The bill amends the West Virginia Code 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. The commission is also 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.

Furthermore, the bill modifies the commission's investment regulations by removing general obligations of the state and its subdivisions from the list of permissible investments. It introduces a provision limiting the maturity of securities purchased for investment pools to five years and specifies that repurchase agreements can only be made with federally insured banks. The bill also clarifies that all securities must remain under the custody of the state Board of Treasury Investments until they are sold, exchanged, or mature, while making technical corrections and removing obsolete language throughout the relevant sections.

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