2005 West Virginia Code - §18C-7-7. — West Virginia PROMISE Scholarship Fund created.

§18C-7-7. West Virginia PROMISE Scholarship Fund created.
(a) The special revenue fund in the state treasury designated and known as the "PROMISE Scholarship Fund" is continued. The fund consists of:
(1) All appropriations to the fund from the West Virginia lottery, video lottery and taxes on amusement devices;
(2) All appropriations by the Legislature for the PROMISE Scholarship Fund;
(3) Any gifts, grants or contributions received for the PROMISE Scholarship Program; and
(4) All interest or other income earned from investment of the fund.
(b) The allocations to the fund are subject to appropriation by the Legislature. Nothing in this article requires any specific level of funding by the Legislature nor guarantees nor entitles any individual to any benefit or grant of funds.
(c) For the fiscal year beginning the first day of July, two thousand six, it is the intent of the Legislature that the aggregate of the amount of moneys transferred to the fund pursuant to section eighteen-a, article twenty-two, chapter twenty-nine of this code, and such other amounts of public moneys that may be transferred to the fund by appropriation of the Legislature, shall equal but may not exceed forty million dollars. For each fiscal year thereafter until and including the fiscal year ending the thirtieth day of June, two thousand eleven, it is the intent of the Legislature that this aggregate be an amount two percent greater than the aggregate established by this subsection for the prior fiscal year. For the fiscal year beginning the first day of July, two thousand eleven, and in each fiscal year thereafter, it is the intent of the Legislature that this aggregate not exceed the aggregate established by this subsection for the fiscal year beginning the first day of July, two thousand eleven.
(d) The board may expend the moneys in the fund to implement the provisions of this article.