Introduced Version
House Bill 2163 History
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Key: Green = existing Code. Red = new code to be enacted
H. B. 2163
(By Delegates Fleischauer, Barill, Campbell,
Pasdon, Miller and Reynolds)
[Introduced February 13, 2013; referred to the
Committee on Education then Finance.]
A BILL to amend and reenact 18B-18A-3 of the Code of West Virginia,
1931, as amended, relating to adding $20 million to the West
Virginia Trust Fund's Bucks for Brains initiative; and
providing that those moneys may only go to West Virginia
University and Marshall University to the extent they raise
the same amount in matching funds.
Be it enacted by the Legislature of West Virginia:
That §18B-18A-3 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 18A. DIRECTED RESEARCH ENDOWMENTS.
§18B-18A-3. West Virginia Research Trust Fund.
(a) There is created in the State Treasury a special fund to
be known as the West Virginia Research Trust Fund which shall
consist of any appropriations of moneys to the fund made by the
Legislature, all earnings from investment of the fund and any
unmatched portion of state moneys returned by a state institution of higher education.
(b) Expenditures from the trust fund shall be made for the
purposes set forth in this article and are not subject to separate
appropriation by the Legislature. Any balance, including accrued
investment earnings on any unmatched portion of state moneys
returned by a state institution of higher education in the trust
fund at the end of each fiscal year shall not expire to the General
Revenue Fund, but shall remain in the trust fund and be expended as
provided by this article.
(c) In accordance with the provisions of section eight of this
article, the commission shall make available seventy percent of
moneys in this account to match qualified donations and qualified
pledges to West Virginia University and thirty percent of the
moneys to match qualified donations and qualified pledges to
Marshall University.
(d) Investment earnings accruing in the account may be
expended by the commission to provide matching research funds to
state colleges in accordance with the provisions of section ten of
this article.
(e) The Legislature shall make available an additional $20
million from the state's General Revenue Fund to be deposited into
the West Virginia Research Trust Fund's Bucks for Brains
initiative. This additional $20 million is available only to West
Virginia University and Marshall University to the extent either or both of those universities raise the same amount in matching funds.
The funds made available by this subsection and any university
matching funds may be used for the sole purpose of a Bucks for
Brains program consistent with the state's initiative.
NOTE: The purpose of this bill is to add $20 million to the
West Virginia Trust Fund's Bucks for Brains initiative. The bill
provides that those moneys may only go to West Virginia University
and Marshall University to the extent they raise the same amount in
matching funds.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.