                                 CODE OF VIRGINIA

WORKFORCE TRAINING ACCESS PROGRAM AND FUND (§ 2.2-2476)

A. To facilitate the employment of residents of the Commonwealth, to provide a
qualified and competent workforce for Virginia&#8217;s employers, and to promote
the industrial and economic development of the Commonwealth, which purposes are
declared and determined to be public purposes, there is created the Workforce
Training Access Program, to be administered by the Secretary of Finance as
provided in this section.

B. 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 created in the state treasury a special nonreverting fund to be known
as the Workforce Training Access Fund, hereafter referred to as &#8220;the
Fund.&#8221; 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.
			The assets of the Fund shall be reserved, invested, and expended solely
pursuant to and for the purposes of this section and shall not be expended or
otherwise transferred or used by the Commonwealth for any other purpose.
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 Secretary of Finance only as a guaranty of payment of workforce training
loans made by a national student loan marketing association pursuant to the
provisions of this section.

C. The Secretary of Finance is authorized to enter into an agreement with a
national student loan marketing association that shall originate, fund, and
service workforce training loans in accordance with the provisions of this
section to persons enrolled in workforce training courses and programs that the
Virginia Board of Workforce Development has certified to be responding to the
technology needs of business and industry in the Commonwealth pursuant to &#xA7;
2.2-2472.
			The terms and conditions of such workforce training loans shall be consistent
with market conditions and shall provide a repayment sufficient to amortize the
cost of the training over its expected useful life, not to exceed 60 months. No
person may receive a workforce training loan or loans that would result in that
person owing an outstanding amount in excess of the tuition and required fees
for the certified workforce training course or program in which such person
participates.
			Only persons (i) who have established domicile in Virginia, as provided in
&#xA7; 23.1-502 or (ii) who are employed in Virginia and whose employers make
loan repayments directly by payroll deduction or tuition assistance, before
providing for the training needs of other students in such certified courses,
shall be eligible to receive workforce training loans. Nothing herein shall be
construed to impose an obligation upon an employer to make loan payments or to
continue tuition assistance after termination of the student&#8217;s employment.
			Consistent with Article VIII, Sections 10 and 11 of the Constitution of
Virginia, the assets of the Fund shall be pledged as a guaranty of payment of
workforce training loans made by such national student loan marketing
association and may be expended in satisfaction of the guaranty obligations
incurred thereby. Neither the Commonwealth nor any of its agencies, political
subdivisions, or employees shall have any other or further liability in
connection with such workforce training loans.
			The agreement shall provide for annual evaluation by such national student
loan marketing association and the Secretary of Finance, or his designee, of the
aggregate unpaid amount of workforce training loans that such national student
loan marketing association shall make available hereunder. Such association
shall agree to make available workforce training loans in an aggregate unpaid
amount of not less than five times the amount of all cash, cash equivalents,
investments, and other assets that would then be available in the Fund.

D. If such association ceases to make workforce training loans available as
provided under the agreement, the Fund shall revert to the general fund of the
Commonwealth, free of the restrictions imposed by this section, after payment of
or provision for any outstanding obligations that the Fund guarantees.

HISTORY: 2014, c. 815.