion of industrial, commercial,
manufacturing and tourist activity in this state;
(2) To determine, upon the proper application of an
industrial development agency or an enterprise, whether the
declared public purposes of this article have been or will be
accomplished by the establishment by such agency or enterprise of
a project in this state;
(3) To conduct examinations and investigations and to hear
testimony and take proof, under oath or affirmation, at public or
private hearings, on any matter relevant to this article and
necessary for information on the establishment of any project;
(4) To issue subpoenas requiring the attendance of witnesses
and the production of books and papers relevant to any hearing
before such authority or one or more members appointed by it to
conduct any hearing;
(5) To apply to the circuit court having venue of such
offense to have punished for contempt any witness who refuses to
obey a subpoena, to be sworn or affirmed or to testify or who
commits any contempt after being summoned to appear;
(6) To authorize any member of the authority to conduct
hearings, administer oaths, take affidavits and issue subpoenas;
(7) To financially assist projects by insuring obligations
in the manner provided in this article through the use of the
insurance fund;
(8) To finance any projects by making loans to industrial
development agencies or enterprises upon such terms as the
authority shall deem appropriate;
(9) To stimulate economic growth and create or retain jobs
in this state; such loans may be made only upon a determination
by the authority that the loans are prudent and meet the criteria
established by the authority;
(10) To accept appropriations, gifts, grants, bequests and
devises and to utilize or dispose of the same to carry out its
corporate purposes;
(11) To make and execute contracts, releases, compromises,
agreements and other instruments necessary or convenient for the
exercise of its powers or to carry out its corporate purposes;
(12) To collect reasonable fees and charges in connection
with making and servicing loans, notes, bonds, obligations,
commitments and other evidences of indebtedness, and in
connection with providing technical, consultative and project
assistance services;
(13) To sue and be sued;
(14) To have a seal and alter the same at will;
(15) To make, and from time to time, amend and repeal bylaws
and rules and regulations not inconsistent with the provisions of
this article;
(16) To acquire, hold and dispose of real and personal
property for its corporate purposes;
(17) To enter into agreements or other transactions with any
federal or state agency, college or university, any person and
any domestic or foreign partnership, corporation, association or
organization;
(18) To acquire real property, or an interest therein, in
its own name, by purchase or foreclosure, where acquisition is
necessary or appropriate to protect any loan in which the board
has an interest and to sell, transfer and convey any property to
a buyer and, in the event a sale, transfer or conveyance cannot
be effected with reasonable promptness or at a reasonable price,
then to lease the property;
(19) To purchase or sell, at public or private sale, any
mortgage or other negotiable instrument or obligation securing a
loan;
(20) To procure insurance against any loss in connection
with its property in such amounts, and from such insurers, as may
be necessary or desirable;
(21) To consent, whenever it considers it necessary or
desirable in the fulfillment of its corporate purpose, to the
modification of the rate of interest, time of payment or any installment of principal or interest, or any other terms of
investment, loan contract or agreement of any kind to which the
board is a party;
(22) To establish training and educational programs to
further the purposes of this article;
(23) To acquire, by purchase or otherwise, and to hold,
transfer, sell, assign, pool, or syndicate or participate in the
syndication of, any loans, notes, mortgages, securities or debt
instruments or other instruments evidencing loans or equity
interests in or for the fostering of economic growth, jobs
preservation and creation in the state of West Virginia, and all
other acts which carry out the board's purpose;
(24) To provide equity financing for any eligible business
that will stimulate economic growth and provide or retain jobs in
this state, and to hold, transfer, sell, assign, pool or
syndicate, or participate in the syndication of, any loans,
notes, mortgages, securities or debt instruments or other
instruments evidencing loans or equity interest if in furtherance
of the board's corporate purposes;
(25) To form partnerships, create subsidiaries or take all
other actions necessary to qualify as a small business investment
company under the United States Public Law (85-699) Small
Business Investment Act, as amended;
(26) To issue revenue bonds or notes to fulfill the purposes
of this article, and to secure the payment of such bonds or
notes, all as hereinafter provided;
(27) To borrow money for its purposes and issue bonds or notes for the money and provide for the rights of the holders of
the bonds or notes or other negotiable instruments, to secure the
bonds or notes by a deed of trust on, or an assignment or pledge
of, any or all of its property and property of the project,
including any part of the security for loans, and the authority
may issue and sell its bonds and notes, by public or private
sale, in such principal amounts as it shall deem necessary to
provide funds for any purposes under this article, including the
making of loans for the purposes set forth in this article;
(28) To authorize any member of the authority to conduct
hearings, administer oaths, take affidavits and issue subpoenas;
(29) To financially assist projects by insuring obligations
in the manner provided in this article through use of the
insurance fund, as authorized by this article;
(30) To issue renewal notes, or security interests, to issue
bonds to pay notes or security interests and, whenever it deems
refunding expedient, to refund any bonds or notes by the issuance
of new bonds or notes, whether the bonds or notes to be refunded
have or have not matured and whether or not the authority
originally issued the bonds or notes to be refunded;
(31) To apply the proceeds from the sale of renewal notes,
security interests or refunding bonds or notes to the purchase,
redemption or payment of the notes, security interests or bonds
or notes to be refunded;
(32) To make, amend, repeal and adopt both bylaws and rules
and regulations for the management and regulation of its affairs;
(33) To make contracts of every kind and nature and to execute all instruments necessary or convenient for carrying out
its business;
(34) To accept grants and loans from and enter into
contracts and other transactions with any federal agency;
(35) To take title by conveyance or foreclosure to any
project where acquisition is necessary to protect any loan
previously made by the authority and to sell, by public or
private sale, transfer, lease or convey such project to any
enterprise;
(36) To participate in any reorganization proceeding pending
pursuant to the United States Code (being the act of Congress
establishing a uniform system of bankruptcy throughout the United
States, as amended) or in any receivership proceeding in a state
or federal court for the reorganization or liquidation of an
enterprise. The authority may file its claim against any such
enterprise in any of the foregoing proceedings, vote upon any
questions pending therein which requires the approval of the
creditors participating in any reorganization proceeding or
receivership, exchange any evidence of such indebtedness for any
property, security or evidence of indebtedness offered as a part
of the reorganization of such enterprise or of any other entity
formed to acquire the assets thereof and may compromise or reduce
the amount of any indebtedness owing to it as a part of any such
reorganization;
(37) To acquire, construct, maintain, improve, repair,
replace and operate projects within this state, as well as
streets, roads, alleys, sidewalks, crosswalks and other means of ingress and egress to and from projects located within this
state;
(38) To acquire, construct, maintain, improve, repair and
replace and operate pipelines, electric transmission lines,
waterlines, sewer lines, electric power substations, waterworks
systems, sewage treatment and disposal facilities and any
combinations thereof for the use and benefit of any enterprise
located within this state;
(39) To acquire watersheds, water and riparian rights,
rights-of-way, easements, licenses and any and all other
property, property rights and appurtenances for the use and
benefit of any enterprise located within this state;
(40) To acquire, by purchase, lease, donation or eminent
domain, any real or personal property, or any right or interest
therein, as may be necessary or convenient to carry out the
purposes of the authority. Title to all property, property
rights and interests acquired by the authority shall be taken in
the name of the authority;
(41) To issue renewal notes, or security interests, to issue
bonds to pay notes or security interests and, whenever it deems
refunding expedient, to refund any bonds or notes by the issuance
of new bonds or notes, whether the bonds or notes to be refunded
have or have not matured and whether or not the authority
originally issued the bonds or notes to be refunded;
(42) To apply the proceeds from the sale of renewal notes,
security interests or refunding bonds or notes to the purchase,
redemption or payment of the notes, security interests or bonds or notes to be refunded;
(43) To accept gifts or grants of property, funds, security
interests, money, materials, labor, supplies or services from the
United States of America or from any governmental unit or any
person, firm or corporation, and to carry out the terms or
provisions of, or make agreements with respect to, or pledge, any
gifts or grants, and to do any and all things necessary, useful,
desirable or convenient in connection with the procuring,
acceptance or disposition of gifts or grants;
(44) To the extent permitted under its contracts with the
holders of bonds, security interests or notes of the authority,
to consent to any modification of the rate of interest, time of
payment of any installment of principal or interest, security or
any other term of any bond, security interests, note or contract
or agreement of any kind to which the authority is a party;
(45) To sell loans, security interests or other obligations
in the loan portfolio of the authority. Such security interests
shall be evidenced by instruments issued by the authority.
Proceeds from the sale of loans, security interests, or other
obligations may be used in the same manner and for the same
purposes as bond and note revenues;
(46) To procure insurance against any losses in connection
with its property, operations or assets in such amounts and from
such insurers as the authority deems desirable;
(47) To sell, license, lease, mortgage, assign, pledge or
donate its property, both real and personal, or any right or
interest therein to another or authorize the possession, occupancy or use of such property or any right or interest
therein by another, in such manner and upon such terms as it
deems appropriate;
(48) To participate with the state and federal agencies in
efforts to promote the expansion of commercial and industrial
development in this state;
(49) To finance, organize, conduct, sponsor, participate and
assist in the conduct of special institutes, conferences,
demonstrations and studies relating to the stimulation and
formation of business, industry and trade endeavors;
(50) To conduct, finance and participate in technological,
business, financial and other studies related to business and
economic development;
(51) To conduct, sponsor, finance, participate and assist in
the preparation of business plans, financing plans and other
proposals of new or established businesses suitable for support
by the authority;
(52) To prepare, publish and distribute, with or without
charge as the authority may determine, such technical studies,
reports, bulletins and other materials as it deems appropriate,
subject only to the maintenance and respect for confidentiality
of client proprietary information;
(53) To exercise such other and additional powers as may be
necessary or appropriate for the exercise of the powers herein
conferred;
(54) To exercise all of the powers which a corporation may
lawfully exercise under the laws of this state;
(55) To contract for the provision of legal services by
private counsel, and notwithstanding the provisions of article
three, chapter five, such counsel may, but is not limited to,
represent the authority in court, negotiate contracts and other
agreements on behalf of the authority, render advice to the
authority on any matter relating thereto, prepare contracts and
other agreements, and provide such other legal services as may be
requested by the authority; and
(56) To develop, maintain, operate and apply for the
establishment of foreign trade zones pursuant to and in
accordance with all applicable provisions of federal law.
§12-7-9. Funding.
Effective the first day of July, one thousand nine hundred
ninety-three, the West Virginia parkways, economic development
and tourism authority shall transfer to the economic development
fund established by section twenty-eight of this article all
funds possessed and allotted for economic development projects on
the date of passage of this article. The parkways authority
shall continue to use the same formula to determine future
amounts available for economic development purposes. That amount
shall, on the 30th day of June of each fiscal year, be
transferred to the consolidated investment trust authority:
Provided, That any funds transferred from the parkways authority
shall be expended solely on projects which are connected to or
intersect with the West Virginia Turnpike and are within
seventy-five air miles of said turnpike as it exists on the first day of July, one thousand nine hundred ninety-three.
§12-7-10. Loans to industrial development agencies or
enterprises for projects.
(a) When it has been determined upon application of an
industrial development agency or an enterprise that the
establishment or acquisition of a particular project has
accomplished or will accomplish the public purpose of this
article, the authority may contract to loan such agency or
enterprise up to one hundred percent of the estimated cost of
such project from any or all of the following sources:
(1) The proceeds of bonds or notes issued by the authority
pursuant to this article;
(2) Moneys in the fund available to make loans; or
(3) The investment in such loans by the board of investments
through the consolidated fund of the state as provided in this
article.
(b) Loans made under subsection (a) of this section shall be
subject to the following conditions:
(1) If the authority is providing less than one hundred
percent financing for the project, the authority shall determine
that other sources of funds will be available to complete the
project;
(2) The loan shall contain such terms and conditions as the
authority deems appropriate, which terms and conditions shall be
put forth in a resolution adopted by the board in accordance with
the provisions of this article;
(3) The authority may, in its discretion, include within the terms of a loan minimum project operating periods, liquidated
damage provisions for cessation of operations prior to the end of
the loan period, loan acceleration provisions, project equipment
purchase options in the event of early closure and other
provisions to protect the jobs intended to be created by the
project;
(4) The industrial development agency or enterprise shall
pay such loan fees as may be prescribed by the authority from
time to time pursuant to the provisions of this article.
Money loaned by the authority to an industrial development
agency or enterprise pursuant to subdivisions (2) and (3),
subsection (a) of this section shall be withdrawn from the fund
and paid over to the agency or enterprise in such manner as shall
be determined by the authority, and the authority shall deposit
all payments of interest on such loans and the principal thereof
into the consolidated investment trust authority fund.
§12-7-11. Acceptance or rejection of investment package.
(a) The board may approve or disapprove an investment
package or any portion thereof.
(b) The board shall disapprove any investment package if the
business requesting such investment is not in good standing with
all applicable laws affecting the conduct of such business. Upon
request of the board, each affected state agency shall provide
the board with such information as to the standing of each
applicant, notwithstanding any provision of this code to the
contrary.
§12-7-12. Insurance fund.
(a) There is hereby created an insurance fund which shall be
a continuing, nonlapsing, revolving fund that consists of:
(1) Moneys appropriated by the state to the insurance fund;
(2) Premiums, fees, and any other amounts received by the
authority with respect to financial assistance provided by the
authority from the insurance fund;
(3) Upon the satisfaction of any indebtedness or other
obligation owed on any property held or acquired by the
authority, such proceeds as designated by the authority from the
sale, lease, or other disposition of such property;
(4) Income from investments made from moneys in the
insurance fund; and
(5) Any other moneys transferred to the insurance fund or
made available to it for the purposes described under this
section, under this article or pursuant to any other provisions
of this code.
Subject to the provisions of any outstanding insurance
agreements entered into by the authority under this section, the
authority may enter into covenants or agreements with respect to
the insurance fund, and establish accounts within the insurance
fund which may be used to implement the purposes of this article.
If the authority elects to establish separate accounts within the
insurance fund, the authority may allocate its revenues and
receipts among the respective accounts in any manner the
authority considers appropriate.
If the authority at any time finds that more money is needed
to keep the reserves of the insurance fund at an adequate level, the authority, with the consent of the chairman, shall send a
written request to the Legislature for additional funds.
(b) The insurance fund shall be used for the following
purposes by the authority to financially assist projects so long
as such financial assistance will, as determined by the
authority, fulfill the public purposes of this article:
(1) To insure the payment or repayment of all or any part of
the principal of, redemption or prepayment premiums or penalties
on, and interest on bonds or notes whether issued under the
provisions of this article or under the Industrial Development
and Commercial Development Bond Act, the West Virginia Hospital
Finance Authority Act or, with respect to health care facilities
only, article thirty-three, chapter eight of this code;
(2) To insure the payment or repayment of all or any part of
the principal of, redemption or prepayment premiums or penalties
on, and interest on any instrument executed, obtained, or
delivered in connection with the issuance and sale of bonds or
notes whether under the provisions of this article or under the
Industrial Development and Commercial Development Bond Act, the
West Virginia Hospital Finance Authority Act or, with respect to
health care facilities only, article thirty-three, chapter eight
of this code;
(3) To insure the payment or repayment of all or any part of
the principal of, prepayment premiums or penalties on, and
interest on any form of debt instrument entered into by an
enterprise, public body or authority of the state with a
financial institution, including, but not limited to, banks, insurance companies and other institutions in the business of
lending money, which debt instruments shall include, but not be
limited to, instruments relating to loans for working capital and
to the refinancing of existing debt: Provided, That nothing
contained in this subsection or any other provision of this
article shall be construed as permitting the authority to insure
the refinancing of existing debt except when such insurance will
result in the expansion of the enterprise whose debt is to be
refinanced or in the creation of new jobs;
(4) To pay or insure the payment of any fees or premiums
necessary to obtain insurance, guarantees, letters of credit or
other credit support from any person or financial institution in
connection with financial assistance provided by the authority
under this section; and
(5) To pay any and all expenses of the authority, including,
but not limited to:
(i) Any and all expenses for administrative, legal,
actuarial, and other services related to the operation of the
insurance fund; and
(ii) All costs, charges, fees, and expenses of the authority
related to the authorizing, preparing, printing, selling,
issuing, and insuring of bonds or notes (including, by way of
example, bonds or notes, the proceeds of which are used to refund
outstanding bonds or notes) and the funding of reserves.
(c) The total aggregate amount of insurance from the
insurance fund with respect to the insured portions of principal of bonds or notes or other instruments may not exceed at any time
an amount equal to five times the balance in the insurance fund.
(d) The authority may, in its sole and absolute discretion,
set the premiums and fees to be paid to it for providing
financial assistance under this section. The premiums and fees
set by the authority shall be payable in the amounts, at the
time, and in the manner that the authority, in its sole and
absolute discretion, requires. The premiums and fees need not be
uniform among transactions, and may vary in amount: (1) among
transactions; and (2) at different stages during the terms of
transactions.
(e) The authority may, in its sole and absolute discretion,
require the security it believes sufficient in connection with
its insuring of the payment or repayment of any bonds, notes,
debt or other instruments described in subdivisions (1), (2), (3)
and (4), subsection (b) of this section.
(f) The authority may itself approve the form of any
insurance agreement entered into under this section or may
authorize the chairman or his designee to approve the form of any
such agreement. Any payment by the authority under an agreement
entered into by the authority under this section shall be made at
the time and in the manner that the authority, in its sole and
absolute discretion, determines.
(g) The obligations of the authority under any insurance
agreement entered into pursuant to this article shall not
constitute a debt or a pledge of the faith and credit or taxing
powers of this state or of any county, municipality or any political subdivision of this state for the payment of any amount
due thereunder or pursuant thereto, but the obligations evidenced
by such insurance agreement shall be payable solely from the
funds pledged for their payment. All such insurance agreements
shall contain on the face thereof a statement to the effect that
such agreements and the obligations evidenced thereby are not
debts of the state or any county, municipality or political
subdivision thereof but are payable solely from funds pledged for
their payment.
§12-7-13. Bonds and notes issued pursuant to this article.
(a) The authority may issue its bonds or notes to fulfill
the purposes set forth in this article.
(b) The authority may issue renewal notes to pay notes and,
if it considers refunding expedient, may refund or refund in
advance, bonds or notes, whether or not originally issued by the
authority, by the issuance of new bonds or notes.
(c) Except as may otherwise be expressly provided by the
authority, every issue of its notes or bonds shall be special
obligations of the authority, payable solely from the property,
revenues or other sources of or available to the authority
pledged therefor.
(d) The bonds and the notes shall be authorized by the
authority pursuant to section eight of this article, and shall be
secured, be in such denominations, may bear interest at such rate
or rates, be in such form, either coupon or registered, carry
such registration privileges, be payable in such medium of
payment and at such place or places and such time or times and be subject to such terms of redemption as the authority may
authorize. The bonds and notes of the authority may be sold by
the authority, at public or private sale, at or not less than the
price the authority determines. The bonds and notes shall be
executed by manual or facsimile signature by the chairman of the
board, and the official seal of the authority or a facsimile
thereof shall be affixed to or printed on each bond and note and
attested, manually or by facsimile signature, by the secretary of
the board, and any coupons attached to any bond or note shall
bear the manual or facsimile signature of the chairman of the
board. In case any officer whose signature, or a facsimile of
whose signature, appears on any bonds, notes or coupons ceases to
be such officer before delivery of such bonds or notes, such
signature or facsimile is nevertheless sufficient for all
purposes the same as if he had remained in office until such
delivery; and, in case the seal of the authority has been changed
after a facsimile has been imprinted on such bonds or notes, such
facsimile seal will continue to be sufficient for all purposes.
§12-7-14. Approval by authority.
(a) To implement the powers and authority conferred upon it
by this article, the board of the authority may adopt a
resolution pursuant to which it shall:
(1) specify and describe the project;
(2) generally describe the public purpose to be served and
the financing transaction to be accomplished under this article;
(3) specify the maximum principal amount of any bonds or
notes to be issued by the authority, the maximum principal amount of the loan, and the amount of insurance, if any, to be provided
by the authority; and
(4) impose any terms or conditions on the issuance of notes
or bonds, the making of a loan or the provision of insurance that
the authority deems appropriate.
(b) The board of the authority may, by resolution, or may
delegate to the chairman the authority to, specify, prescribe,
determine, provide for and approve such matters, details, forms,
documents or procedures as the authority deems appropriate to the
making of a loan, the authorization, sale, issuance, security,
delivery, or payment of or for bonds or notes, or the authority's
insurance of bonds, notes, loans or other instruments, including,
without limitation, the rate or rates of interest and any
security for the loan or insurance.
(c) The resolution adopted pursuant to this section is
administrative in nature, is not subject to procedures required
for legislative acts, and is not subject to referendum.
(d) In any suit, action, or proceeding involving the
validity or enforceability of any bonds or notes issued, loan
made, or insurance extended by the authority under this article
or any security therefor, any finding by the authority as to the
public purpose of any actions taken under this article and the
appropriateness of those actions to serve the public purpose
shall be conclusive.
(e) Any resolution authorizing the issuance of bonds or
notes shall provide that such bonds or notes shall contain a
recital that they are issued pursuant to this article, which recital shall be conclusive evidence of their validity and of the
regularity of their issuance.
§12-7-15. Trustee for bondholders; contents of trust agreement;
pledge or assignment of revenues.
For bonds or notes issued pursuant to the provisions of this
article, in the discretion of the authority, any bonds or notes,
including refunding bonds or notes issued by the authority, may
be secured by a trust agreement between the authority and a
corporate trustee, which trustee may be any bank or trust company
within or without the state. Any such trust agreement may
contain such binding covenants with the holders of such bonds or
notes as to any matter or provisions as are deemed necessary or
advisable to the authority to enhance the marketability and
security of such bonds or notes and may also contain such other
provisions with respect thereto as the authority may authorize
and approve. Any resolution adopted by the authority or any
trust agreement may contain a pledge or assignment of revenues to
be received in connection with the financing.
§12-7-16. Use of funds by authority; restrictions thereon
relating to projects.
All moneys, properties and assets acquired by the authority,
whether as proceeds from the sale of bonds or notes or as
revenues or otherwise, shall be held by it in trust for the
purposes of carrying out its powers and duties and shall be used
and reused in accordance with the purposes and provisions of this
article. Such moneys shall at no time be commingled with other public funds. Such moneys, except as otherwise provided in any
resolution authorizing the issuance of bonds or notes or in any
trust agreement securing the same, or except when invested
pursuant to this article, shall be kept in appropriate
depositories and secured as provided and required by law. The
resolution authorizing the issuance of such bonds or notes of any
issue or the trust agreement securing such bonds or notes shall
provide that any officer to whom, or any banking institution or
trust company to which, such moneys are paid, shall act as
trustee of such moneys and hold and apply them for the purposes
hereof, subject to the conditions this article and such
resolution or trust agreement provide.
§12-7-17. Horseshoe pitcher's hall of fame.
Not later than the first day of July, one thousand nine
hundred ninety-four, the authority may enter into negotiations
with the county commission of Marion county to develop, organize,
construct and manage a national horseshoe pitcher's hall of fame
shrine and multipurpose building project.
The authority may provide funds through a loan, staff
support and technical assistance to the Marion county commission
to target the project for completion within five years:
Provided, That the Marion county commission has the commitment,
support and assistance of the national horseshoe pitcher's
association to locate the hall of fame in Marion county.
§12-7-18. Refunding bonds or notes.
Any bonds or notes issued by the authority or any other public body or authority of the state pursuant to the provisions
of this article or any other provision of this code and at any
time outstanding may at any time and from time to time be
refunded by the authority by the issuance of its refunding bonds
or notes in such amount as it may deem necessary to refund the
principal of the bonds or notes so to be refunded, together with
any unpaid interest thereon; to provide additional funds for the
purposes of the authority; and to pay any premiums and
commissions necessary to be paid in connection therewith. Any
such refunding may be effected whether the bonds or notes to be
refunded shall have then matured or shall thereafter mature,
either by sale of the refunding bonds or notes and the
application of the proceeds thereof for the redemption of the
bonds or notes to be refunded thereby or by exchange of the
refunding bonds or notes for the bonds or notes to be refunded
thereby. Such refunding bonds or notes shall be issued in
conformance with the provisions of sections nine and ten of this
article.
§12-7-19. Obligations of authority undertaken pursuant to this
article not debt of state, county, municipality or any
political subdivision.
Bonds and notes, including refunding bonds and notes, issued
under the authority of this article and any coupons in connection
therewith, and any other obligations undertaken by the authority
pursuant to this article, shall not constitute a debt or a pledge
of the faith and credit or taxing power of this state or of any
county, municipality or any other political subdivision of this state, and the holders and owners thereof shall have no right to
have taxes levied by the Legislature or the taxing authority of
any county, municipality or any other political subdivision of
this state for the payment of the principal thereof or interest
thereon, but such bonds, notes and other obligations shall be
payable solely from revenues and funds pledged for their payment
as authorized by this article unless the notes are issued in
anticipation of the issuance of bonds or the notes are refunded
by refunding bonds issued under the authority of this article,
which bonds or refunding bonds shall be payable solely from
revenues and funds pledged for their payment as authorized by
this article. All such bonds and notes, and all documents
evidencing any other obligation, shall contain on the face
thereof a statement to the effect that the bonds, notes or such
other obligation as to both principal and interest, are not debts
of the state or any county, municipality or political subdivision
thereof, but are payable solely from revenues and funds pledged
for their payment.
§12-7-20. Negotiability of bonds and notes issued pursuant to
this article.
Whether or not the bonds or notes issued pursuant to this
article are of such form or character as to be negotiable
instruments under the Uniform Commercial Code, such bonds or
notes are negotiable instruments within the meaning of and for
all the purposes of the Uniform Commercial Code, subject only to
the provisions of the bonds or notes for registration.
§12-7-21. Bonds and notes issued pursuant to this article; legal
investments.
The provisions of sections nine and ten, article six,
chapter twelve of this code to the contrary notwithstanding, the
bonds and notes issued pursuant to the provisions of this article
are securities in which all public officers and bodies of this
state, including the West Virginia state board of investments,
all municipalities and other political subdivisions of this
state, all insurance companies and associations and other persons
carrying on an insurance business, including domestic for life
and domestic not for life insurance companies, all banks, trust
companies, societies for savings, building and loan associations,
savings and loan associations, deposit guarantee associations and
investment companies, all administrators, guardians, executors,
trustees and other fiduciaries and all other persons whatsoever
who are authorized to invest in bonds or other obligations of the
state may properly and legally invest funds, including capital,
in their control or belonging to them.
§12-7-22. Exemption from taxation.
The exercise of the powers granted to the authority by this
article will be in all respects for the benefit of the people of
the state for the improvement of their health, safety,
convenience and welfare and is a public purpose. As the
operation and maintenance of projects financed under this article
will constitute the performance of essential governmental
functions, the authority shall not be required to pay any taxes
or assessments upon any property acquired or used by the authority or upon the income therefrom. All bonds and notes of
the authority, and all interest and income thereon, shall be
exempt from all taxation by this state and any county,
municipality, political subdivision or agency thereof, except
inheritance taxes.
§12-7-23. Personal liability; persons executing bonds or notes
issued pursuant to this article.
Neither the members or officers of the authority or of any
authority, agency or office, nor any person executing the bonds
or notes issued pursuant to the provisions of this article, shall
be liable personally on such bonds or notes or be subject to any
personal liability or accountability by reason of the issuance
thereof.
§12-7-24. Cumulative authority as to powers conferred;
applicability of other statutes and charters; bonds and
notes issued pursuant to this article.
The provisions of this article relating to the making of
loans and to the issuance of bonds and notes shall be construed
as granting cumulative authority for the exercise of the various
powers herein conferred, and neither the powers nor any bonds or
notes issued hereunder shall be affected or limited by any other
statutory or charter provision now or hereafter in force, other
than as may be provided in this article, it being the purpose and
intention of this article to create full, separate and complete
additional powers. The various powers conferred herein may be
exercised independently and notwithstanding that no bonds or notes are issued hereunder.
§12-7-25. Authority of the board of investments.
The board of investments shall, under the provisions of this
article, invest moneys, securities and other assets of the
special account for the common investment of state funds
designated as the state account within the special investment
fund designated as the consolidated fund established under the
provisions of subsection (b), section eight, article six, chapter
twelve of this code as a revolving loan fund with the authority,
to enable the authority to make loans approved by the authority
and to be funded from such consolidated fund in an amount which
shall not at anytime exceed one hundred fifty million dollars in
the aggregate principal amount outstanding. With respect to
loans funded under this article through the consolidated fund of
the state, such loans shall be made in the name of the
consolidated fund by the authority.
§12-7-26. Loan and insurance application requirements.
Prior to the loaning of any funds to an industrial
development agency or an enterprise for a project or the insuring
of any bonds, notes, loans or other instruments pursuant to
section eight of this article, the authority shall receive from
such agency or enterprise an application in such form as adopted
by the authority for either the loan or the insurance.
§12-7-27. Documentary materials concerning trade secrets;
commercial or financial information; or confidentiality.
Any documentary material or data made or received by the
authority for the purpose of furnishing assistance to a business, to the extent that such material or data consists of trade
secrets or commercial or financial information regarding the
financial position or business operation of such business, shall
not be considered public records and shall be exempt from
disclosure pursuant to the provisions of chapter twenty-nine-b of
this code. Any discussion or consideration of such trade secrets
or commercial or financial information may be held by the
authority in executive session closed to the public,
notwithstanding the provisions of article nine-a, chapter six of
this code: Provided, That the authority shall make publicly
available the following information regarding executed loans or
its provision of insurance: (1) The name of the debtor; (2)
location(s) of the project; (3) amount of the authority loan or
financial assistance provided by the insurance fund; (4) the
purpose of the loan or financial assistance; (5) the term, rate
and interest of the loan; and (6) the fixed assets which serve as
security for the loan or insurance provided.
§12-7-28. Economic development fund.
The economic development fund, to which shall be credited
any appropriation made by the Legislature to the authority, any
funds which the authority is authorized to receive under any
provision of this code, other funds which the board directs to be
deposited into the fund, and such other deposits as are provided
for in this section, is hereby continued in the state treasury as
a special account.
The authority may requisition from the fund such amounts as are necessary to provide for the payment of the administrative
expenses of this article. Notwithstanding any other provision of
this article, whenever the authority determines it to be
necessary to purchase at a foreclosure sale any project pursuant
to subdivision (36), section eight of this article, it may
requisition from the fund such amount as is necessary to pay the
purchase price thereof.
The authority shall requisition from the fund such amounts
as are allocated and appropriated for loans to industrial
development agencies or enterprises for projects. As loans to
industrial development agencies or enterprises are repaid to the
authority pursuant to the terms of mortgages and other
agreements, the authority shall pay such amounts into the fund,
consistent with the intent of this article that the fund shall
operate as a revolving fund whereby all appropriations and
payments made thereto may be applied and reapplied for the
purposes of this article. Revenues deposited into the fund may
be used to make payments of interest and principal and may be
pledged as security for bonds, security interests or notes issued
by the authority pursuant to this article.
Whenever the authority determines that the balance in the
fund is in excess of the immediate requirements for loans, it may
request that such excess be invested until needed for loan
purposes, in which case such excess shall be invested in a manner
consistent with the investment of other temporary state funds.
Interest earned on any money invested pursuant to this section
shall be credited to the fund.
If the authority determines that funds held in the fund are
in excess of the amount needed to carry out the purposes of this
article, it may take such action as is necessary to release such
excess and transfer it to the general fund of the state treasury.
§12-7-29. Transfer of state property to the authority.
The governor is authorized to provide for the transfer to
the authority of the use, possession and control of such real or
personal property of the state as he may from time to time deem
useful to the authority in the conduct of its activities as
authorized by this article.
§12-7-30. Validity of any pledge, mortgage, deed of trust or
security instrument.
It is the intention hereof that any pledge, mortgage, deed
of trust or security instrument made by or for the benefit of the
authority shall be valid and binding between the parties from the
time the pledge, mortgage, deed of trust or security instrument
is made; and that the moneys or property so pledged, encumbered,
mortgaged or entrusted shall immediately be subject to the lien
of such pledge, mortgage, deed of trust or security instrument
without any physical delivery thereof or further act.
§12-7-31. Money of the authority.
All money accruing to the authority from whatever source
derived, except legislative appropriations, shall be collected
and received by the treasurer of the authority, who shall pay it
into the state treasury in the manner required by section two,
article two, chapter twelve of this code, which shall be credited
to the appropriate fund of the authority.
§12-7-32. Conflict of interest; when contracts void.
No member, officer or employee of the authority shall either
directly or indirectly be a party to or interested in any manner
in any contract or agreement with the authority whereby liability
or indebtedness against or to the authority is in any manner
created. Any contract or agreement made in violation of the
provisions of this section shall be void and no action thereon
shall be maintained against the authority.
§12-7-33. Agreement with federal agencies not to alter or limit
powers of authority.
The state hereby pledges to and agrees with each federal
agency that, if such agency constructs or loans or contributes
any funds for any project, the state will not alter or limit the
rights and powers of the authority in any manner which would be
inconsistent with the due performance of any agreement between
the authority and such federal agency and that the authority
shall continue to have and exercise all powers granted for
carrying out the purposes of this article for so long as
necessary.
§12-7-34. Audits.
As soon as possible after the close of each fiscal year, the
authority shall make an annual report of its activities for the
preceding fiscal year to the governor and the Legislature. Each
such report shall set forth a complete operating and financial
statement covering the authority's operations during the
preceding fiscal year. The authority shall cause an audit of its
books and accounts to be made at least once each fiscal year by certified public accountants and the cost thereof may be treated
as a part of the cost of construction or of operations of its
projects.
§12-7-35. Projects not to be considered public improvements.
No project, enterprise or business facility which conducts
as its primary activity a manufacturing process or other
nongovernmental or nonpublic activity may be deemed to be a
"public improvement" within the meaning of the provisions of
article five-a, chapter twenty-one of this code.
§12-7-36. Foreign trade zones; authority approval.
Any public corporation located in the state is hereby
authorized to apply for, develop, maintain and operate a foreign
trade zone in the state pursuant to and in accordance with all
applicable provisions of federal law: Provided, That any public
corporation desiring to apply for or develop a foreign trade zone
must first receive the approval of the authority.
§12-7-37. Severability.
If any section, subsection, subdivision, subparagraph,
sentence or clause of this article is adjudged to be
unconstitutional or invalid, such adjudication shall not affect
the validity of the remaining portions of this article, and, to
this end, the provisions of this article are hereby declared to
be severable.
§12-7-38. Construction.
The provisions of this article are remedial and shall be
liberally construed and applied so as to promote the purposes set out in section two of this article.
NOTE: The purpose of this bill is to consolidate access to
capital for economic development projects. The bill would
abolish the Economic Development Authority and the Jobs
Investment Trust and create in its place the Consolidated
Investment Trust Authority. The total portfolio of the Economic
Development Authority and the Jobs Investment Trust would be
transferred to this newly created authority. In addition, moneys
available within the West Virginia Parkways Authority for
economic development activities would be transferred to the
consolidated fund.
Sections one through eleven are new; therefore,
strike-throughs and underscoring have been omitted. Sections
eight through thirty-three from the present article have become
sections twelve through thirty-eight in the new version.