2009 West Virginia Code
CHAPTER 12. PUBLIC MONEYS AND SECURITIES

ARTICLE 1. STATE DEPOSITORIES. 

• §12-1-1 Legislative findings and purpose.
• §12-1-2 Depositories for demand deposits; categories of demand deposits; competitive bidding for disbursement accounts; maintenance of deposits by State Treasurer; definition of spending unit.
• §12-1-3 Depositories for interest earning deposits; qualifications.
• §12-1-4 Bonds to be given by depositories.
• §12-1-5 Limitation on amount of deposits.
• §12-1-6 Unlawful acceptance of deposits by depositories.
• §12-1-7 Rules; banking contracts and agreements; depositors; agreements.
• §12-1-8 Conflict of interest.
• §12-1-9 Transfer of funds by check or electronic funds transfer; requirements.
• §12-1-10 The treasurer to keep accounts with depositories; settlements with depositories; statements of depository balances; reconciliation of statements and records.
• §12-1-11 Reports by depositories to treasurer; discontinuance of depositories.
• §12-1-12 Investing funds in treasury; depositories outside the state.
• §12-1-12a Investment of operating funds for cash flow needs.
• §12-1-12b Cash Management Improvement Act; administration; reports.
• §12-1-12c Cash management improvement act; administration; reports.
• §12-1-12d Pilot program for investments by Marshall University and West Virginia University.
• §12-1-13 Payment of banking services and litigation costs for prior investment losses.

ARTICLE 2. PAYMENT AND DEPOSIT OF TAXES AND OTHER AMOUNTS DUE THE STATE OR ANY POLITICAL SUBDIVISION. 

• §12-2-1 How and to whom taxes and other amounts due the state or any political subdivision, official, department, board, commission or other collecting agency thereof may be paid.
• §12-2-2 Itemized record of moneys received for deposit; regulations governing deposits; credit to state fund; exceptions.
• §12-2-3 Deposit of moneys not due the state.
• §12-2-4 Duty of depositories.
• §12-2-5 Deposits in correspondent banks of state depositories.
• §12-2-6 Violations; penalties.

ARTICLE 3. APPROPRIATIONS, EXPENDITURES AND DEDUCTIONS. 

• §12-3-1 Manner of payment from treasury; form of checks.
• §12-3-1a Payment by deposit in bank account.
• §12-3-1b Voluntary direct deposits by auditor of salaries of employees to banks or other financial institutions.
• §12-3-2 Auditor may administer oaths; seal.
• §12-3-3 Repealed
• §12-3-4 No check to be drawn on depository having insufficient funds; necessity of warrant and check or electronic funds transfer.
• §12-3-5 When requisition to Auditor sufficient authority for issuing warrant.
• §12-3-6 Requisitions on behalf of state boards and institutions.
• §12-3-7 Payment of compensation and expenses of members of state boards and commissions; embezzlement.
• §12-3-8 Requisition on behalf of institutions to be accompanied by statement showing funds on hand.
• §12-3-8a Limitation on requisitions from judicial accounts.
• §12-3-9 Certificate with requisition as to need of money for present use.
• §12-3-10 Itemized statement of claim against state; rules to be promulgated concerning same.
• §12-3-10a Purchasing Card Program.
• §12-3-10c Transaction fees; disposition of fees.
• §12-3-10d Purchasing Card Fund created; expenditures.
• §12-3-10e Purchasing Card Advisory Committee created; purpose; membership; expenses.
• §12-3-10f Receiving report required for commodities received.
• §12-3-11 Travel expenses; rules to be promulgated concerning travel expenses; dues to voluntary organizations; recruitment expenses for higher education policy commission and West Virginia higher education governing boards; moving expenses of employees of higher education policy commission and West Virginia higher education governing boards.
• §12-3-12 Expiration of unexpended appropriations.
• §12-3-12a Payment of salaries of employees of West Virginia board of regents and institutions of higher education in twelve equal monthly installments.
• §12-3-13 Salaries not to be paid until services rendered.
• §12-3-13a Deductions by state auditor from salaries of state officials and employees to pay taxes and purchase United States government bonds.
• §12-3-13b Voluntary deductions by state auditor from salaries of employees to pay association dues or fees and to pay supplemental health and life insurance premiums.
• §12-3-14 Expenditures for institutions to be confined to appropriations for fiscal year; exceptions.
• §12-3-15 Expenditures for institutions in excess of appropriations; unauthorized debts; use in part payment of appropriation for whole payment.
• §12-3-16 Personal liability and penalty for violation of two preceding sections.
• §12-3-17 Liabilities incurred by state boards, commissions, officers or employees which cannot be paid out of current appropriations.
• §12-3-18 Itemized statement of claims against counties, school districts or municipalities; false swearing; indorsement.
• §12-3-19 General order by county commission, board of education or governing body of a municipal corporation prohibited.
• §12-3-20 Electronic or wire transfer.

ARTICLE 3A. FINANCIAL ELECTRONIC COMMERCE 

• §12-3A-1 Legislative purpose and findings.
• §12-3A-2 Definitions.
• §12-3A-3 Financial electronic commerce.
• §12-3A-4 Payment by a West Virginia pay card.
• §12-3A-5 Limited establishment and use of point of sale terminals, etc., for special purposes and circumstances relating to certain public assistance payments.
• §12-3A-6 Receipting of electronic commerce purchases.
• §12-3A-7 Method of sale or disposal of personal property.

ARTICLE 4. ACCOUNTS, REPORTS AND GENERAL PROVISIONS. 

• §12-4-1 Biennial reports.
• §12-4-2 Accounts of treasurer and auditor; auditor to certify condition of revenues and funds of the state.
• §12-4-3 Accounts of appropriations.
• §12-4-3a Accounts of the auditor.
• §12-4-4 Accounts of expenditures; signing of checks and warrants; facsimile signatures and use of mechanical and electrical devices; forgery; penalty.
• §12-4-5 Individual accounts; auditor to notify sureties when sheriff defaults.
• §12-4-6 Comparison of books of auditor and treasurer; monthly balances.
• §12-4-7 Annual report of auditor.
• §12-4-8 Office hours of auditor and treasurer.
• §12-4-9 Absence of auditor or treasurer.
• §12-4-10 State not preferred as to unsecured claim.
• §12-4-11 Exceptional items fund.
• §12-4-12 Treasurer authorized to provide check-cashing service; establishment and audit of cash funds.
• §12-4-13 Repealed
• §12-4-14 Accountability of persons receiving state funds or grants; sworn statements by volunteer fire departments; criminal penalties.
• §12-4-15 Bank at school.
• §12-4-16 Transfer of specified excess funds.

ARTICLE 4A. CENTRALIZED MANAGEMENT OF COMPLAINTS. 

• §12-4A-1 Legislative findings.
• §12-4A-2 General purpose.
• §12-4A-3 Duties generally.
• §12-4A-4 Enforcement.

ARTICLE 4B. COMPUTER DONATION PROGRAM. 

• §12-4B-1 Legislative findings.
• §12-4B-2 Computer donation program created.
• §12-4B-3 Legislative rules.
• §12-4B-4 Severability.

ARTICLE 5. PUBLIC SECURITIES. 

• §12-5-1 Securities defined.
• §12-5-2 Treasurer custodian of securities; charges to companies for care, exchange and substitution of securities.
• §12-5-3 Legislative auditor to examine and list securities.
• §12-5-4 Treasurer to keep accounts and make collections.
• §12-5-5 Protection and handling of securities.
• §12-5-6 When notes deemed securities; appraisal.
• §12-5-7 Treasurer as financial advisor; selection of necessary parties; employment of bond counsel.

ARTICLE 6. WEST VIRGINIA INVESTMENT MANAGEMENT BOARD. 

• §12-6-1 Purposes and objects; how article cited.
• §12-6-1a Legislative findings.
• §12-6-2 Definitions.
• §12-6-3 West Virginia investment management board continued; body corporate; trust fund board; trustees; nomination and appointment of trustees, qualifications and terms of appointment, advice and consent; annual and other meetings; designation of representatives and committees; board meetings with committees regarding investment policy statement required; open meetings, qualifications.
• §12-6-4 Management and control of fund; officers; staff; fiduciary or surety bonds for trustees; liability of trustees.
• §12-6-5 Powers of the board.
• §12-6-5a Legislative findings and limitation on certain board actions.
• §12-6-6 Annual audits; reports and information to constitutional and legislative officers, council of finance and administration, consolidated public retirement board, workers' compensation fund and coal-workers' pneumoconiosis fund; statements and reports open for inspection.
• §12-6-7 Legal status of agencies and boards continued.
• §12-6-8 Investment funds established; management thereof.
• §12-6-9 Fees for service.
• §12-6-9a Trust indenture.
• §12-6-9b Repealed
• §12-6-9c Authorization of additional investments.
• §12-6-9d Repealed
• §12-6-9f Repealed
• §12-6-9g Repealed
• §12-6-9h Securities handling.
• §12-6-10 Repealed
• §12-6-11 Standard of care.
• §12-6-12 Investment restrictions.
• §12-6-13 Board as agency for investments; exceptions.
• §12-6-14 Reports of board; legislative audits, reviews and studies.
• §12-6-15 Repealed
• §12-6-16 Existing investments.
• §12-6-17 Severability of provisions.
• §12-6-18 Liberal construction.
• §12-6-19 Authorization for loans by the board.
• §12-6-20 Continuation of board.
• §12-6-21 Investment with regional jail and correctional facility authority.

ARTICLE 6A. THE DEBT MANAGEMENT ACT OF 1991. 

• §12-6A-1 Short title.
• §12-6A-2 Legislative findings and declaration of public necessity.
• §12-6A-3 Division of debt management created; director.
• §12-6A-4 Definitions.
• §12-6A-5 Powers and duties.
• §12-6A-6 Debt information reporting.
• §12-6A-7 Promulgation of rules.

ARTICLE 6B. DEBT CAPACITY ADVISORY DIVISION. 

• §12-6B-1 Purpose.
• §12-6B-2 Debt capacity advisory division created.
• §12-6B-3 Definitions.
• §12-6B-4 Powers and duties.

ARTICLE 6C. WEST VIRGINIA BOARD OF TREASURY INVESTMENTS. 

• §12-6C-1 Purposes and objects; how article cited.
• §12-6C-2 Legislative findings.
• §12-6C-3 Definitions.
• §12-6C-4 West Virginia Board of Treasury Investments created; body corporate; board; directors; nomination and appointment of directors, qualifications and terms of appointment, advice and consent; annual and other meetings; committees; board approval of investment policies required; open meetings, qualifications.
• §12-6C-5 Powers of the Board.
• §12-6C-6 Consolidated fund continued; management.
• §12-6C-7 Management and control of fund; officers; staff; fiduciary or surety bonds for directors; liability of directors.
• §12-6C-8 Administration of Consolidated Fund.
• §12-6C-9 Asset allocation; investment policies, authorized investments; restrictions.
• §12-6C-10 Investment authority for Consolidated Fund transferred to Board; exceptions.
• §12-6C-11 Legislative findings; loans for industrial development; availability of funds and interest rates.
• §12-6C-12 Securities handling.
• §12-6C-13 Standard of care.
• §12-6C-14 Existing investments.
• §12-6C-15 Annual audits; financial statements; information.
• §12-6C-16 Reports to participants.
• §12-6C-17 Legal status of spending units continued.
• §12-6C-18 Authorization for loans by the Board.
• §12-6C-19 Creation of fee account and investment account; budget.
• §12-6C-20 Termination of board.

ARTICLE 7. JOBS INVESTMENT TRUST FUND. 

• §12-7-1 Purposes and objectives; how article cited.
• §12-7-2 Legislative findings.
• §12-7-3 Definitions.
• §12-7-4 Jobs Investment Trust Board; composition; appointment, term of private members; chairman; quorum.
• §12-7-5 Management and control of jobs investment trust vested in board; officers; liability; authority of executive director to act on behalf of board; relationship to higher education institutions.
• §12-7-6 Corporate powers.
• §12-7-7 Limitation on investments.
• §12-7-8 Funding.
• §12-7-8a New millennium fund; new millennium fund promissory notes; nonincentive tax credits; rulemaking.
• §12-7-9 Applications for investment priority; investment package.
• §12-7-10 Acceptance or rejection of investment package.
• §12-7-11 Documentary materials concerning trade secrets; commercial, financial or personal information; confidentiality.
• §12-7-12 Reports of board; report of housing development fund.
• §12-7-13 Earnings.
• §12-7-14 Exemption from certain requirements; audit.
• §12-7-15 Conflicts of interest.
• §12-7-16 Credit of state not pledged.

ARTICLE 8. PENSION LIABILITY REDEMPTION. 

• §12-8-1 Short title.
• §12-8-2 Declaration of policy; legislative findings; legislative intent.
• §12-8-3 Definitions.
• §12-8-4 Issuance of bonds; determination of unfunded actuarial accrued liability.
• §12-8-5 Method of bond issuance; manner of sale of bonds; authority of Department of Administration.
• §12-8-6 Contracts with obligation holders; provisions of bonds and trust indentures and other agreements.
• §12-8-7 Proceeds from the sale of bonds.
• §12-8-8 Continuation of Pension Liability Redemption Fund; disbursements to pay pension liability redemption payments.
• §12-8-9 Refunding bonds.
• §12-8-10 State pledges and covenants.
• §12-8-11 Legal remedies of obligation holders.
• §12-8-12 Nature of bonds; legal investments.
• §12-8-13 Exemption from taxation.
• §12-8-14 Supersedure.
• §12-8-15 Operation of article.
• §12-8-16 Severability.