H. B. 2133
(By Delegate Lane)
[Introduced January 9, 2008; referred to the
Committee on Education then Finance.]
A BILL to amend and reenact §18C-7-7 of the Code of West Virginia,
1931, as amended, relating to funding the PROMISE scholarship
program.
Be it enacted by the Legislature of West Virginia:
That §18C-7-7 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 7. WEST VIRGINIA PROVIDING REAL OPPORTUNITIES FOR
MAXIMIZING IN-STATE STUDENT EXCELLENCE SCHOLARSHIP
PROGRAM.
§18C-7-7. West Virginia PROMISE Scholarship Fund created.
(a) The special revenue fund in the State Treasury designated
and known as the "PROMISE Scholarship Fund" is continued. The fund
consists of:
(1) All appropriations to the fund from the West Virginia
Lottery, video lottery and taxes on amusement devices;
(2) All appropriations by the Legislature for the PROMISE
Scholarship Fund;
(3) Any gifts, grants or contributions received for the
PROMISE Scholarship Program; and
(4) All interest or other income earned from investment of the
fund.
(b) The allocations to the fund are subject to appropriation
by the Legislature. Nothing in this article requires any specific
level of funding by the Legislature nor guarantees nor entitles any
individual to any benefit or grant of funds.
(c) For the fiscal year beginning the first day of July, two
thousand six, it is the intent of the Legislature that the
aggregate of the amount of moneys transferred to the fund pursuant
to section eighteen-a, article twenty-two, chapter twenty-nine of
this code, and such other amounts of public moneys that may be
transferred to the fund by appropriation of the Legislature, shall
equal but may not exceed forty million dollars. For each fiscal
year thereafter until and including the fiscal year ending the
thirtieth day of June, two thousand eleven, it is the intent of the
Legislature that this aggregate be an amount two percent greater
than the aggregate established by this subsection for the prior
fiscal year. For the fiscal year beginning the first day of July,
two thousand eleven, and in each fiscal year thereafter, it is the
intent of the Legislature that this aggregate not exceed the aggregate established by this subsection for the fiscal year
beginning the first day of July, two thousand eleven.
(d) Notwithstanding any provision in this code to the
contrary, on or before the first day of July, two thousand seven,
and each year thereafter, the PROMISE scholarship board of control
shall certify to the Lottery Commission and report to the Joint
Committee on Government and Finance the projected cost of the
PROMISE scholarship program and any projected revenue shortfalls
for the following fiscal year. Upon receipt of the revenue
projections, the Lottery Commission shall adjust the payout
percentage of its video lottery terminals, within the parameters
set forth in subdivision (1), subsection (c), section six, article
twenty-two-a, chapter twenty-nine of this code, to raise additional
revenue to meet any projected revenue shortfalls in the PROMISE
scholarship program the following fiscal year. Additional revenues
raised for the PROMISE scholarship program from video lottery
terminals shall be deposited in the special revenue fund
established by subsection (a). The board of control shall
recommend a legislative rule to the Higher Education Policy
Commission to implement the provisions of this subsection (b). The
Higher Education Policy Commission shall promulgate a legislative
rule in accordance with the provisions of article three-a, chapter
twenty-nine-a of this code.
(d) (e) The board may expend the moneys in the fund to implement the provisions of this article.
NOTE: The purpose of this bill is to provide increased funding
for the PROMISE scholarship program.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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