Senate Concurrent Resolution No. 60
(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;
reported March 7, 2003.]
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Authorizing the issuance of revenue bonds to provide new capital
improvements consisting of facilities, buildings and
structures for state institutions of higher education.
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 section eight, article
ten, chapter eighteen-b of the code of West Virginia and section
one, article twelve-b, chapter eighteen of the code; and
Whereas, Section eighteen-a, article twenty-two, chapter
twenty-nine of the code provides for the allocation and
appropriation of net profits of state lottery funds; and
Whereas, In accordance with the provisions of section
eighteen-a, article twenty-two, chapter twenty-nine of the code, a
special revenue fund within the state lottery fund in the state
treasury was established and known as the "State Excess Lottery Revenue Fund". This fund provides for ten million dollars to be
deposited within the state lottery fund to a subaccount to be known
as 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,
the adoption of a concurrent resolution by the Legislature will
authorize the issuance of bonds and payment of debt service on the
bonds from the Higher Education Improvement Fund. The bonds will
be issued by the Higher Education Policy Commission, payable from
proceeds from the Higher Education Improvement Fund within the
state excess lottery revenue fund and from revenues pledged from a
combination of tuition and registration fees. The lottery director
shall deposit into the state excess lottery revenue fund, created
pursuant to section eighteen-a, article twenty-two, chapter twenty-
nine of the code, 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 shall include tuition and
registration fees authorized by sections one and eight, article
ten, chapter eighteen-b of the code and section one, article
twelve-b, chapter eighteen of the code; and
Whereas, Except as may otherwise be expressly provided by the Commission, 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 were
pledged therefor; and
Whereas, The bonds shall be authorized by resolution of the
Commission 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 by the Higher Education Policy Commission to provide new
capital improvements consisting of facilities, buildings and
structures for state institutions of higher education; and, be it
Further Resolved, That, except as may otherwise be provided by
the Commission, 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 were pledged therefor, including the higher education
improvement fund; 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.