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Introduced Version - Originating in Committee Senate Concurrent Resolution 14 History

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SENATE CONCURRENT RESOLUTION NO. 14

(By Senators Plymale, Wells, Browning, Green, Stollings, White and Guills)

[Originating in the Committee on Education; reported February 25, 2009.]


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 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 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 40 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 it Further 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.
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