The bill amends sections 18B-12-1 and 18B-12-2 of the Code of West Virginia and introduces a new section, 18B-12-11, which allows state higher education institutions to enter into agreements with certain nonprofit organizations for economic development and job creation. The legislation emphasizes the importance of research and development in enhancing the competitive position of these institutions and aims to facilitate operational success in intercollegiate athletics. It establishes definitions for terms such as "Agreement" and "Corporation," and outlines the legislative findings that support the need for such agreements to promote economic welfare.

Under the new section 18B-12-11, state institutions of higher education can contract with nonprofit corporations that qualify under section 501(c) of the Internal Revenue Code, specifically for economic development purposes. The governing boards of these institutions are granted the authority to enter into agreements with these corporations, which may include provisions that exempt them from certain existing regulations. This flexibility is intended to foster future economic development in West Virginia by allowing institutions to leverage private resources and expertise.

Statutes affected:
Introduced Version: 18B-12-1, 18B-12-2, 18B-12-11
Committee Substitute: 18B-12-1, 18B-12-2, 18B-12-11
Enrolled Committee Substitute: 18B-12-1, 18B-12-2, 18B-12-11