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WV Code § 12-6-1 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-1. Purposes and Objects; How Article Cited

This article, which may be cited as the "West Virginia Investment Management Act", is enacted to modernize the procedures for the investment of funds of the state and its political subdivisions for the purpose of increasing the investment return of those funds.
WV Code § 12-6-2 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-2. Definitions

As used in this article, unless a different meaning clearly appears from the context:(1) "Beneficiaries" means those individuals entitled to benefits from the participant plans;(2) "Board" means the governing body for the West Virginia Investment Management Board and any reference elsewhere in this code to Board of Investments or West Virginia Trust Fund means the board as defined in this subdivision;(3) "401(a) plan" means a plan which is described in Section 401(a) of the Internal Revenue Code of 1986, as amended, and with respect to which the board has been designated to hold assets of the plan in trust pursuant to the provisions of section nine-a of this article;(4) "Local government funds" means the moneys of a political subdivision, including policemen's pension and relief funds, firemen's pension and relief funds and volunteer fire departments, transferred to the board for deposit;(5) "Participant plan" means any plan or fund subject now or hereafter to subsection (a), section nine-a of this article;(6) "Political subdivision" means and includes a county, municipality or any agency, authority, board, county board of education, commission or instrumentality of a county or municipality and regional councils created pursuant to the provisions of section five, article twenty-five, chapter eight of this code;(7) "Trustee" means any member serving on the West Virginia Investment Management Board: Provided, That in section nine-a of this article in which the terms of the trusts are set forth, "trustee" means the West Virginia Investment Management Board;(8) "Securities" means all forms and types of investments, financial instruments or financial transactions which may be considered prudent for investment by the board under section eleven of this article; and(9) "State funds" means all moneys of the state which may be lawfully invested except the "school fund" established by section four, article XII of the State Constitution.
WV Code § 12-6-5a (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-5a. Legislative Findings and Limitation on Certain Board Actions

(a) The Legislature hereby finds and declares that, during the period beginning August 1, 1984, and ending on January 31, 1989, certain overapportionments or overpayments of interest earnings were made by the board of investments to local government participants in the consolidated investment fund local government account.The Legislature also finds and declares that said participants were not at fault for any losses incurred by the consolidated fund during the aforesaid period, and that the participants were justified in accepting and using the overapportionments or overpayments of interest earnings credited to their accounts.The Legislature further finds and declares that attempts by the board of investments, the state or any other state officer or agency to recover the overapportionments or overpayments would harm the public good and create economic hardship for local governments, and, therefore, said overapportionments or overpayments ought not to be subject to recovery by the board or any other state officer or agency.(b) Neither the state, the board of investments nor any other state officer or agency may expend any funds or permit any personnel to seek, or attempt to recover, from participants in the consolidated fund local government account any moneys received by such participants solely as a result of erroneous allocation of interest earnings to the participants' account during the period of time beginning August 1, 1984, and ending on January 31, 1989, unless authorized to do so by enactment of a separate and specific statute.(c) This section shall not apply to any attempt by the board, the state or any other state officer or agency to recover moneys due for any other reason.
WV Code § 12-6-6 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-6. Annual Audits; Reports and Information to Constitutional and Legislative Officers, Council of Finance and Administration, Consolidated Public Retirement Board, Workers' Compensation Fund and Coal-Workers' Pneumoconiosis Fund; Statements and Reports Open for Inspection

(a) The board shall cause an annual financial and compliance audit of the assets managed by the board to be made by a certified public accounting firm which has a minimum staff of ten certified public accountants and which is a member of the American institute of certified public accountants and, if doing business in West Virginia, a member of the West Virginia society of certified public accountants. The financial and compliance audit shall be made of the board's books, accounts and records with respect to its receipts, disbursements, investments, contracts and all other matters relating to its financial operations. Copies of the audit report shall be furnished to the governor, state treasurer, state auditor, president of the Senate, speaker of the House of Delegates, council of finance and administration and consolidated public retirement board.(b) The board shall produce monthly financial statements for the assets managed by the board and cause them to be delivered to each member of the board and the executive secretary of the consolidated public retirement board as established in sections one and two, article ten-d, chapter five of this code and to the executive director of the workers' compensation commission as administrator of the workers' compensation fund and coal-workers' pneumoconiosis fund as provided in section one-b, article one, chapter twenty-three of this code and section one, article three of said chapter and section seven, article four-b of said chapter.(c) The board shall deliver in each quarter to the council of finance and administration and the consolidated public retirement board a report detailing the investment performance of the 401(a) plans.(d) The board shall cause an annual audit of the reported returns of the assets managed by the board to be made by an investment consulting or a certified public accounting firm meeting the criteria set out in subsection (a) of this section. The board shall furnish copies of the audit report to the governor, state treasurer, state auditor, president of the Senate, speaker of the House of Delegates, council of finance and administration and consolidated public retirement board.(e) The board shall provide any other information requested in writing by the council of finance and administration.(f) All statements and reports with respect to participant plans required in this section shall be available for inspection by the members and beneficiaries and designated representatives of the participant plans.
WV Code § 12-6-7 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-7. Legal Status of Agencies and Boards Continued

Except as otherwise provided in this article, every state agency or board shall continue to have all of the powers and shall exercise all of the functions and duties vested in or imposed upon it by law, as to any fund, and shall continue to be constituted as provided by existing law.
WV Code § 12-6-8 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-8. Investment Funds Established; Management Thereof

(a) There is continued a special investment fund designated as the Consolidated Fund. Effective June 30, 2005, the power and authority of the board as to the consolidated fund terminates. On July 1, 2005, the board shall transfer the consolidated fund, all moneys, obligations, assets, securities and other investments of the consolidated fund and all records, properties and any other document or item pertaining to the consolidated fund in its possession or under its control to the West Virginia Board of Treasury Investments established in article six-c of this chapter.(b) Each board, commission, department, official or agency charged with the administration of state funds may request the State Treasurer to make moneys available to the board for investment.(c) Each political subdivision of this state through its treasurer or equivalent financial officer may enter into agreements with the State Treasurer for the investment of moneys of the political subdivision. Any political subdivision may enter into an agreement with a state spending unit from which it receives funds to request transfer of the funds to their investment account with the Investment Management Board or the West Virginia Board of Treasury Investments.(d) Moneys held in the various funds and accounts administered by the board shall be invested as permitted by this article and subject to the restrictions contained in this article. The board shall report the earnings on the various funds under management to the State Treasurer at the times determined by the State Treasurer. The board shall also establish rules for the administration of the various funds and accounts established by this section as it considers necessary for the administration of the funds and accounts, including, but not limited to: (1) The specification of amounts which may be deposited in any fund or account and minimum periods of time for which deposits will be retained; and (2) creation of reserves for losses: Provided, That in the event any moneys made available to the board may not lawfully be combined for investment or deposited in the consolidated funds established by this section, the board may create special accounts and may administer and invest those moneys in accordance with the restrictions specially applicable to those moneys.(e) Notwithstanding any provision of this code to the contrary, the funds, pools and securities maintained or invested in by the board in accordance with this article are authorized investments for all local government funds.
WV Code § 12-6-9 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-9. Fees for Service

The board may charge fees, which may be subtracted from the total return, for the reasonable and necessary expenses incurred by the investment management board in rendering services. All fees which are dedicated or identified or readily identifiable to an entity, plan or fund shall be charged to that entity, plan or fund and all other fees shall be charged as a percentage of assets under management. At its annual meeting, the board shall adopt a fee schedule and a budget reflecting fee structures.
WV Code § 12-6-9c (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-9c. Authorization of Additional Investments

Notwithstanding the restrictions which may otherwise be provided by law with respect to the investment of funds, all administrators, custodians or trustees of pension funds other than the board, each political subdivision of this state and each county board of education may invest funds in the securities of or any other interest in any investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. §80a, the portfolio of which is limited: (i) To obligations issued by or guaranteed as to the payment of both principal and interest by the United States of America or its agencies or instrumentalities; and (ii) to repurchase agreements fully collateralized by obligations of the United States government or its agencies or instrumentalities: Provided, That the investment company or investment trust takes delivery of the collateral either directly or through an authorized custodian: Provided, however, That the investment company or investment trust is rated within one of the top two rating categories of any nationally recognized rating service such as Moody's or Standard & Poor's.
WV Code § 12-6-9h (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-9h. Securities Handling

In financial transactions whereby securities are purchased by the board under an agreement providing for the resale of such securities to the original seller at a stated price, the board shall take physical possession of the securities, directly, by its custodian bank or through a neutral third party: Provided, That an agreement with a neutral third party may not waive liability for the handling of the securities: Provided, however, That when the board is unable to take possession, directly, by its custodian bank or through a mutual third party, the board may leave securities in a segregated account with the original seller, provided the amount of the securities with any one seller may not exceed $150 million.
WV Code § 12-6-13 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-13. Board as Agency for Investments; Exceptions

All duties vested by law in any agency, commission, official or other board of the state relating to the investment of moneys, and the acquisition, sale, exchange or disposal of securities or any other investment are hereby transferred to the Board: Provided, That neither this section nor any other section of this article applies to the duties vested by law in any agency, commission, official or other board of the state relating to the investment of moneys and the acquisition, sale, exchange or disposal of securities or any other investment by the West Virginia Board of Treasury Investments pursuant to article six-c of this chapter, to the Board of the School Fund or to the School Fund established by section 4, article XII of the State Constitution: Provided, however, That funds under the control of the Municipal Bond Commission may, in the discretion of the Commission, be made available to the Board for investment by the Commission as provided in article three, chapter thirteen of this code.
WV Code § 12-6-14 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-14. Reports of Board; Legislative Audits, Reviews and Studies

(a) The board shall prepare annually, or more frequently if considered necessary by the board, a report of its operations and the performance of the various funds administered by it. The report shall include all operational costs, including, but not limited to, investment advisor fees, transaction costs, custody fees, and administrative salaries and costs.(b) A copy shall be furnished to the chief financial officer of each participant.(c) Within the first seven calendar days of each calendar year, the board shall file the annual report with the Joint Committee on Government and Finance, with copies to the President of the Senate, Speaker of the House and Legislative Auditor. (d) Upon request, the report shall be made available to any legislative committee, any banking institution or state or federal savings and loan association in this state and any member of the news media. The report shall be kept available for inspection by any citizen of this state.(e) The board shall cooperate with any legislative audits, performance and consultant reviews and studies of the board as may be directed by the Joint Committee on Government and Finance.
WV Code § 12-6-16 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-16. Existing Investments

The board shall be vested with ownership of all securities or other investments lawfully held by the board of investments or the West Virginia trust fund as of the effective date of this article. All obligations and assets of the board of investments and the West Virginia trust fund, inc., shall be vested in the West Virginia investment management board as of the effective date of this article.
WV Code § 12-6-17 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-17. Severability of Provisions

If any provision of this article, or the applicability thereof to any person or circumstance, is held invalid, the remainder of this article and the applicability thereof and of such provision to other persons or circumstances shall not be affected thereby.
WV Code § 12-6-18 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-18. Liberal Construction

This article, being necessary to secure the public health, safety, convenience and welfare of the citizens of this state, shall be liberally construed to effect the public purposes of this article. The powers granted to the board in this article, including, without limitation, those granted in section five of this article, are intended to be broad and shall be construed broadly so as to vest in the board the power and authority necessary or appropriate to carry out and effectuate its corporate purposes in the financial markets of the world, as the same may evolve, from time to time, at all times in a fashion consistent with the prudent investor standard as provided by the West Virginia Uniform Prudent Investor Act, codified as article six-c, chapter forty-four of this code and section eleven of this article.
WV Code § 12-6-20 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6. West Virginia Investment Management Board|§12-6-20. Continuation of Board

Repealed.Acts, 2010 Reg. Sess., Ch. 32.
WV Code § 12-6A-1 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6A. The Debt Management Act of 1991|§12-6A-1. Short Title

This article shall be known and may be cited as "The Debt Management Act".
WV Code § 12-6A-2 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6A. The Debt Management Act of 1991|§12-6A-2. Legislative Findings and Declaration of Public Necessity

The Legislature hereby finds and declares that in order to maintain the strong financial management of the state, to meet the fiscal needs of state government and to facilitate financing essential capital projects at the lowest possible cost to the citizens of the state, the state must regularly monitor the amount of debt issued by the state and its spending units, ensure the state and its spending units meet all debt service requirements, monitor the credit rating of the state and analyze the acceptance of debt issued by the state and its spending units. The Legislature further finds that in order to meet these important goals, the Division of Debt Management needs to be continued.
WV Code § 12-6A-3 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6A. The Debt Management Act of 1991|§12-6A-3. Division of Debt Management Continued; Director

(a)The Division of Debt Management is continued in the office of the State Treasurer.(b) The Division shall serve as a central information source concerning the incurrence, recording and reporting of debt issued by the state and its spending units, and shall prepare reports pertaining to the capacity of the state and its spending units to issue debt.(c) The Treasurer shall appoint a director, qualified by reason of exceptional training and experience in the field of activities of his or her respective Division, and who shall serve at the will and pleasure of the Treasurer.
WV Code § 12-6A-4 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6A. The Debt Management Act of 1991|§12-6A-4. Definitions

For the purpose of this article:"Debt" means bonds, notes, certificates of participation, certificate transactions, capital leases, debentures, lease purchases, mortgages, securitizations and all other forms of securities and indebtedness obligations evidencing specific amounts owed and payable on demand or on determinable dates."Debt impact report" means a report prepared by the division which includes information pertaining to a proposed issuance of debt by the state or its spending units."Division" means the Division of Debt Management."Moral obligation bond" means a debt obligation for which the state or a spending unit has made a nonbinding covenant to make up any deficiency in debt service."Net tax supported debt" means the amount of tax supported debt less any applicable refundings, defeasances, escrow accounts, reserve requirements and sinking funds."State" means the State of West Virginia."Spending unit" means a state department, agency, board, commission, committee, authority or other entity of the state with the power to issue and secure debt. Spending unit does not include local political subdivisions."Tax-supported debt" means: (1) General obligation bonds of the state; (2) moral obligation bonds of the state or a spending unit; (3) capital leases, installment purchases, lease purchases, mortgages, certificates of participation and any other similar debt financing transaction extending beyond one year issued by the state or its spending units; and (4) any other debt issued by the state or a spending unit which is not self-supporting. Debt issued by the West Virginia housing development fund, economic development authority, hospital finance authority, parkway authority, public energy authority, solid waste management board and water development authority, with the exception of debt secured by lottery revenues or secured by a lease with the Secretary of Administration, is not tax-supported debt.
WV Code § 12-6A-5 (2021)
2021 West Virginia Code|Chapter 12. Public Moneys and Securities|Article 6A. The Debt Management Act of 1991|§12-6A-5. Powers and Duties

The Division of Debt Management shall perform the following functions and duties:(1) Continuously evaluate the current and projected debt and debt service requirements of the State and its spending units.(2) Evaluate cash flow projections relative to proposed and existing revenue bond issues.(3) Issue a debt impact report if requested by the Governor, the President of the Senate or the Speaker of the House of Delegates. The Division may request any additional information needed to issue a debt impact report. A debt impact report shall in no way restrict the Governor, the Legislature or the spending unit.(4) Act as liaison with the Legislature on all debt matters, including, but not limited to, new debt issues and the status of debt issued by the State and its spending units.(5) Assist the State and its spending units regarding the issuance of debt if requested.(6) Establish reporting requirements for the issuance of debt by the State and its spending units pursuant to the provisions of this article.(7) Monitor continuing disclosure requirements and post-issuance compliance issues with federal and state tax and securities law, including, without limitation, arbitrage, rebate and remedial measures.(8) Make and execute contracts and other instruments and pay the reasonable value of services or commodities rendered to the division pursuant to those contracts.(9) Contract, cooperate or join with any one or more other governments or public agencies, with any political subdivision of the State, or with the United States, to perform any administrative service, activity or undertaking which the contracting party is authorized by law to perform, charge for providing services and expend any fees collected.(10) Do all things necessary or convenient to effectuate the intent of this article and to carry out its powers and functions.