ENGROSSED
COMMITTEE SUBSTITUTE
FOR
H. B. 4434
(By M. Poling, Paxton, Frederick, Browning, Wysong, Williams,
Ennis, Wells, Stephens, Tansill and Duke)
(Originating in the Committee on Finance)
[February 19, 2008]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §18B-5-11, relating
to creating the energy and water savings revolving loan fund;
requiring legislative rule; establishing fund administration
criteria; authorizing fund investment; and limiting uses of
funds.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §18B-5-11, to read as
follows:
ARTICLE 5. HIGHER EDUCATION BUDGETS AND EXPENDITURES.
§18B-5-11. Energy and Water Savings Revolving Loan Program Fund.
(a) There is created in the state treasury a special revolving
loan fund known as the "Energy and Water Savings Revolving Loan Fund". The fund shall be administered by the Commission and used
to effectuate the purposes of this section. The fund consists of:
(1) All appropriations provided by the Legislature for energy
and water savings revolving loans;
(2) Moneys from repayments of loans made to state institutions
of higher education pursuant to this section;
(3) Any moneys that may be available from external sources;
and
(4) All interest and other income earned from investment of
moneys in the fund.
(b) The Commission shall utilize moneys in the fund to provide
loans to state institutions of higher education under the
jurisdiction of the Commission or the Council to finance projects
that will achieve significant reductions in campus energy and water
consumption and costs.
(c) The Commission shall propose a rule for legislative
approval in accordance with the provisions of article three-a,
chapter twenty-nine-a of this code to implement the provisions of
this section.
A bill introduced authorizing the promulgation of the
rule shall be referred by the Speaker of the House of Delegates and
by the President of the Senate to the Committees on Education and
Finance of the respective houses for consideration.
The rule shall
provide:
(1) Project information required in a loan application;
(2) Criteria for evaluating loan applications;
(3) A method for calculating the terms of loan repayment; and
(4) Other provisions the Commission considers necessary to
administer the program in accordance with this section.
(d) Projects shall be considered on a competitive basis.
Highest priority is given to projects guaranteeing the highest
reductions in energy and water consumption and costs, and the
earliest loan repayments.
(e) Any moneys remaining in the fund at the close of a fiscal
year shall be carried forward for use in the next fiscal year. The
Commission may use up to four percent of the total loan amount in
a fiscal year for administrative expenses incurred in that fiscal
year.
(f) Fund balances may be invested with the state's
consolidated investment fund. Any earnings on the investments
shall be used solely for the purpose defined in subsection (b) of
this section.
(g) The Legislature finds that an emergency exists and,
therefore, the Commission shall file the rule required by
subsection (c) of this section as an emergency rule pursuant to the
provisions of article three-a, chapter twenty-nine-a of this code,
subject to the prior approval of the Legislative Oversight Commission on Education Accountability.