Senate Bill No. 579
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(Originating in the Committee on Finance;
reported March 30, 1993.)
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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; allowing an
additional investment for a specified period of time for no
more than one eligible business; limiting the additional
investment; and requiring that the additional investment be
in the form of a short-term debt investment.
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 invested in
one eligible business within any two-year period: Provided,
however, That prior to the first day of July, one thousand ninehundred ninety-three, the board may invest in no more than one
eligible business up to an additional twenty percent of the
board's total investment portfolio or up to a total of two
million dollars, whichever is less. The additional investment
must be in the form of a short-term debt investment to be repaid
within twelve months of the investment.