ENGROSSED
Senate Bill No. 413
(By Senator Sharpe)
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[Introduced January 25, 2002; referred to the Committee
on Finance.]
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A BILL to amend and reenact section ten-d, article three, chapter
twelve of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, relating to providing investment
authority to the purchasing card fund.
Be it enacted by the Legislature of West Virginia:
That section ten-d, article three, 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 3. APPROPRIATIONS, EXPENDITURE AND DEDUCTIONS.
§12-3-10d. Purchasing card fund created; expenditures.
All money received by the state pursuant to any agreement with
vendors providing purchasing charge cards shall be deposited in a
special revenue revolving fund, designated the "Purchasing Card
Administration Fund", in the state treasury to be administered by the auditor. All expenses by the auditor in the implementation and
operation of the purchasing card program shall be paid from the
fund. Expenditures from the fund shall be made in accordance with
appropriations by the Legislature pursuant to the provisions of
article three, chapter twelve of this code and upon fulfillment of
the provisions of article two, chapter five-a of this code. Funds
shall be invested with the consolidated fund managed by the West
Virginia investment management board and interest earned shall be
used for purposes of this article.