The bill amends 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, who will 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 mandated to produce quarterly financial statements and undergo annual audits starting from the fiscal year ending June 30, 2026. The commission is also exempted from state purchasing requirements and is authorized to conduct business via video conferencing. Additionally, obsolete language is removed, and technical corrections are made, including the replacement of the Tax Commissioner with the State Treasurer as the chair of the commission.

Furthermore, the bill modifies the commission's powers regarding public purpose revenue bonds, allowing it to conduct business via telephonic or video conference and to utilize contracts from the State Treasurer's Office and other financial entities. It clarifies that the commission has all necessary powers to fulfill its purposes while removing the ability to invest in general obligations of the state and local government entities. Instead, it retains the option to invest in U.S. government securities and certain investment pools, with a new requirement that securities purchased for investment pools must have maturities not exceeding five years. The bill emphasizes transparency in managing securities, mandating public records of transactions and ensuring no conflicts of interest arise in the buying, selling, or exchanging of securities.

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