§ 12-1-13 — Payment of banking services and litigation costs for prior investment losses

West Virginia § 12-1-13

• Jurisdiction: West Virginia
• Ch. 12: PUBLIC MONEYS AND SECURITIES
• Art. 1: STATE DEPOSITORIES

Text

(a) The State Treasurer is authorized to pay for banking services, and goods and services ancillary to the banking services, by either a compensating balance in an account maintained at the financial institution providing the services or with a state warrant as described in section one, article three of this chapter.

(b) The Investment Management Board may pay for the investigation and pursuit of claims against third parties for the investment losses incurred during the period beginning on August 1, 1984, and ending on August 31, 1989. The payment may be in the form of a state warrant.

(c) If payment is made by a state warrant, the West Virginia Board of Treasury Investments, at the request of the state Treasurer, may establish within the consolidated fund an investment pool which will generate sufficient income to pay for all banking services provided to the state and to pay for the investigation and pursuit of the prior investment loss claims. All income earned by the investment pool shall be paid into a special account of the state Treasurer known as the banking services account to pay for all banking services and goods and services ancillary to the banking services provided to the state, for the investigation and pursuit of the prior investment loss claims, and for amortization of the balance in the investment imbalance fund.

Legislative History

2005 Reg. Sess., SB558; 2004 Reg. Sess., HB4746; 1997 Reg. Sess., SB563; 1996 Reg. Sess., HB4132; 1990 Reg. Sess., SB109; 1990 Reg. Sess., SB8