This bill proposes significant amendments to the governance and operational framework of the Municipal Bond Commission in West Virginia. Key changes include designating the State Treasurer as the chairman of the commission, replacing the previous designation of the Tax Commissioner. The commission will now be required to produce quarterly financial statements and undergo annual audits, while the per diem compensation for commission members will increase from $50 to $500 for each day of service. Additionally, the bill allows the commission to conduct business via video conferencing, provides an exemption from state purchasing requirements, and authorizes the commission to enter into existing contracts with financial institutions. A new section, 12-6A-8, is introduced to formalize the Treasurer's role in supporting the commission, including hiring staff and providing office space.

Moreover, the bill removes obsolete language and makes technical corrections throughout the relevant sections. It revises the permissible investments for the commission by eliminating references to general obligations of the state and its subdivisions, while allowing investments in pools operated by the West Virginia Board of Investments and repurchase agreements with federally insured banks. The bill also clarifies the process for combining funds for investment and ensures that interest earned is prorated based on the amount invested. Overall, these amendments aim to enhance the operational efficiency, accountability, and investment strategies of the Municipal Bond Commission in West Virginia.

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