H. B. 4434
(By
Delegates M. Poling, Paxton
, Frederick, Browning, Wysong,
Williams, Ennis, Wells, Stephens, Tansill and Duke)
(Originating in the House Committee on Education)
[February 5, 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 rule; establishing fund administration
criteria; fund investment and earnings; and authorizing
carry forward 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 promulgate a rule in accordance
with the provisions of article three-a, chapter twenty-nine-a of
this code to implement the provisions of this section. 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.
NOTE: The purpose of this bill is to establish a higher
education energy and water savings revolving loan fund.
This section is new. Therefore, strikethrough and
underscoring have been omitted.
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