Senate Concurrent Resolution No. 98
(By Senators Helmick, Sharpe, Chafin, Plymale,
Prezioso, Edgell, Love, Bailey, Bowman, McCabe,
Unger, Dempsey, Boley, Minear, Facemyer, Guills and Sprouse)
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[Originating in the Committee on Finance.]
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Authorizing the issuance of revenue bonds payable from the excess
lottery revenue fund to provide new capital improvements
consisting of facilities, buildings and structures for state
institutions of higher education.
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 section one, article twelve-b, chapter eighteen of
said code; 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 ten million dollars
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 a
combination of tuition and registration fees. The Lottery
Commission shall deposit into the Higher Education Improvement Fund
for Higher Education, created pursuant to said section, the sum of
ten million dollars in each fiscal year to be used to pay debt
service on the revenue bonds issued by the Commission to finance
improvements for state institutions of higher education. The
revenues pledged for the repayment of principal and interest of these bonds may also include tuition and registration fees
authorized by sections one and eight, article ten, chapter
eighteen-b of said code and section one, article twelve-b, chapter
eighteen of said code; and
Whereas, Every issue of the Commission's bonds shall be
special obligations of the Commission, payable solely from the
tuition and registration fees, the 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 forty 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 excess lottery revenue fund to
provide new capital improvements consisting of facilities,
buildings and structures for state institutions of higher
education; 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, and section one, article twelve-b, chapter eighteen of said code,
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
tuition and registration fees authorized by sections one and eight,
article ten, chapter eighteen-b of said code and section one,
article twelve-b, chapter eighteen 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
tuition and registration 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 State System Tuition
Fee Special Capital Improvement Fund created under section two,
article twelve-b, chapter eighteen 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 state institutions of higher education; 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 Commission.