COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 121
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Originating in the Committee on Finance;
reported March 28, 2001.]
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A BILL to amend article two, chapter five-b of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, by
adding thereto a new section, designated section three-b,
relating to the creation of a "Sunny Day Fund"; source of
funding; permissible expenditures from the fund; prohibiting
redesignation of funds; and promulgation of rules.
Be it enacted by the Legislature of West Virginia:
That article two, chapter five-b of the code of West Virginia,
one thousand nine hundred thirty-one, as amended, be amended by
adding thereto a new section, designated section three-b, to read
as follows:
ARTICLE 2. WEST VIRGINIA DEVELOPMENT OFFICE.
§5B-2-3b. Establishment of sunny day fund.
(a) There is hereby created in the state treasury a special
revenue account, designated the "Sunny Day Fund", which shall be an
interest-bearing account and may be invested in the manner
permitted by article six, chapter twelve of this code, with the
interest income a proper credit to the fund.
(b) Funds paid into the account may be derived from the following sources:
(1) Appropriations by the Legislature;
(2) All interest or return on investments accruing to the
fund; and
(3) Any gift, grants, bequests, transfers or donations which
may be received from any governmental entity or unit or any person,
firm, foundation or corporation.
(c) Appropriations from the "Sunny Day Fund" are limited to
expenditures:
(1) Which enable development projects that have been funded
from other sources to be completed;
(2) Which are used for the construction of permanent
improvements, including, but not limited to, buildings, roads,
bridges and utilities; and
(3) Which produce permanent, full-time jobs within one year of
the completion of the permanent improvements.
If money from the fund is needed based on the recommendation
of the West Virginia council for community and economic development
for one of the stated purposes the governor may authorize the
expenditure of the funds. The governor shall notify the
Legislature's joint committee on government and finance, in
writing, on a quarterly basis of appropriations made from this fund
and the purpose for which the appropriation is made.
(d) Notwithstanding the provisions of section two, article
two, chapter twelve of this code, moneys within the "Sunny Day
Fund" may not be redesignated for any purpose other than those set
forth in this section.
(e) The council for community and economic development shall propose legislative rules for promulgation in accordance with
article three, chapter twenty-nine-a of this code. The rules shall
provide criteria for appropriation of the funds to ensure
accountability for those funds. The rules shall provide a method
by which the council can evaluate and measure the success of the
"Sunny Day Fund". The council shall prepare a report based on its
findings and submit it annually to the Legislature's joint
committee on government and finance by the first day of January.