Introduced Version - Originating in Committee
Senate Concurrent Resolution 41 History
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Key: Green = existing Code. Red = new code to be enacted
SENATE CONCURRENT RESOLUTION NO. 41
(By Senator Plymale)
[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 colleges and universities.
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 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 Higher
Education Policy 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 $15 million
in each fiscal year to be used to pay debt service on the revenue
bonds issued by the Higher Education Policy Commission to finance
improvements for state colleges and universities. 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 Higher Education Policy
Commission's bonds shall be special obligations of the Higher
Education Policy 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 Higher Education
Policy Commission; and
Whereas, The bonds shall be authorized by resolution of the
Higher Education Policy Commission, shall bear the date, shall
mature at time or times, not exceeding 30 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 colleges and universities; 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 Higher Education Policy 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 itFurther Resolved, That every issue of its bonds shall be
special obligations of the Higher Education Policy Commission,
payable solely from the educational and general capital fees or
other sources available to the Higher Education Policy Commission
which are pledged therefor, including the Higher Education
Improvement Fund for Higher Education; and, be it
Further Resolved, That, upon resolution of the Higher
Education Policy 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 Higher Education Policy
Commission only to make capital improvements at state colleges and
universities; 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.