West Virginia Code of State Rules Agency 109 - Municipal Bond Commission

23 Jun 2025 --
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Here’s a refined overview of West Virginia CSR – Agency 109: Municipal Bond Commission:

🏛️ Agency 109 – Municipal Bond Commission

Title: 109 – Procedural Rules, Municipal Bond Commission (regulations.justia.com)

✅ Mission & Authority

Acts as the fiscal agent for all general obligation (tax levy) bonds issued by counties, municipalities, and school districts in WV (mbc.wv.gov).

Established as the State Sinking Fund Commission in 1921 and renamed in 1977 (mbc.wv.gov).

Governed by the WV Code § 13‑3, which outlines its composition, powers, duties, and reporting responsibilities (code.wvlegislature.gov).

✅ Composition & Structure (Series 109‑02, effective Oct 1, 2019)

Members:

Ex‑officio: State Tax Commissioner, State Treasurer, State Auditor.

Appointed by the Governor: two members (limited to opposite political parties), four-year overlapping terms (mbc.wv.gov).

Executive Committee: Comprised of the three ex‑officio officers, authorized to act when the full Commission is not in session (mbc.wv.gov).

Executive Director: Appointed by the Commission to serve as secretary and treasurer (mbc.wv.gov).

🗓️ Meetings & Procedural Rules

According to Series 109‑02:

The Commission must meet at least three times per fiscal year, including an annual meeting within 60 days of fiscal year‑end (law.cornell.edu, mbc.wv.gov).

Executive committee meetings may occur as needed.

Quorum: At least three Commission members, with voting participation allowed via telephone or electronic means—and fully audible to the public (mbc.wv.gov).

Notices for regular or special meetings must be filed at least 5 business days beforehand, with emergency meeting notices filed “as soon as practicable” (mbc.wv.gov).

Public access required, as mandated by WV Code Chapter 6, Article 9A (mbc.wv.gov).

📝 Minutes, Agendas, Executive Sessions

Minutes must include: date, time, location, attendee list, motions/resolutions, vote tallies, and member names (upon request) .

Agendas: Items proceed with approval of prior minutes, current business, and a report from the executive director covering recent investment transactions (mbc.wv.gov).

Executive sessions are permitted but must be conducted per Chapter 6, Article 9A and are noted in Series 109‑01 (regulations.justia.com).

⚖️ Statutory Framework (WV Code § 13‑3)

Covers:

Commission composition, officer roles, and compensation (§13‑3‑1 to §13‑3‑3)

Formation and authority of the executive committee (§13‑3‑4)

Powers regarding investments, levy determinations, fund management (§13‑3‑6 to §13‑3‑11) (code.wvlegislature.gov).

📊 Annual Report Highlights (FY 2024)

Oversees 1,192 bond issues and 2,714 accounts

Maintains a zero-default rate since inception

Acts as fiscal agent for general obligation and select revenue bonds, but excludes state GO bonds for roads, schools, and some other projects (mbc.wv.gov, mbc.wv.gov).

🧭 In Summary

Nepotistically, Agency 109 provides the framework for how the Municipal Bond Commission operates—detailing meeting frequency, member roles, transparency obligations, and public notice—all codified in Series 109‑01 and 109‑02, anchored in WV Code § 13‑3.