ENGROSSED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 110
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Originating in the Committee on Finance;
reported February 26, 2002.]
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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"; setting forth
sources of funding; limiting appropriations for certain
projects; allowing governor to authorize expenditures of
funds; limiting use of moneys from fund; authorizing rules and
emergency rules; requiring annual and quarterly reports; and
requiring certain information be subject to freedom of
information act.
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. 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.
(b) 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.
(c) 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 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 was 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 development office shall promulgate rules in
accordance with the provisions of article three, chapter twenty-
nine-a of this code setting forth criteria for performance-based
accountability. The development office shall promulgate the rules
as emergency rules prior to the first day of July, two thousand
two. The development office shall annually, no later than the
first day of January, file a report with the joint committee on
government and finance setting forth information received as a
result of the performance-based accountability.
(f) Funds received into and expended from the special revenue
account and other information pertaining to this section are
subject to the provisions of the freedom of information act
contained in chapter twenty-nine-b of this code.