Introduced Version - Originating in Committee
Senate Concurrent Resolution 61 History
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Key: Green = existing Code. Red = new code to be enacted
SENATE CONCURRENT RESOLUTION NO. 61
(By Senators Plymale, Edgell, Bailey, Green, Hunter, Oliverio,
Stollings, Unger, Wells, White, Boley, Guills, Hall and Sprouse)
[Originating in the Committee on Education]
Authorizing the issuance of revenue bonds payable from the State
Excess Lottery Revenue Fund to provide new capital improvements,
consisting of facilities, buildings and structures for state
community and technical colleges.
Whereas, Section eighteen-a, article twenty-two, chapter
twenty-nine of the Code of West Virginia, 1931, as amended,
provides for the allocation and appropriation of state excess
lottery revenues; and
Whereas, The West Virginia Higher Education Policy Commission
is a governmental instrumentality of the State of West Virginia
empowered and authorized to issue bonds by sections one and eight,
article ten, chapter eighteen-b of the Code of West Virginia, 1931,
as amended; and
Whereas, In accordance with the provisions of section
eighteen-a, article twenty-two, chapter twenty-nine of the code of
West Virginia, 1931, as amended, a special revenue fund within the
State Lottery Fund in the State Treasury was established and is
known as the State Excess Lottery Revenue Fund. From this fund the State Lottery Commission is to deposit $15 million annually to the
Higher Education Improvement Fund for higher education; and
Whereas, In accordance with the provisions of section
eighteen-a, article twenty-two, chapter twenty-nine of the Code of
West Virginia, 1931, as amended, the adoption of a concurrent
resolution by the Legislature authorizes the issuance of bonds and
payment of debt service on the bonds from the Higher Education
Improvement Fund for higher education. The bonds may be issued by
the Higher Education Policy Commission, payable from the Higher
Education Improvement Fund for higher education, and as may be
authorized by the commission, from revenues pledged from required
educational and general capital fees. The Lottery Commission shall
deposit into the Higher Education Improvement Fund for higher
education, created pursuant to said section, the sum of $5 million
in each fiscal year to be used to pay debt service on the revenue
bonds issued by the commission to finance improvements for state
community and technical colleges. The revenues pledged for the
repayment of principal and interest of these bonds may also include
required educational and general capital fees authorized by
sections one and eight, article ten, chapter eighteen-b of said
code; and
Whereas, Every issue of the Commission's bonds shall be
special obligations of the Commission, payable solely from the
educational and general capital fees, the State Excess Lottery Revenue Fund and such other sources as may be authorized by the
commission; and
Whereas, The bonds shall be authorized by resolution of the
commission, shall bear the date, shall mature at time or times, not
exceeding 40 years from the date of issue, and shall bear such rate
or rates of interest as the resolution may provide; therefore, be
it
Resolved by the Legislature of West Virginia:
That the Legislature hereby authorizes the issuance of revenue
bonds payable from the State Excess Lottery Revenue Fund to provide
new capital improvements, consisting of facilities, buildings and
structures for state community and technical colleges; and, be it
Further Resolved, That the Higher Education Policy Commission
may pledge for the repayment of principal and interest of revenue
bonds issued pursuant to sections one and eight, article ten,
chapter eighteen-b of the Code of West Virginia, 1931, as amended,
the revenues in the Higher Education Improvement Fund for higher
education authorized by section eighteen-a, article twenty-two,
chapter twenty-nine of said code and other revenues as may be
authorized by the commission. The revenues pledged for the
repayment of principal and interest of such bonds may also include
educational and general capital fees authorized by sections one and
eight, article ten, chapter eighteen-b of said code; and, be it
Further Resolved, That every issue of its bonds shall be special obligations of the commission, payable solely from the
educational and general capital fees or other sources available to
the commission which are pledged therefor, including the higher
education improvement fund for higher education; and, be it
Further Resolved, That, upon resolution of the commission, the
funds deposited into the Higher Education Improvement Fund for
higher education shall be deposited into the special Capital
Improvement Fund created under section eight, article ten, chapter
eighteen-b of the Code of West Virginia, 1931, as amended, and used
to pay debt service on bonds authorized to be issued pursuant to
this resolution and any funds not so applied may be used by the
commission only to make capital improvements at community and
technical colleges; and, be it
Further Resolved, That the Clerk of the Senate is hereby
directed to forward a copy of this resolution to the Governor and
the Higher Education Policy Commission.