ENROLLED
COMMITTEE SUBSTITUTE
FOR
H. B. 4434
(By M. Poling, Paxton, Frederick, Browning, Wysong, Williams,
Ennis, Wells, Stephens, Tansill and Duke)
[Passed March 8, 2008; in effect July 1, 2008.]
AN ACT 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 is administered by the Commission and used to effectuate the purposes of this section. The fund consists of
moneys received from the following sources:
(1) All appropriations provided by the Legislature for energy
and water savings revolving loans;
(2) Repayment of loans made to state institutions of higher
education pursuant to this section;
(3) Any moneys 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 a rule for legislative
approval in accordance with section six, article one of this
chapter and article three-a, chapter twenty-nine-a of this code to
implement the provisions of this section. The rule shall provide
at least the following:
(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 greatest
reductions in energy and water consumption and costs and the
earliest loan repayments.
(e) Any balance, including accrued interest and any other
returns, in the Energy and Water Savings Revolving Loan Fund at the
end of each fiscal year shall not expire to the General Revenue
Fund, but shall remain in the loan fund and be expended for the
purposes provided by this section. 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.
(g) The Legislature finds that an emergency exists and,
therefore, the Commission shall propose an emergency rule to
implement the provisions of this section in accordance with section
six, article one of this chapter and article three-a, chapter
twenty-nine-a of this code by the first day of October, two
thousand eight. The emergency rule may not be implemented without prior approval of the Legislative Oversight Commission on Education
Accountability.