SB 2001 — Relating generally to funding for infrastructure and economic development projects in state

WEST VIRGINIA LEGISLATURE SECOND EXTRAORDINARY SESSION IntroducedENROLLED Senate Bill 2001 BYB SENATORSBYSENATORS LAI(MR.BLAIR(MR.

RESIDENT)ANDBALDWINRESIDENT)ANDB (ByALDWIN Request(BYREQUEST ofOF theTHEEXECUTIVE) Executive)[Passed [Introduced April 25,26, 2022]2022; Intr SB 2001 202225031S 202225032H A BILL to repeal §31-15-20 of the Code of West Virginia, 1931, as amended;

in effect from passage] Enr SB 2001 AN ACT to repeal §31-15-20 of the Code of West Virginia, 1931, as amended;

IntrEnr SB 2001 202225031S 202225032H ARTICLE 6C.

(a) TheSubject Legislatureto findsanda declaresthatliquidity determination, the citizensWest Virginia Board of theTreasury stateInvestments benefitshall frommake a revolving loan available to the creationWest ofVirginia jobsEconomic andDevelopment businessesAuthority withinin thean state;amount of up to $200 million.

that business and industrial development loan programs provide for economic growth and stimulation within the state;

that loans from pools established in the Consolidated Fund will assist in providing the needed capital to assist business and industrial development;

and that time constraints relating to business and industrial development projects prohibit duplicative review by both the board and West Virginia Economic Development Authority Board (b) (a) Subject to a liquidity determination, the West Virginia Board of Treasury Investments shall make a revolving loan available to the West Virginia Economic Development Authority in an amount of up to $200 million.

Intr SB 2001 202225031S 202225032H The West Virginia Economic Development Authority may also pledge as collateral certain revenue streams from other revolving loan pools which source of funds does not originate from federal sources or from the board.

(c) (b) The outstanding principal balance of the revolving loan from the board to the West Virginia Economic Development Authority may at no time exceed 103 percent of the aggregate outstanding principal balance of the business and industrial loans from the West Virginia Economic Development Authority to economic development projects funded from this revolving Enr SB 2001 loan pool.

(d) (c) The interest rates and maturity dates on the loans made by the West Virginia Economic Development Authority for business and industrial development projects authorized by §31-15-7 of this code shall be at competitive rates and maturities as determined by the West Virginia Economic Development Authority Board.

(e) (d) Any and all outstanding loans made by the West Virginia Board of Treasury Investments, or any predecessor entity, to the West Virginia Economic Development Authority are refundable by proceeds of the revolving loan contained in this section and the board shall make no loans to the West Virginia Economic Development Authority pursuant to §31-15-20 of this code or §31-18B-1 et seq.

(f) (e) The directors of the West Virginia Board of Treasury Investments shall bear no fiduciary responsibility with regard to any of the loans contemplated in this section.

(g)(f)(f) Inspection of records.

–Within— Within 30 days of receiving a written request from the board, the authority shall provide the board with the opportunity to inspect and copy any records in the custody of the authority related to any loan issued by the board to the authority or any loan from the authority to a third party funded by a loan issued by the board.

Records of the authority Intr SB 2001 202225031S 202225032H held, from time to time, by the board pursuant to this subsection that are exempt from disclosure pursuant to the provisions of §31-15-22 of this code or §29B-1-1 et seq.

(g) Notwithstanding any other provision of this code to the contrary, the West Virginia Economic Development Authority shall pay to the West Virginia Board of Treasury Investments the entire outstanding balance of the revolving loan authorized by this section within 30 days of the deposit of sufficient funds for such repayment in the Economic Development Project Fund Enr SB 2001 created in §31-15-23a of this code.

Infrastructure investmentInvestment reimbursementReimbursement fund.Fund.

and (3) Copies of any available documents demonstrating that the planned expenditures of loan moneys meet the requirements of subsection (c) of this section, including but not limited to Intr SB 2001 202225031S 202225032H any agreement or contract entered into by the Department of Transportation and the federal government.

Enr SB 2001 (d) Upon receiving moneys from the federal government to reimburse for expenditures as authorized by subsection (c) of this section from the Infrastructure Investment Reimbursement Fund, the Secretary of the Department of Transportation shall immediately reimburse the Infrastructure Investment Reimbursement Fund from said reimbursed moneys from the federal government.

(g) Upon request of the Board of Treasury Investments, the secretary shall provide the board with the opportunity to inspect and copy any records in the custody of the Departmentdepartment Intr SB 2001 202225031S 202225032H related to any transaction involving the Infrastructure Investment Reimbursement Fund.

(h) The provisions of this section shall cease to have effect after June 30, 2027, unless reauthorized by the West Virginia Legislature, and the Secretary of the Department of Transportation must reimburse the Infrastructure Investment Reimbursement Fund 100%100 percent Enr SB 2001 of the amount of any expenditures from the Infrastructure Investment Reimbursement Fund by such date.

The fund shall consist of all moneys appropriated to the authority during the regular session of the Legislature, 2022, from available revenue surplus Intr.funds, transfers from the Industrial Development Loans fund, gifts, grants, contributions, any earnings or interest accruing to said fund, and any other moneys appropriated to said fund by the Legislature.

SB 202225031S 202225032H funds, transfers from the Industrial Development Loans fund, gifts, grants, contributions, any earnings or interest accruing to said fund, and any other moneys appropriated to said fund by the Legislature.

(c) The authority may transfer funds in the Industrial Development Loans fund to the Economic Development Project Fund created by this section and any loan repayments or other Enr SB 2001 amounts that would otherwise have been paid into the Industrial Development Loans fund may be paid into the Economic Development Project Fund created by this section.

(f) The authority shall keep itemized records of all fund transactions and agreements entered into in furtherance of the Economic Development Project Fund expenditures.

In administering the fund, the authority shall adopt appropriate accounting practices and internal controls, including but not limited to, strict compliance with the requirements of §5A-8-9 of tFundcode.this code.

Fund transactions shall be subject to an annual audit by an independent firm of certified public accountants.

(g) The authority shall prepare and submit to the Joint Committee on Government and Finance and the Governor an annual report addressing the status of each project with outstanding Intr.financing issued pursuant to this section.

SB 202225031S 202225032H financing issued pursuant to this section.

Enr SB 2001 (h) Except for the records and audit required under subsection (f) of this section and the annual reports required under subsection (g) of this section, any documentary material, data, or other writing made or received by the authority relating to high impact development projects under this section, shall be exempt from §29B-1-1 et seq.

NOTE:Enr SB 2001 The Joint Committee on Enrolled Bills hereby certifies that the foregoing bill is correctly enrolled.

The............................................................... purpose of this bill is to discontinue the revolving loan from the Board of Treasury Investments to the Economic Development Authority upon the authority’s receipt of an appropriation by the Legislature.

TheChairman, billSenate requiresCommittee the............................................................... Board of Treasury Investments to make a revolving loan available to the Department of Transportation.

TheChairman, billHouse establishesCommittee aOriginated specialin revenuethe fundSenate. to receive loan moneys.

TheIn billeffect permitsfrom thepassage. Secretary of Transportation to make certain expenditures of loan moneys.

The............................................................... bill requires the secretary to reimburse the fund upon receipt of federal reimbursement moneys.

TheClerk billof provides when moneys in the fundSenate will............................................................... revert to the Consolidated Fund.

TheClerk billof establishesthe reportingHouse requirementsof relatedDelegates to............................................................... the fund.

ThePresident bill allows the Board of Treasury Investments to inspect records related to the fund;Senate ...............................................................