HB4311 H ED AM 2-2
The Committee on Education moves to amend the bill by striking out everything after the enacting section and inserting in lieu thereof the following:
“ARTICLE 18A. DIRECTED RESEARCH ENDOWMENTS.
§18B-18A-3. West Virginia Research Trust Fund.
(a) There is created continued 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 does not expire to the General Revenue Fund, but shall remain remains in the trust fund and be is 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 fund 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 fund 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 appropriate $20 million from the state fund, General Revenue, into the trust fund during fiscal year 2013.”