The bill amends various sections of the Code of West Virginia to enhance the governance and operational framework of the Municipal Bond Commission. Key changes include designating the State Treasurer as the chairman of the commission, requiring the Treasurer to provide necessary office space and staff, and increasing the per diem compensation for commission members from $50 to $500 for each day of service. The commission will also be mandated to produce quarterly financial statements and undergo annual audits starting from the fiscal year ending June 30, 2026. Additionally, the bill exempts the commission from state purchasing requirements and allows it to conduct business via video conferencing, aiming to streamline operations and improve accountability.

Further amendments include the commission's role as a fiscal agent for various bond issuers, such as counties, municipalities, and school districts, and the ability to enter into contracts with financial institutions. The bill revises permissible investments for the commission, eliminating the option to invest in general obligations of the state and its subdivisions, and limits investments to U.S. government securities and pools operated by the West Virginia Board of Treasury Investments. It also clarifies the process for buying, selling, or exchanging securities, ensuring transparency and public record maintenance, while updating the method for prorating interest earned on combined funds and ensuring securities remain under the custody of the state Board of Treasury Investments until fully paid.

Statutes affected:
Introduced Version: 5F-2-1, 11B-1-2, 13-3-3, 13-3-6, 13-3-7, 12-6A-8
Committee Substitute: 5F-2-1, 11B-1-2, 13-3-3, 13-3-6, 13-3-7, 12-6A-8
Committee Substitute for the Committee Substitute: 5F-2-1, 11B-1-2, 13-3-3, 13-3-6, 13-3-7, 12-6A-8
Engrossed Committee Substitute: 5F-2-1, 11B-1-2, 13-3-3, 13-3-6, 13-3-7, 12-6A-8