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2018 SESSION
18100586DBe it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Chapter 6 of Title 23.1 an article numbered 4.2, consisting of sections numbered 23.1-627.8 through 23.1-627.12, as follows:
§ 23.1-627.8. Definitions.
As used in this article:
"Fund" means the Cybersecurity Student Loan Repayment Grant Program Fund.
"Grant" means an amount that (i) consists of state funds and matching qualified employer funds, (ii) is provided pursuant to the Program on a competitive basis to a recent graduate or veteran who accepts an offer of qualified employment by a qualified employer, and (iii) may be used by the recipient recent graduate or veteran for any purpose, including the repayment of any federal or private student loan.
"Program" means the Cybersecurity Student Loan Repayment Grant Program.
"Qualified employer" means any federal or state organization, including any federal or state military or defense organization, that is located in the Commonwealth or any private organization that contractually provides cybersecurity services for any such federal or state organization and that is located in the Commonwealth.
"Qualified employment" means employment positions in computer science with a qualified employer that provide the employee with the experience and training necessary to obtain more advanced cybersecurity employment positions with the qualified employer.
"Recent graduate" means an individual who graduated within the past year from a public institution of higher education or nonprofit private institution of higher education with an undergraduate or graduate degree in computer science or another academic program recognized by the Council to prepare an individual for a career in cybersecurity and who resides in the Commonwealth.
"Veteran" means an individual who has served on active duty in the Armed Forces of the United States, was discharged or released within the past year from such service under conditions other than dishonorable, gained experience or received training in computer science during such service, and resides in the Commonwealth.
§ 23.1-627.9. Cybersecurity Student Loan Repayment Grant Program established; purpose.
The Cybersecurity Student Loan Repayment Grant Program is established as a public-private initiative for the purpose of attracting to and retaining in qualified employment talented recent graduates and veterans to meet qualified employers' growing demand for cybersecurity professionals.
§ 23.1-627.10. Cybersecurity Student Loan Repayment Grant Program Fund established; administration.
A. There is hereby created in the state treasury a special nonreverting fund to be known as the Cybersecurity Student Loan Repayment Grant Program Fund. The Fund shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund. 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. Moneys in the Fund shall be used solely for the purposes of disbursing moneys for the award of grants by the Council pursuant to the Program. 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 Council.
B. The Council shall administer and award grants pursuant to the Program and shall adopt regulations relating to recent graduate and veteran eligibility and academic or job qualifications, the application process, and identification and prioritization of qualified employers and qualified employment and may adopt such other regulations for the administration of the Program as it deems necessary.
C. The Council may use moneys from the Fund to cover expenses incurred in the administration of the Program.
§ 23.1-627.11. Grants; amount; duration.
A. The state fund portion of each grant shall not exceed $10,000 per calendar year.
B. Each grant may be renewed for up to two additional years pursuant to regulations and criteria established by the Council, but in no case shall a grant be renewed if the recipient ceases to remain in qualified employment with a qualified employer.
§ 23.1-627.12. Dissemination of information; report.
A. The Council shall disseminate to each public institution of higher education and nonprofit private institution of higher education detailed information about the Program in advance of each academic year.
B. The Council shall submit an annual report to the Governor, the General Assembly, and each public institution of higher education and nonprofit private institution of higher education no later than December 1 on the status and utilization of the Program. The report to the Governor and the General Assembly shall be submitted as a report document as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly's website.