Senate Bill No. 110
(By Senators Tomblin (Mr. President) and Sprouse
By Request of the Executive)
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[Introduced January 10, 2002; referred to the Committee
on Finance.]
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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".
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
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 article, with
the interest income a proper credit to the fund. Funds paid
into the account may be derived from the following sources:
Appropriations by the Legislature;
All interest or return on investments accruing to the fund;
and
Any gift, grants, bequests, transfers or donations which may
be received from any governmental entity or unit or any person,
firm, foundation or corporation.
Appropriations from the "Sunny Day Fund" are limited to
expenditures:
(1) Which enable development projects, that have been funded
from other sources, to be consummated;
(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 such funds. The governor shall
notify the presiding officers of both houses of the Legislature, in writing, on a quarterly basis of appropriations made from
this fund and the purpose for which the appropriation is made.
(b) 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.
NOTE: The purpose of this bill is to create a special
account designated the "Sunny Day Fund" for the promotion of
certain economic development projects.
This section is new; therefore, strike-throughs and
underscoring have been omitted.