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1998 SESSION

989695204
HOUSE BILL NO. 917
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Appropriations
on February 14, 1998)
(Patron Prior to Substitute--Delegate Diamonstein)
A BILL to amend and reenact § 2.1-548.29 of the Code of Virginia and to amend the Code of Virginia by adding in Chapter 4.1 of Title 23 an article numbered 3, consisting of sections numbered 23-38.19:3, 23-38.19:4, and 23-38.19:5, relating to the Virginia Undergraduate and Vocational Incentive Scholarship Program.

Be it enacted by the General Assembly of Virginia:

1. That § 2.1-548.29 of the Code of Virginia is amended and reenacted and that the Code of Virginia is amended by adding in Chapter 4.1 of Title 23 an article numbered 3, consisting of sections numbered 23-38.19:3, 23-38.19:4, and 23-38.19:5, as follows:

§ 2.1-548.29. Economic development services.

It shall be the duty of the Authority to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Authority is charged with the following duties and responsibilities:

1. To see that there are prepared and carried out effective economic development marketing and promotional programs;

2. To make available, in conjunction and cooperation with localities, chambers of commerce, industrial authorities, and other public and private groups, to prospective new businesses basic information and pertinent factors of interest and concern to such businesses;

3. To formulate, promulgate, and advance programs throughout the Commonwealth for encouraging the location of new businesses in the Commonwealth and the retention and growth of existing businesses;

4. To encourage and solicit private sector involvement, support, and funding for economic development in the Commonwealth;

5. To encourage the coordination of the economic development efforts of public institutions, regions, communities, and private industry and collect and maintain data on the development and utilization of economic development capabilities;

6. To establish such offices within and without the Commonwealth that are necessary to the expansion and development of industries and trade;

7. To encourage the export of products and services from the Commonwealth to international markets; and

8. Upon request, to advise the State Board for Community Colleges in designating technical training programs in Virginia's comprehensive community colleges for the Community College Incentive Scholarship Program pursuant to § 23-220.4.; and

9. Upon request, to advise the State Council of Higher Education in designating certain post-secondary programs for the Virginia Undergraduate and Vocational Incentive Scholarship Program pursuant to Article 3 (§ 23-38.19:3 et seq.) of Chapter 4.1 of Title 23.

Article 3.
Virginia Undergraduate and Vocational Incentive Scholarship Program.

§ 23-38.19:3. Incentive scholarships program; Council to administer; promulgation of regulations.

There is hereby created the Virginia Undergraduate and Vocational Incentive Scholarship Program to provide incentive scholarships to students attending designated programs at designated types of four year postsecondary institutions.

§ 23-38.19:4. Virginia Undergraduate and Vocational Incentive Scholarship Fund created.

A. From such funds as are appropriated for this purpose and from such gifts, donations, grants, bequests, and other funds as may be received on its behalf, there is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Undergraduate and Vocational Incentive Scholarship Fund, hereafter referred to as "the Fund." The Fund shall be established on the books of the Comptroller. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Funds may be paid to designated institutions offering designated programs on behalf of students who have been awarded scholarships pursuant to § 23-38.19:5.

Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the director of the State Council of Higher Education.

B. The Council shall promulgate regulations for the implementation of the provisions of this article and shall award scholarships to eligible students.

§ 23-38.19:5. Eligible students; criteria for award of scholarships.

A. Only students who (i) are domiciled residents of Virginia as described by § 23-7.4; (ii) are enrolled as full-time students, and have completed at least one year of a designated program at a designated type of institution; and (iii) have a cumulative grade point average of at least 3.0 on a scale of 4.0 or its equivalent upon the completion of at least one year as full-time students in a designated program in Virginia, shall be eligible as first-time enrollees subsequent to July 1, 1999, for at least one year in a designated program.

B. The Council, in consultation with the Virginia Economic Development Partnership, shall designate the programs for which scholarships may be awarded and the four year institutions offering the programs. The selected programs shall reflect current and projected workforce training needs in the Commonwealth.