reglab/statecodes huggingface dataset:
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3. Appropriations, Expenditures and Deductions › §12-3-18. Itemized Statement of Claims Against Counties, School Districts or Municipalities; False Swearing; Indorsement

It shall be unlawful for any county court, Board of Education or the council of a municipal corporation, or other body charged with the administration of the fiscal affairs of any county, school district, independent school district or municipality, to pay any claim for services rendered or materials furnished unless an itemized account therefor is filed by the claimant covering the claim. Such account shall be itemized in detail, and shall show, among other things, the following: If the claim is for services, it shall show the kind of service, the dates when same was performed and the name of the person performing it; if the claim is for material or supplies furnished, the claim shall show in detail the kind of material or supplies, the quantity, dates of delivery and to whom delivered; and if the claim is for road or bridge work or for road or bridge material, the amount of which claim is for material in excess of $5 or for labor in excess of $25, the claim shall be verified by the affidavit of the person making it, and in such affidavit the person making the claim shall be required to state that the services performed or materials furnished, as set forth in such claim, were actually performed or actually furnished, and that the claim as stated is true and correct and that there is justly due to the claimant the sum set forth in the account. If any person shall swear falsely in the making of such affidavit, he shall be deemed guilty of false swearing. The president or presiding officer of the fiscal body allowing claims shall indorse on all accounts allowed the words "allowed and payment authorized," together with the date of allowance and signature of the president or other presiding officer.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3. Appropriations, Expenditures and Deductions › §12-3-19. General Order by County Commission, Board of Education or Governing Body of a Municipal Corporation Prohibited

It shall be unlawful for any county commission, Board of Education or the governing body of a municipal corporation, or other body charged with the administration of the fiscal affairs of any county, school district, independent school district or municipality, to issue any general order for a payroll, or to any person to be disbursed or distributed by him to those who have performed the services or furnished the materials for which payment is to be made, but in all such cases the order shall be made payable to the persons lawfully entitled to such payment: Provided, That a county commission, Board of Education or governing body of a municipal corporation may, upon the written request of any of their respective employees, issue a general order for a payroll to a bank, credit union or savings and loan institution for deposit to that employee's demand or time account. The written request shall specifically identify the employee, the financial institution, the type of account and the account number.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3A. Financial Electronic Commerce › §12-3A-1. Legislative Purpose and Findings

The Legislature finds that state government should facilitate and promote electronic commerce, particularly in the electronic receipting and disbursing of state funds. As many individuals receiving recurring state funds do not have bank accounts for the purpose of receiving direct deposits, and as the state desires that all payments be made electronically by the year two thousand two, it is the intent of the Legislature to provide a mechanism for all payees to receive payments by electronic funds transfers through direct deposit or through state issued debit cards. Further, as usage of electronic commerce grows, state spending units need the ability to accept payments electronically. To meet these goals, the Legislature seeks to ensure proper management oversight and accountability are maintained.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3A. Financial Electronic Commerce › §12-3A-2. Definitions

As used in this article, the following words and terms have the following meanings, unless the context clearly indicates otherwise:
(a) "Document" means any authentication, certificate, claim, form, invoice, record, report, requisition, security, statement or other similar item that may be in a tangible or electronic form.
(b) "Electronic" means electrical, digital, magnetic, wireless, optical, electromagnetic, biometric, or any other technology that is similar to these technologies.
(c) "Electronic commerce" means using electronic techniques for accomplishing business transactions, including electronic mail or messaging, electronic bulletin board, Internet technology, electronic funds transfers, electronic data interchange (EDI) techniques, and any other related electronic technologies.
(d) "Security procedure" means a methodology or procedure for the purpose of:
(1) Preventing access by unauthorized parties;
(2) Verifying that an electronic record or electronic signature is that of a specific party or created by a specific electronic point of origin; or
(3) Detecting error or alteration in the communication, content, or storage of an electronic record since a specific point in time.
(e) "WEB commerce" means electronic commerce on the Internet.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3A. Financial Electronic Commerce › §12-3A-3. Financial Electronic Commerce

(a) The State Auditor and the State Treasurer shall implement electronic commerce capabilities for each of their offices to facilitate the performance of their duties under this code. The State Treasurer shall competitively bid the selection of vendors needed to provide the necessary banking, investment and related goods and services, and the provisions of article one-b, chapter five, and articles three and seven, chapter five-a of this code shall not apply, unless requested by the State Treasurer.
(b) A document or a signature received, issued or used by the Auditor or the Treasurer shall be considered an original and may not be denied legal effect on the ground that it is in electronic form.
(c) The Auditor or Treasurer may, in his or her discretion, require documents filed with or submitted to his or her respective office be filed or submitted in a prescribed electronic format.
(d) The Auditor or Treasurer, in his or her discretion, may waive:
(1) Any requirements for a document filed or submitted in an electronic format; or
(2) Any requirements for the certification, notarization or verification of a document filed or submitted in an electronic format.
(e) The head of each spending unit is responsible for adopting and implementing security procedures to ensure adequate integrity, security, confidentiality and auditability of the business transactions of his or her spending unit when utilizing electronic commerce.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3A. Financial Electronic Commerce › §12-3A-4. Payment by a West Virginia Pay Card

The State Auditor and the State Treasurer may jointly establish a state-stored value debit card program known as the "West Virginia Pay Card" for recipients of employee payroll, retirement benefits, entitlement programs, vocational rehabilitation services funds disbursed pursuant to 18-10A-6 of this code, foster care and adoption stipends, subsidies, and other payments made under programs administered by the Department of Health and Human Resources, payments to contractors of the state, or other eligible payees of state funds, who do not possess a federally insured depository institution account. The State Auditor and the State Treasurer shall use every reasonable effort to encourage all identified unbanked recipients to obtain a federally insured depository account. The State Auditor shall include an unbanked recipient in the program upon determining that good cause exists. Once an unbanked recipient is included in the program, the State Auditor shall provide the State Treasurer with an electronic file containing the necessary unbanked recipient information. The State Treasurer shall issue a request for proposals in accordance with 12-3A-3 of this code to aid in the administration of the program. The State Auditor shall assist in the review of pay card proposals. In carrying out the purposes of this article, the State Treasurer shall not compete with banks or other federally insured financial institutions, or for profit.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 3A. Financial Electronic Commerce › §12-3A-7. Method of Sale or Disposal of Personal Property

(a) Notwithstanding any other provision in this code to the contrary, the Treasurer, or any other state spending unit that has the authority to sell or dispose of personal property in its possession, may do so by using electronic commerce.
(b) The sale of property by the Treasurer, or other state spending unit, by using electronic commerce is, for all purposes, deemed a sale of personal property within the State of West Virginia.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-1. Biennial Reports

All reports, settlements, accounts and statements which are now, or that hereafter may be required by law, shall be kept and made to conform to the fiscal year. As soon as practicable after June thirtieth, nineteen hundred and thirty-two, each of the officers or boards now or hereafter required by law to compile a biennial report shall compile a report covering the two preceding years, and every two years thereafter the biennial reports shall be made for the two preceding years.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-2. Accounts of Treasurer and Auditor; Auditor to Certify Condition of Revenues and Funds of the State

The Treasurer shall keep in his or her office separate accounts with each depository, and also a summary account for the state, and when money is paid into the treasury, it shall be charged to the proper depository and credited to a summary account. The Auditor shall keep in his or her office separate accounts of the particular heads or sources of revenue, and a summary account with the Treasurer, beside such individual accounts with officers and persons as may be necessary, and shall charge every sum of money received for the state as aforesaid to the Treasurers account, and credit it under the particular head of revenue to which it properly belongs, distinguishing especially in distinct accounts the receipts on account of the capital of the school fund and those on account of the income of said fund subject to annual distribution. The Auditor shall certify annually to the Secretary of Revenue the condition of the state revenues and the several funds of the state. The certification shall be used by the Secretary in the preparation of a tentative state budget as required of him or her by 5-1A-1
et seq.
, and 11B-2-1
et seq.
of this code.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-3. Accounts of Appropriations

The Auditor and Secretary of Revenue shall each keep an account of every appropriation made by law, and of the several sums drawn thereon, so that the accounts may show at all times the balance undrawn on each appropriation. The account so kept shall be compared every month and errors, if any, corrected.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-3a. Accounts of the Auditor

The Auditor shall at all times maintain and have available for public inspection a report containing monthly balances in the treasury, which balances shall include, but not be limited to, the general revenue surplus balance; the general revenue surplus appropriation account balance; the state general revenue reappropriated account balance; the state general revenue current account balance; the total state account balance; and the total general revenue.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-4. Accounts of Expenditures; Signing of Checks and Warrants; Facsimile Signatures and Use of Mechanical and Electrical Devices; Forgery; Penalty

When the treasurer issues his check on a depository, he or she shall credit the same to the account of the depository, and charge it to the summary account provided for in section two of this article. The Auditor shall keep accounts of the particular heads of expenditures, and, when he or she issues a warrant on the treasurer, shall credit the treasurer's summary account therewith and charge the same under the particular head of expenditure to which it properly belongs, distinguishing especially the disbursements on account of the capital and the annual income of the school fund, as directed in section two of this article in relation to receipts belonging to that fund. All checks when issued by the treasurer shall bear his or her signature, personally signed by the treasurer, or by employees as are, in writing, authorized by the treasurer to make his or her signature thereto, or bear a facsimile of the treasurer's signature. All warrants when issued by the Auditor shall bear his or her signature, personally signed by the Auditor, or by employees as are, in writing, authorized by the Auditor to make his or her signature thereto, or bear a facsimile of the Auditor's signature. The signature of the treasurer, or Auditor, respectively, may be made, however, by means of such mechanical or electrical device as the treasurer, or Auditor, respectively, may select. Any mechanical or electrical device selected shall be safely kept in the respective offices of the treasurer or Auditor so that no one has access to the device except the treasurer, or the Auditor, and the employees authorized to respectively sign checks or warrants as provided by this section. If any person, other than the treasurer, or Auditor, respectively, or their respective duly and respectively authorized employees, sign the name of the treasurer or the Auditor, respectively, by the use of any mechanical or electrical device, or otherwise, or use the facsimile of the signature of either of them, on any check or warrant, or utter or attempt to employ as true such forged check or warrant, knowing it to be forged, he or she shall be guilty of a felony and, upon conviction thereof, shall be imprisoned not less than two nor more than ten years.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-5. Individual Accounts; Auditor to Notify Sureties When Sheriff Defaults

There shall be kept in the Auditor's office all necessary and proper accounts of persons having pecuniary transactions with the state, and especially accounts of all persons employed in the collection of any part of the public revenue, including the school fund. In case of a default made by any sheriff in the prompt payment of money due from him as such sheriff of his county, it shall be the duty of the Auditor, within sixty days after default is made by such sheriff, to notify the sureties on the official bond of such sheriff. In such notice to the sureties, the amount of indebtedness of such sheriff shall be stated, including all the funds due to the state from such sheriff, and the Auditor shall also lodge a copy of such notice with the clerk of the county court of the county of such defaulting sheriff, and with the State Tax Commissioner.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-6. Comparison of Books of Auditor and Treasurer; Monthly Balances

At the end of every month of the year, the summary account of the treasurer kept on the books of the Auditor's office shall be compared with the summary account kept by the treasurer, and the errors, if there be any in either, corrected. The summary account of the month shall be adjusted and a balance shall be struck showing the amount then in the treasury. The balance shall be carried forward in the books of both offices to the account for the next month.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-7. Annual State Dollar Report of Auditor

The Auditor shall furnish annually to the Governor, the President of the Senate, and the Speaker of the House of Delegates on or before January 15, a report detailing financial information for the prior calendar and fiscal year. It shall contain a statement of the receipts and disbursements, under the proper general heads, during the preceding fiscal year, and show the balance in the Treasury at the beginning and end of that year. It shall also contain an estimate of the revenue and expenditures for the current year, with similar statements and estimates respecting the school fund. It shall show the indebtedness of the state and the balances standing at the end of the year to the credit of the several unexpired appropriations, specifying in each case the date when the appropriation was made. It shall also contain information relating to the salaries of state employees, including notation of salaries greater than $80,000 paid during the prior calendar year. The report shall be accompanied with an explanation of the amounts of receipts and disbursements and the balances and estimates reported. In it the Auditor shall point out any defects which may occur to him or her in the revenue laws. Furthermore, the Auditor shall suggest the remedies for those deficits. If the Auditor is of the opinion that the future revenue is likely to prove insufficient, then the Auditor shall recommend plans for increasing the revenue and suggest new subjects of taxation, or additional taxes on the old, as he or she may deem proper.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-9. Absence of Auditor or Treasurer

When it is necessary for either the Auditor or treasurer to be absent, the other shall be informed of the absence. During the absence, the duties of the officer so absent may be performed by the Auditor's or treasurer's designee respectively. The absent officer and his sureties shall be liable for any malconduct or neglect of the person acting in his or her place.
Notwithstanding restrictions which may otherwise be provided by law concerning membership on any board, agency or commission, the Auditor and treasurer each may designate a representative who is authorized to act for and on their behalf in any and all matters relating to those memberships.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-10. State Not Preferred as to Unsecured Claim

On and after February 1, 1933, the state shall not, by virtue of prerogative or any other right, have any priority or preference of any claim or demand in its favor which is not made a lien and given such priority and preference by statute, over any other unsecured or common creditor of any person, firm or corporation against the property or assets or any part thereof of the debtor.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-11. Exceptional Items Fund

(a) There is hereby created in the Treasurer's Office a special fund known as the "exceptional items fund" to be administered by the treasurer pursuant to the provisions of this section and rules and regulations established thereunder.
(b) The treasurer is authorized to make transfers to and from the exceptional items fund for the purpose of clearing irreconcilable items carried forward on his accounts with state depositories: Provided, That no transfer may be made as to any irreconcilable item in excess of $50 without the approval of the State Auditor.
(c) The treasurer and Auditor shall jointly promulgate rules and regulations establishing procedures and conditions for issuance of substitute checks to payees in cases where the checks originally issued are erroneous, or have been lost, mutilated, destroyed, stolen or forged. Any disbursements pursuant to such rules and regulations shall be made from the exceptional items fund. Any moneys received by the state from persons responsible for wrongfully cashing such originally issued checks shall be deposited in such fund.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-12. Treasurer Authorized to Provide Check-Cashing Service; Establishment and Audit of Cash Funds

The treasurer may provide a check-cashing service at his or her office in the capitol building and may charge fees for the service for each check cashed and for each check returned for insufficient funds. For this purpose, he or she may establish from receipts in the treasury not more than two cash funds each in an initial amount not to exceed $100,000. The treasurer shall designate certain employees in his or her office who are to provide the service and have charge of the funds, and may require the employees to be bonded either individually or by blanket bonds. The cost of the bond or bonds shall be paid out of the treasurer's current expense appropriation.
The fees received for the service shall be deposited in the cash funds and itemized accounts of the receipts shall be maintained. Any check determined by the treasurer to be uncollectible shall be charged against the fund from which it was cashed. Before July 1, 2001 and at least every three fiscal years thereafter, the Legislative Auditor shall audit the cash funds and all accounts and records relating to the service provided pursuant to this section. If the amount of either cash fund, after charges for uncollectible checks, exceeds $100,000 at the conclusion of any audit, the treasurer shall transfer the excess to the General Revenue Fund.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-15. Bank at School

(a) The State Treasurer may conduct a program in West Virginia public schools to educate students about banking activities and to encourage savings. Banking institutions under the jurisdiction of the West Virginia commissioner of banking may participate in the program by assisting the treasurer in developing and producing materials for use in the schools, opening savings accounts for students at the schools and receiving and accepting deposits at the schools.
(b) The State Treasurer may not implement the banking program in any school in a county unless he or she obtains permission from the county board of education and the principal of the school; and
(c) Nothing in this section shall be construed to require any professional or service employee to perform additional duties as a result of the establishment of the banking program.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-16. Transfer of Specified Excess Funds

(a) The treasurer has authority to monitor all state funds and accounts created by the Legislature. The treasurer shall transfer, using the state's accounting system, the appropriate amount of excess funds whenever the Legislature has:
(1) Created a fund or account and provided that only a specified amount is allowed to remain in the fund or account from one fiscal year to another, or other specified period; and
(2) Required that excess amounts are to revert or be deposited into the General Revenue Fund, school fund or other specified fund or account.
(b)(1) If a statutory provision provides that only a specified amount is allowed to remain in a fund from one fiscal year to another, the treasurer shall transfer the excess amount, as of the date specified by the provision, no later than August 15, of each year and give written notice of the transfer to all spending units that are authorized to use the fund or account.
(2) If a statutory provision provides for the transfer of excess amounts at a time other than the end of a fiscal year, the treasurer shall transfer the specified excess amounts within fifteen days of the time provided.
(c) The treasurer shall file quarterly reports with the Joint Committee on Government and Finance setting forth the accounts and funds from which excess funds were transferred and the amounts transferred.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4. Accounts, Reports, and General Provisions › §12-4-17. Retention and Disposal of Treasurer's Records

The Treasurer shall develop procedures for the storage, retention and disposal of records filed with, submitted to or created by the Treasurer's office. The procedures shall comply with the requirements for state records, as defined in section three, article eight, chapter five-a of this code, and for the reproduction and preservation of essential state records, as defined in section four, article eight, chapter five-a of this code. Preservation duplicates, as defined in section three, article eight, chapter five-a of this code, shall be maintained in an unalterable readable electronic media in accordance with industry standards, reviewed for accuracy and indexed, and shall have the same force and effect as the original records whether the original records are in existence or not. The procedures shall provide for the maintenance of the confidentiality of the records and ensure the director of the division of archives and history receives the records the director identifies as having historic value. The Treasurer shall purchase the equipment and supplies needed for record retention as part of his or her electronic commerce activities: Provided, That this section shall not limit the responsibility of the Treasurer to provide all documents necessary for the State Auditor, the Department of Revenue and the State Tax Department to complete their duties.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4A. Centralized Management of Complaints › §12-4A-1. Legislative Findings

The Legislature finds that there is no centralized state authority responsible for receiving and referring reports of possible fraud, misappropriation of, mismanagement or waste of state funds. It is the intent of the Legislature to see that all state funds are utilized for the maximum benefit of the people of the State of West Virginia. The Legislature finds that it is important to provide the people of this state with both a forum and an opportunity to report suspected fraud, waste or abuse of state funds, and to have those reports properly investigated.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4A. Centralized Management of Complaints › §12-4A-3. Duties Generally

(a) The State Auditor may employ a forensic accountant to receive and review reports of suspected fraud, misappropriation, mismanagement or waste of state funds which shall be filed in that office. Such reports shall be confidential, except that the State Auditor or his or her designee may supply information necessary to effectuate this article to the appropriate governmental entities.
(b) The State Auditor shall establish modes of communication sufficient to receive reports of suspected fraud, misappropriation of, mismanagement or waste of state funds. Reports of suspected fraud, misappropriation, mismanagement or waste may be filed by any citizen or employee of the State of West Virginia.
(c) Nothing in this article shall be construed to limit the authority of any other governmental entity to conduct an internal investigation of suspected fraud, misappropriation, mismanagement or waste.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4A. Centralized Management of Complaints › §12-4A-4. Enforcement

(a) The authority to enforce the provisions of this article shall be vested in the State Auditor. The State Auditor shall promptly forward any evidence of suspected fraud, misappropriation of, mismanagement or waste of state funds to the commission on special investigations and, if potentially criminal in nature, to the prosecuting attorney of the county in which such is alleged to have taken place, to the law-enforcement agency with jurisdiction in the area as well as to the commission on special investigations.
(b) If such reports are made about an agency that has its own investigative body, then the State Auditor may refer evidence of the fraud, misappropriation, mismanagement or waste to that investigative body.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4B. Computer Donation Program › §12-4B-1. Legislative Findings

The Legislature finds that:
(a) Educational facilities, nonprofit organizations, juvenile detention centers, municipal and county public safety offices and other public, charitable or educational enterprises or organizations are always in need of computers, telecommunications devices and other technological equipment, while the acquisition of such equipment is costly;
(b) The State Auditor must frequently purchase computers, telecommunications devices and other technological equipment for his or her interaction with national and international financial services industries;
(c) The purchase by the State Auditor of modern computers, telecommunications devices and other technological equipment frequently results in the surplus of existing equipment;
(d) Surplus equipment is generally obsolete and may no longer be used effectively by agency employees;
(e) Although the computers, telecommunications devices and other technological equipment is no longer useful in interacting with the financial services industry, they may still be useful items for a less complex and less high-speed dependent use;
(f) Heretofore, the State Auditor has stripped the equipment for spare parts for other machines and that this continued practice does not necessarily result in the equipment's highest and best remaining use; and
(g) Rather than break down the equipment for spare parts or send obsolete machines to the surplus property unit of the state Purchasing Division where they may languish with lack of use, it would be in the best interest of the state that any obsolete computers, telecommunications devices or technological equipment be donated by the State Auditor's office to educational facilities, nonprofit organizations, juvenile detention centers, municipal and county public safety offices and other public, charitable or educational enterprises or organizations.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 4B. Computer Donation Program › §12-4B-2. Computer Donation Program Created

(a) Notwithstanding any other provision of this code to the contrary, the State Auditor is hereby authorized within his or her agency to create a computer donation program to donate equipment, which would otherwise be transferred to the surplus property unit of the Purchasing Division, to educational facilities, nonprofit organizations, juvenile detention centers, municipal and county public safety offices and other public, charitable or educational enterprises or organizations in this state. This program authorizes the State Auditor's office to donate surplus equipment.
(b) The program shall be administered by a director as appointed or employed by the State Auditor. The Auditor may either appoint the director from existing staff from his or her office or may employ a director from existing funds.
(c) The director shall keep records and accounts that indicate the equipment donated, the age of the equipment, the reasons for declaring it obsolete and to which educational facility, nonprofit organization, juvenile detention center, municipal or county public safety office or other public, charitable or educational enterprise or organization the equipment was donated.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 5. Public Securities › §12-5-2. Treasurer Custodian of Securities; Charges to Companies for Care, Exchange and Substitution of Securities

(a) The treasurer of this state, unless otherwise expressly provided by law, shall be custodian of all securities required by law to be deposited with the state or held in legal custody by the state, and all departments of this state, commissioners or agents of the state, who hold any such securities, shall transfer and deliver the same to the State Treasurer to be kept and held by him as legal custodian thereof until released in the manner provided by law: Provided, That the State Treasurer shall establish a list of which securities shall be acceptable securities and notify all state agencies of the contents of that list: Provided, however, That the provisions of this subsection shall not apply to the Investment Management Board.
(b) The treasurer may by formal order of record fix fair and reasonable charges for the care, custody, exchange and substitution of securities deposited by insurance companies and companies issuing annuity contracts. The treasurer shall collect the charges from the companies and shall deposit the collections in the General Revenue Fund: Provided, That no charge shall be made against any company depositing securities of the par value of less than $300,000.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 5. Public Securities › §12-5-3. Legislative Auditor to Examine and List Securities

Before July 1, 2001 and at least every two fiscal years thereafter, the Legislative Auditor shall examine and list all of the securities in the custody of the State Treasurer. A copy of the list so examined and certified shall be transmitted to the State Treasurer and the Department of Administration.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 5. Public Securities › §12-5-5. Protection and Handling of Securities

(a) The noncash securities retained in the treasury shall be kept in a vault. The treasurer shall use due diligence in protecting the securities against loss from any cause. The treasurer shall designate certain employees to take special care of the securities. Only the treasurer and the designated employees may have access to the securities, and at least two of these persons shall be present whenever the securities are handled in any manner. The treasurer may contract with one or more banking institutions in or outside the state for the custody, safekeeping and management of securities. The contract shall prescribe the rules for the handling and protection of the securities.
(b) The "Treasurer's Safekeeping Fund" is established in the State Treasury. The treasurer shall deposit moneys received pursuant to this article in the Treasurer's Safekeeping Fund. The treasurer is authorized to invest the money in accordance with this code and the restrictions placed on the money, with earnings accruing to the moneys in the fund. The treasurer shall prescribe the forms and procedures for processing the moneys.
2023 West Virginia Code › Chapter 12. Public Moneys and Securities › Article 5. Public Securities › §12-5-7. Treasurer as Financial Advisor; Selection of Necessary Parties; Employment of Bond Counsel

Unless otherwise specifically provided by law, the treasurer may select or serve as financial advisor for all bonds, notes, certificates of participation, certificate transactions and all other forms of securities and indebtedness issued by the state through its departments, commissions, boards or agencies after July 1, 1997. Unless otherwise specifically provided by law, the Governor shall coordinate the issuance of all bonds issued by the state and its departments, commissions, boards and agencies, through the Department of Administration and the Governor shall select all other necessary parties, including, but not limited to, bond, disclosure or other counsel, underwriters, trustee, verification agent and any other professionals necessary to effectuate the issuance of the bonds: Provided, That this section shall not apply to the Housing Development Fund created pursuant to article eighteen, chapter thirty-one of this code; and the hospital finance authority created pursuant to article twenty-nine-a, chapter sixteen of this code; the West Virginia economic development authority created pursuant to article fifteen, chapter thirty-one of this code; the West Virginia Parkways, Economic Development and Tourism Authority created pursuant to article sixteen-a, chapter seventeen of this code; the West Virginia public energy authority created pursuant to article one, chapter five-d of this code; the West Virginia solid waste management board created pursuant to article three, chapter twenty-two-c of this code; the West Virginia water development authority created pursuant to article one, chapter twenty-two-c of this code; the infrastructure and jobs development council created pursuant to article fifteen-a, chapter thirty-one of this code; the School Building Authority created pursuant to article nine-d, chapter eighteen of this code; and the governing boards of higher education: Provided, however, That these entities shall be governed by those provisions of law specifically designating financial and other professional counsel and personnel for bond issuances. All selections of professionals shall be competitive, but the bidding shall not be required to comply with the provisions of article three, chapter five-a of this code.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.