§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[Repealed.]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.
§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 […]
§12-6E-4. Establishment of the Investment Committee; Appointments; Removal; Vacancy; Quorum
(a) There is hereby created the Investment Committee, as an agency of the State of West Virginia, to manage the investment of the assets transferred to the Investment Committee from the West Virginia Impact Fund. (b) The Investment Committee shall consist of seven voting members. The President of the Senate and the Speaker of the […]
§12-6E-5. Powers and Duties of Investment Committee; Disclosure of Interests; Standard of Care
(a) The Investment Committee shall have the authority to (1) appoint the managing director of the Mountaineer Impact Office, (2) approve or disapprove project proposals, (3) approve or disapprove the negotiated terms of any proposed investment of funds held by the Investment Committee in any final project, (4) approve or disapprove of the managing director’s […]
§12-6E-6. Establishment of the Mountaineer Impact Office; Managing Director; Project Proposals; Monitoring Performance; Consultation With Investment Management Board; Insurance
(a) There is hereby created the Mountaineer Impact Office. The Mountaineer Impact Office is an agency and instrumentality of the State of West Virginia managed by the Investment Committee. The purpose of the Mountaineer Impact Office is to implement, invest and administer the assets transferred to the Investment Committee from the West Virginia Impact Fund. […]