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WV SB1062
Bill
Status
Introduced
2/21/2026
Primary Sponsor
Glenn Jeffries
Click for details
AI Summary
- Creates TEAM-WV as a non-stock, nonprofit corporation to promote economic development, job creation, job training, and business recruitment in West Virginia
- Establishes a nine-member board of directors including three ex-officio members (presidents of WVU and Marshall University, and Executive Director of the WV Investment Management Board) plus six Governor-appointed members with expertise in investment analysis, project financing, or corporate governance
- Authorizes the Secretary of Commerce to contract with TEAM-WV to assist with department functions, though approval of awards involving public money remains with the department
- Requires annual financial audits, annual reports to the Governor and Legislature, and establishes conflicts of interest policies with mandatory ethics training for officers and employees
- Permits transfer of the state's spirits distribution and merchandising operations to TEAM-WV for a minimum of $30 million annually paid to the state in monthly installments
Legislative Description
Creating TEAM-WV
Economic Development
Last Action
To Economic Development
2/21/2026
Committee Referrals
Economic Development2/21/2026
Full Bill Text
No bill text available