§12-7-6. Corporate Powers
The board may: (1)( A) Make loans to eligible businesses with or without interest secured if and as required by the board; and (B) acquire ownership interests in eligible businesses. These investments may be made in eligible businesses that stimulate economic growth and provide or retain jobs in this state and shall be made only […]
§12-7-7. Limitation on Investments
Subject to the provisions of 12-7-9 of this code, the board may invest in any eligible business: Provided, That at the time of the placement of the investment not more than 20 percent of the boards total investment portfolio is invested in one eligible business within any two-year period: Provided, however, That the board may […]
§12-7-8. Funding
[Repealed.]
§12-7-8a. New Millennium Fund; New Millennium Fund Promissory Notes; Nonincentive Tax Credits; Rulemaking
(a) The new millennium fund is continued to permit the board to better fulfill its mission to mobilize financing and capital for emerging, expanding and restructuring businesses in the state. New millennium fund moneys are to consist of all appropriations for use by the jobs investment trust board made by the Legislature subsequent December 31, […]
§12-7-9. Applications for Investment Priority; Investment Package
(a) The board shall accept and review applications from eligible businesses and shall determine the investment worthiness, the benefits to the West Virginia economy, the leverage potential for investments in small business investment companies, the jobs creation potential, and the economic circumstances of the region or regions of the state that would benefit from each […]
§12-7-10. Acceptance or Rejection of Investment Package
(a) The board may approve or disapprove an investment package or any portion thereof: Provided, That notwithstanding any provision of this article to the contrary, the board may not accept any investment package or any portion thereof unless the same has been reviewed and approved by the board's executive director in his or her sole […]
§12-7-1. Purposes and Objectives; How Article Cited
This article, which may be cited as the "Jobs Investment Trust Act", is enacted to create a jobs investment trust to be used for the development, promotion and expansion of West Virginia's economy and to provide opportunities to businesses and college and university students to develop and implement plans for innovative projects and investment opportunity.