§12-7-13. Earnings
All earnings, interest and fees collected by the board on or in respect of funds provided by the West Virginia housing development fund shall go back into the jobs development fund created pursuant to section twenty-c, article eighteen, chapter thirty-one of this code, for reinvestment and no such earnings, interest or fees shall be considered […]
§12-7-14. Exemption From Certain Requirements; Audit
In order to provide excellent investment opportunities and to effectively implement the new millennium fund, the investment activity and the new millennium fund activity provided by this article shall be exempt from the bidding and public sale requirements, from the approval of contractual agreements by the department of finance and administration or the attorney general […]
§12-7-15. Conflicts of Interest
(a) No member of the board or officer, agent or employee thereof shall, in his or her own name or in the name of a nominee, hold an ownership interest of more than seven and one-half percent in any association, trust, corporation, partnership or other entity which is, in its own name or in the […]
§12-7-16. Credit of State Not Pledged
The provisions of this article do not and shall not be construed to authorize the jobs investment trust board at any time or in any manner to grant or pledge the credit or taxing power of the state. None of the obligations or debts created by the jobs investment trust board under the authority granted […]
§12-8-1. Short Title
This article shall be known and may be cited as the pension liability redemption act.
§12-7-3. Definitions
For purposes of this article: (a) “Board” means the West Virginia Economic Development Authority, established pursuant to 31-15-1 et seq. of this code. (b) “Eligible business” means any business, including, but not limited to, a business licensed or seeking licensure by the small business administration as a small business investment company under the Small Business […]
§12-7-4. Jobs Investment Trust Board; Termination; Vesting With the Economic Development Authority
(a) The Jobs Investment Trust Board is hereby terminated, and the management and control of the Jobs Investment Trust shall be vested in the West Virginia Economic Development Authority. (b)The board shall meet on a quarterly basis or more often, if necessary, to carry out the powers and duties of the board with respect to […]
§12-7-5. Management and Control of Jobs Investment Trust Vested in Board; Officers; Liability; Authority of Executive Director to Act on Behalf of Board; Relationship to Higher Education Institutions
(a) It is the duty of the board to manage and control the Jobs Investment Trust. With the advice and consent of the Senate, the Governor appoints an executive director of the Jobs Investment Trust who is or has been a senior executive of a major financial institution, brokerage firm, investment firm or similar institution, […]
§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 […]