ENROLLED
Senate Joint Resolution No. 4
(By Senators Wooton, Ball, Bowman, Buckalew, Dittmar, Hunter,
Kimble, Oliverio, Ross, Schoonover, Snyder and White)
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[Adopted April 12, 1997]
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Proposing an amendment to the Constitution of the State of West
Virginia, amending section six, article ten thereof,
relating to taxation and finance; eliminating the
prohibition against investment of state funds in common
stocks and other equity investments; authorizing the
investment of state or public funds subject to procedures
and guidelines established by the Legislature; numbering and
designating such proposed amendment; and providing a
summarized statement of the purpose of such proposed
amendment.
Resolved by the Legislature of West Virginia, two thirds of
the members elected to each house agreeing thereto:
That the question of ratification or rejection of an
amendment to the Constitution of the State of West Virginia be
submitted to the voters of the State at a special election to be
held on September twenty-seventh, one thousand nine hundred
ninety-seven, which proposed amendment is that section six, article ten thereof, be amended to read as follows:
ARTICLE X. TAXATION AND FINANCE.
§6. Credit of state not to be granted in certain cases
.
The credit of the state shall not be granted to, or in aid
of any county, city, township, corporation or person; nor shall
the state ever assume, or become responsible for the debts or
liabilities of any county, city, township, corporation or person. \; nor shall the state ever hereafter become a joint owner, or
stockholder in any company or association in this state or
elsewhere, formed for any purpose whatever.
The investment of state or public funds shall be subject to
procedures and guidelines heretofore or hereafter established by
the Legislature for the prudent investment of such funds.
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Resolved further, That in accordance with the provisions of
article eleven, chapter three of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, such proposed
amendment is hereby numbered "Amendment No. 1" and designated as
the "Modern Investment Management Amendment" and the purpose of
the proposed amendment is summarized as follows: "To authorize
the investment of state or public funds in common stocks and
other equity investments and to further require the Legislature
to establish guidelines and procedures for the prudent investment
of such funds.",