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Introduced Version House Bill 4311 History

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H. B. 4311

 

         (By Delegates Fleischauer, Marshall, Barill, D. Campbell, M. Poling, Pasdon, White, T. Campbell, C. Miller,

                          Reynolds and Paxton)

 

         [Introduced January 26, 2012; referred to the

         Committee on Education then Finance.]

 

A BILL to amend and reenact 18B-18A-3 of the Code of West Virginia, 1931, as amended, relating to adding $20 million to the West Virginia Trust Fund’s Bucks for Brains initiative; and providing that those moneys may only go to West Virginia University and Marshall University to the extent they raise the same amount in matching funds.

Be it enacted by the Legislature of West Virginia:

    That §18B-18A-3 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 18A. DIRECTED RESEARCH ENDOWMENTS.

§18B-18A-3. West Virginia Research Trust Fund.

    (a) There is created in the State Treasury a special fund to be known as the West Virginia Research Trust Fund which shall consist of any appropriations of moneys to the fund made by the Legislature, all earnings from investment of the fund and any unmatched portion of state moneys returned by a state institution of higher education.

    (b) Expenditures from the trust fund shall be made for the purposes set forth in this article and are not subject to separate appropriation by the Legislature. Any balance, including accrued investment earnings on any unmatched portion of state moneys returned by a state institution of higher education in the trust fund at the end of each fiscal year shall not expire to the General Revenue Fund, but shall remain in the trust fund and be expended as provided by this article.

    (c) In accordance with the provisions of section eight of this article, the commission shall make available seventy percent of moneys in this account to match qualified donations and qualified pledges to West Virginia University and thirty percent of the moneys to match qualified donations and qualified pledges to Marshall University.

    (d) Investment earnings accruing in the account may be expended by the commission to provide matching research funds to state colleges in accordance with the provisions of section ten of this article.

    (e) The Legislature shall make available an additional $20 million from the state’s General Revenue Fund to be deposited into the West Virginia Research Trust Fund’s Bucks for Brains initiative. This additional $20 million is available only to West Virginia University and Marshall University to the extent one or both of those universities raise the same amount in matching funds. The funds made available by this subsection and any university matching funds may be used for the sole purpose of a Bucks for Brains program consistent with the state’s initiative.

 

 

 

    NOTE: The purpose of this bill is to add $20 million to the West Virginia Trust Fund’s Bucks for Brains initiative. The bill provides that those moneys may only go to West Virginia University and Marshall University to the extent they raise the same amount in matching funds.

 

 

    Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.

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