§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[Repealed.]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 […]
§12-6E-9. Immunities of Investment Committee and Mountaineer Impact Office; Exemptions
(a) The doctrine and principles of sovereign immunity extend to the West Virginia Impact Fund, the Mountaineer Impact Office, the Investment Committee and their operations. (b) The members, advisors, officers, and employees of the Investment Committee and the Mountaineer Impact Office are not liable personally, either jointly or severally, for any debt or obligation created […]
§12-6E-10. Political Activities
(a) The resources of the West Virginia Impact Fund, the Investment Committee and the Mountaineer Impact Office may not be used to finance or influence political activities. (b) A public official, or an immediate family member thereof, shall not intentionally or knowingly hold a financial interest in any project pursuant to this article, or hold […]
§12-6E-11. Confidential Information
The reports described in §12-6E-7 of this code shall be public record. If the standard confidentiality agreements, policies or procedures of a private enterprise or investor with which an investment in a project is proposed or made prohibit, restrict or limit the disclosure of information pertaining to the investment, the information is confidential and shall […]
§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.
§12-6E-3. Purpose and Goal; Investment Standards
(a) The purpose of this article is to continue the efforts of this state to further economic development, infrastructure development, and job creation in the State of West Virginia for the public benefit. It is not the intent of this article that the state compete with private entities by investing in projects to further economic […]