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.