The bill proposes significant amendments to the governance and operational structure of the Municipal Bond Commission in West Virginia. Key changes include designating the State Treasurer as the chairman of the commission, who will appoint a chief administrative officer and provide necessary office space and staff support. The per diem compensation for commission members is increased from $50 to $500 for each day of service, and the commission is required to produce quarterly financial statements and undergo annual audits. Additionally, the bill allows the commission to conduct business via video conferencing and exempts it from state purchasing requirements. A new section, 12-6A-8, is established to outline the responsibilities of the State Treasurer regarding the commission, including hiring employees and providing support.

Moreover, the bill updates the commission's powers, allowing it to serve as a fiscal and paying agent for public purpose revenue bond issues and conduct business via telephonic or video conference. It revises permissible investments, removing the ability to invest in general obligations of the state while allowing investments in U.S. government securities and certain pools operated by the West Virginia Board of Treasury Investments. Stricter guidelines for the purchase, sale, or exchange of securities are established to ensure fair and transparent transactions, with all securities required to remain under the custody of the state Board of Treasury Investments until sold, exchanged, or matured. Overall, the amendments aim to enhance the operational efficiency and accountability of the Municipal Bond Commission while ensuring effective management of public funds.

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