H. B. 4385
(By Delegate Lane)
[Introduced February 3, 2006; 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) There is hereby created a special revenue fund in the
State Treasury which shall be designated and known as the "PROMISE
Scholarship Fund." The fund shall consist of all appropriations to
the fund from the West Virginia lottery, video lottery, taxes on
amusement devices, and any other legislative appropriations, and all interest earned from investment of the fund and any gifts,
grants or contributions received by the fund. The allocations to
the fund shall be subject to appropriation by the Legislature.
Nothing in this article shall require any specific level of funding
by the Legislature nor guarantee or entitle any individual to any
benefit or grant of funds.
(b) Notwithstanding any provision in this code to the
contrary, on or before the first day of July, two thousand six, 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 (c) (1) 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.
(b) (c) 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.