Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=HB4496%20SUB.htm&yr=2014&sesstype=RS&i=4496
Timestamp: 2018-01-24 09:15:40
Document Index: 719965463

Matched Legal Cases: ['§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18']

HB 4496 Text
Committee Substitute House Bill 4496 History
H. B. 4496
(By Delegates Skaff, Mr. Speaker (Mr. Miley),
White, Paxton, Armstead, Lane, E. Nelson,
Fragale, Moore, McCuskey and Poore)
A BILL to amend and reenact §18B-18A-1, §18B-18A-2, §18B-18A-3, §18B-18A-8, §18B-18A-9 and §18B-18A-11 of the Code of West Virginia, 1931, as amended, all relating generally to providing for the allocation of matching funds from the West Virginia Research Trust Fund; expanding the eligible recipients of matching funds to include West Virginia State University; and continuing legislative rule and expanding its application.
That §18B-18A-1, §18B-18A-2, §18B-18A-3, §18B-18A-8, §18B-18A-9 and §18B-18A-11 of the Code of West Virginia, 1931, as amended, be amended and reenacted, all to read as follows:
(a) The Legislature finds that the continued expansion of the nation’s economy is dependent upon the ability of its institutions of higher education to increase the quality, quantity and productivity of its citizens who are engaged in scientific and technical fields of study. Failure of the United States to compete in these areas may lead to lower standards of living, dependence upon foreign intellectual capital and international insecurity. The economic future of West Virginia is equally dependent upon the ability of Marshall University and West Virginia University, the state’s two doctoral-granting, public research universities, as well as its other higher education institutions to promote, educate and train researchers and research support staff in these diverse fields of study.
(b) The purpose of the Legislature in enacting this article is to establish a state fund to be administered by the Higher Education Policy Commission to address the findings outlined in subsection (a) of this section. The fund will make public moneys available to the state’s two doctoral-granting public research universities, Marshall University and West Virginia University, and a state land grant higher education institution, West Virginia State University, to match qualified private donations and qualified private donation pledges; thereby creating an incentive for donors to support certain priority areas of study consistent with each participating institution's long-range strategic plan for research. Creation of this fund promotes strategic private donations targeted to specific areas of research and creates a sustainable source of funding for research initiatives that are critical to achieving long-term goals including, but not limited to, the following:
(1) “Directed research endowment” or “research endowment” means an account established at or administered by a participating institution or its affiliated research corporation or foundation in accordance with the provisions of section four of this article;
(2) “Directed research endowment plan” or “research plan” means the strategies and procedures formally approved and adopted by a governing board of a participating institution pursuant to section seven of this article outlining how a participating institution proposes to use directed research endowment proceeds to meet established goals and objectives;
(3) “Directed research endowment proceeds” or “endowment proceeds” means those investment earnings accruing to a participating institution's directed research endowment and available for expenditure by a participating institution or its affiliated research corporation in accordance with the provisions of section four of this article;
(4) “Trust fund” means the special account designated as the West Virginia Research Trust Fund established in section three of this article;
(5) “Participating institution” means Marshall University, or West Virginia University or West Virginia State University;
(6) “Qualified private donation” or “qualified donation” means any a private donation, gift or bequest to a directed research endowment that meets the criteria set forth in section five of this article;
(7) “Qualified private donation pledge” or “qualified pledge” means any a pledge, commitment or other agreement to give a private donation to a directed research endowment that is made pursuant to a written agreement between the donor and the institution or its affiliated research corporation or foundation and that meets the criteria set forth in section five of this article;
(8) “Foundation” means a corporation created, organized and located in West Virginia that meets the following conditions:
(9) “Research corporation” means an organization created pursuant to the provisions of article twelve of this chapter; and
(10) “State college” means the West Virginia School of Osteopathic Medicine, Bluefield State College, Concord University, Fairmont State University, Glenville State College, Shepherd University or West Liberty State College or West Virginia State University.
(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 in the trust fund at the end of each fiscal year, 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 to be expended as provided by this article.
(1) Sixty-five percent Seventy percent of moneys in this account to match qualified donations and qualified pledges to West Virginia University; and
(2) Twenty-five percent Thirty percent of the moneys to match qualified donations and qualified pledges to Marshall University; and
(3) Ten percent to West Virginia State University.
(a) A participating institution seeking a distribution of matching moneys from the trust fund first shall obtain qualified donations, and/or qualified pledges, or both, in an amount equal to the amount of matching moneys requested for distribution and shall submit a request to the commission setting forth the following:
(1) The amount of qualified donations, and/or qualified pledges, or both, designated for use in requesting the distribution of matching moneys from the trust fund and the amount of any previous distributions of matching moneys from the trust fund;
(c) Once the commission approves the request of a participating institution, it shall distribute matching moneys from those allocated to the institution in the trust fund to the applicable research endowment in an amount equal to the amount of qualified donations, and/or qualified pledges, or both.
(a) No later than seven years from the effective date of this article July 1, 2014, each participating institution shall have deposited into its research endowments an amount of qualified donations equal to or greater than the total amount of moneys allocated for distribution to the institution pursuant to the provisions of subsection (c), section three of this article.
(1) If one of the participating institutions fails to have deposited into its research endowments the requisite amount of qualified donations by the end of this the seven-year period, then any portion of the moneys allocated to the institution that has not been distributed shall be reallocated for distribution to the other participating institution institutions pursuant to the terms of this article.
(2) To be eligible to receive a distribution of reallocated moneys pursuant to this subsection, the other participating institution another participating institution shall have qualified donations in excess of the amount required by subsection (a) of this section deposited into its research endowment(s) in an amount equal to or greater than the amount of reallocated moneys.
(3) If the other another participating institution does not have excess qualified donations on deposit, the reallocated moneys shall be made available for distribution by the commission to state colleges in accordance with the provisions of section ten of this article.
(b) If any pledge previously used by a participating institution to obtain a distribution of matching moneys from the trust fund has not been paid in full within seven years from the effective date of this article July 1, 2014, then the institution shall return the unmatched portion of state moneys to the trust fund. These moneys shall be reallocated for distribution to the other participating institution institutions or to the state colleges pursuant to the terms of this section and section ten of this article as applicable.
(c) If both all participating institutions fail to have deposited into their respective research endowments the requisite amount of qualified donations within seven years from the effective date of this article July 1, 2014, then any moneys remaining in the trust fund that have not been distributed shall be made available for distribution by the commission to state colleges in accordance with the provisions of this article.
(a) By October 1, 2008, the commission shall propose a rule for legislative approval The commission’s legislative rule to implement the provisions and purposes of this article which is in effect on July 1, 2014, continues in effect unless repealed or amended in accordance with the provisions of section six, article one of this chapter and article three-a, chapter twenty-nine-a of this code. to implement the provisions and purposes of this article The rule shall be interpreted to include West Virginia State University as a participating institution as provided in this article.
(b) The Legislature finds that an emergency exists and, therefore, the commission shall file a rule to implement the provisions of this article as an emergency rule pursuant to the provisions of article three-a, chapter twenty-nine-a of this code. The rule is subject to the prior approval of the Legislative Oversight Commission on Education Accountability.”