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Committee Substitute House Bill 4434 History

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Key: Green = existing Code. Red = new code to be enacted
COMMITTEE SUBSTITUTE

FOR

H. B. 4434

(By M. Poling, Paxton, Frederick, Browning, Wysong, Williams, Ennis, Wells, Stephens, Tansill and Duke)


(Originating in the Committee on Finance)


[February 19, 2008]


A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §18B-5-11, relating to creating the energy and water savings revolving loan fund; requiring legislative rule; establishing fund administration criteria; authorizing fund investment; and limiting uses of funds.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §18B-5-11, to read as follows:
ARTICLE 5. HIGHER EDUCATION BUDGETS AND EXPENDITURES.

§18B-5-11. Energy and Water Savings Revolving Loan Program Fund.
(a) There is created in the state treasury a special revolving loan fund known as the "Energy and Water Savings Revolving Loan Fund". The fund shall be administered by the Commission and used to effectuate the purposes of this section. The fund consists of:
(1) All appropriations provided by the Legislature for energy and water savings revolving loans;
(2) Moneys from repayments of loans made to state institutions of higher education pursuant to this section;
(3) Any moneys that may be available from external sources; and
(4) All interest and other income earned from investment of moneys in the fund.
(b) The Commission shall utilize moneys in the fund to provide loans to state institutions of higher education under the jurisdiction of the Commission or the Council to finance projects that will achieve significant reductions in campus energy and water consumption and costs.
(c) The Commission shall propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine-a of this code to implement the provisions of this section. The rule shall provide:
(1) Project information required in a loan application;
(2) Criteria for evaluating loan applications;
(3) A method for calculating the terms of loan repayment; and
(4) Other provisions the Commission considers necessary to administer the program in accordance with this section.
(d) Projects shall be considered on a competitive basis. Highest priority is given to projects guaranteeing the highest reductions in energy and water consumption and costs, and the earliest loan repayments.
(e) Any moneys remaining in the fund at the close of a fiscal year shall be carried forward for use in the next fiscal year. The Commission may use up to four percent of the total loan amount in a fiscal year for administrative expenses incurred in that fiscal year.
(f) Fund balances may be invested with the state's consolidated investment fund. Any earnings on the investments shall be used solely for the purpose defined in subsection (b) of this section.
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