West Virginia Code 18-9-6a – County Board of Education treasurer authorized to make funds available to state Board of Investments; allocation of income
Notwithstanding any other provision of this code, when it appears to any of the various county boards of education that funds on deposit in its demand deposit account exceed the current requirements or demands, and it further be determined by the treasurer for such county board of education that the available interest rate offered by an acceptable depository in such treasurer's county be less than the interest rate, net of administrative fees referred to in article six, chapter twelve of this code, offered it through the state Board of Investments, the county board of education treasurer may, with the approval in writing of each county board of education whose funds are involved, make such funds available to the state Board of Investments for investment in accordance with the provisions of said article six, chapter twelve of the code. Any county board of education treasurer may enter into an agreement with any state agency from which they receive funds to allow such funds to be transferred to their investment account with the state Board of Investments.
Terms Used In West Virginia Code 18-9-6a
- board: means a county board of education. See West Virginia Code 18-1-1
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
Any income earned on such investment shall be allocated by such treasurer to the board of Education whose funds were made available, such allocation to be made in accordance with the accounting and allocation principles established by the board of Investments.