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
Page 1
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
Page 2
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
Page 3
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)
Page 4