§12-6-8. Investment funds established; management thereof.

(a) There is continued a special investment fund designated as the Consolidated Fund. Effective June 30, 2005, the power and authority of the board as to the consolidated fund terminates. On July 1, 2005, the board shall transfer the consolidated fund, all moneys, obligations, assets, securities and other investments of the consolidated fund and all records, properties and any other document or item pertaining to the consolidated fund in its possession or under its control to the West Virginia Board of Treasury Investments established in article six-c of this chapter.

(b) Each board, commission, department, official or agency charged with the administration of state funds may request the State Treasurer to make moneys available to the board for investment.

(c) Each political subdivision of this state through its treasurer or equivalent financial officer may enter into agreements with the State Treasurer for the investment of moneys of the political subdivision. Any political subdivision may enter into an agreement with a state spending unit from which it receives funds to request transfer of the funds to their investment account with the Investment Management Board or the West Virginia Board of Treasury Investments.

(d) Moneys held in the various funds and accounts administered by the board shall be invested as permitted by this article and subject to the restrictions contained in this article. The board shall report the earnings on the various funds under management to the State Treasurer at the times determined by the State Treasurer. The board shall also establish rules for the administration of the various funds and accounts established by this section as it considers necessary for the administration of the funds and accounts, including, but not limited to: (1) The specification of amounts which may be deposited in any fund or account and minimum periods of time for which deposits will be retained; and (2) creation of reserves for losses: Provided, That in the event any moneys made available to the board may not lawfully be combined for investment or deposited in the consolidated funds established by this section, the board may create special accounts and may administer and invest those moneys in accordance with the restrictions specially applicable to those moneys.

(e) Notwithstanding any provision of this code to the contrary, the funds, pools and securities maintained or invested in by the board in accordance with this article are authorized investments for all local government funds.

Bills Affecting §12-6-8

2001 Regular Session: SB451
2002 Regular Session: HB4058
2002 Regular Session: SB653
2002 Regular Session: SB675
2003 Regular Session: SB219
2003 Regular Session: SB441
2004 Regular Session: SB121
2004 Regular Session: SB280
2004 Regular Session: SB280
2004 Regular Session: SB280
2005 Regular Session: HB3052
2005 Regular Session: HB3052
2005 Regular Session: HB3052
2005 Regular Session: SB130
2005 Regular Session: SB558
2005 Regular Session: SB558
2005 Regular Session: SB558
2006 Regular Session: SB92
2006 Regular Session: SB361
2007 Regular Session: HB2771
2007 Regular Session: SB46
2007 Regular Session: SB438
2008 Regular Session: HB4096
2008 Regular Session: HB4287
2013 Regular Session: SB397
2020 Regular Session: HB4001