HB0009 - Common school land income account.

 

2001

State of Wyoming

01LSO-0211.E1 ENGROSSED

 

 

 

HOUSE BILL NO.  HB0009

 

 

Common school land income account.

 

Sponsored by:  Representative(s) Hageman and Senator(s)
Scott and Schiffer

 

 

A BILL

 

for

 

 1  AN ACT relating to school capital construction; eliminating
 2  the deposit of a portion of school land mineral royalties
 3  into the school capital construction account; modifying
 4  school capital construction revenue bonding provisions
 5  accordingly; and providing for an effective date.

 6 

 7  Be It Enacted by the Legislature of the State of Wyoming:

 8 

 9         Section 1.  W.S. 9-4-305(b), 21-15-108(a) and
10  21-15-111(a)(i) are amended to read:

11 

12         9-4-305.  Disposition of public land revenue.

13  .

14         (b)  Proceeds from the sale of the public lands,
15  mineral royalties and any money designated by the Wyoming
16  constitution or Wyoming statutes as collected shall be

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 1  transmitted to the state treasurer and credited to the
 2  proper accounts within the permanent land fund., except as
 3  provided by article 7, section 2 of the Wyoming
 4  constitution, thirty-three and one-third percent (33 1/3%)
 5  of the mineral royalties received from the lease of any
 6  school lands but not to exceed eight million dollars
 7  ($8,000,000.00) during any one (1) year, shall be deposited
 8  into the public school capital construction account within
 9  the earmarked revenue fund. To the extent constitutionally
10  permissible and notwithstanding any other provision of law,
11  at the end of every fiscal year, the state treasurer shall
12  transfer to the corpus of each account within the permanent
13  land fund from the income earned on the corresponding
14  account within the permanent land fund, to the extent
15  available, an amount as provided by this subsection. In
16  determining the amount to be withheld, the state treasurer
17  shall calculate the fiscal year beginning balance and
18  ignore any appropriations made from the account within that
19  fiscal year. For the fiscal year 2000, he shall transfer an
20  amount equal to five percent (5%) of the inflation rate for
21  the previous twelve (12) month period as determined by the
22  department of administration and information multiplied by
23  the beginning balance of each permanent land fund account.
24  At the end of each succeeding fiscal year, the state

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 1  treasurer shall increase the amount to be multiplied by
 2  that year's inflation rate by five percent (5%) until such
 3  time as the multiplier reaches one hundred percent (100%)
 4  of the inflation rate, and then multiply that amount by the
 5  beginning balance of each permanent land fund account.

 6 

 7         21-15-108.  Revenue bonds for grants and loans;
 8  refunding revenue bonds.

 9 

10         (a)  Before distribution to the public school capital
11  construction account Prior to crediting mineral royalty
12  revenues received from the lease of school lands to the
13  common school account within the permanent land fund under
14  W.S. 9-4-305(b), sufficient revenues for the purposes of
15  this section shall be deducted therefrom and credited to a
16  bond repayment account pursuant to the terms of the
17  resolution, indenture or other appropriate proceeding
18  authorizing the issuance of revenue bonds under this
19  section. The revenues deducted shall be used as provided by
20  this section. The balance of the revenues shall be credited
21  to the public school capital construction account as
22  provided under W.S. 9-4-305(b).  After available revenues
23  under W.S. 9-4-305(b) have been used, revenues under W.S.
24  21-13-301 shall also be credited, as necessary, to the bond

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 1  repayment account and shall be used as provided by this
 2  section Any amounts credited to the bond repayment account
 3  under this section from mineral royalties received through
 4  the lease of school lands shall not exceed thirty-three and
 5  one-third percent (33 1/3%) during any one (1) year.

 6 

 7         21-15-111.  State capital construction assistance.

 8 

 9         (a)  As used in this act:

10 

11              (i)  "Capital construction account" or "public
12  school capital construction account" means the account
13  within the earmarked revenue fund into which revenues are
14  deposited pursuant to W.S. 9-4-305(b) and 9-4-601(a)(vii),
15  (b)(i) and (iv), into which the proceeds from any revenue
16  bonds are credited under W.S. 21-15-108, and into which and
17  in addition to any other funds appropriated to the account
18  for purposes of this act. Funds within the account shall be
19  expended only for purposes of and in the manner prescribed
20  by this act;

21 

22         Section 2.  This act is effective July 1, 2001.

23 

24                         (END)

 

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