AMENDMENT No. 7 to 02 LSO 0199.W4

This amendment would allow all FMRs to support authorized bonding for school, state capital construction, highway and other bonding against FMRs.  It also limits bonding authority by referencing a ratio of FMR revenues authorized for bond repayment to the debt service amount.

Page 1-line 9      After ";" insert "specifying limitations on bonding authority;".

Page 4–line 10     After "(B)" insert "and subject first to allocations required by W.S. 9-4-601(k), and (m)".

Page 8–after line 2     Insert:

"(b)  No bonds may be issued under this article unless at the time of bond issuance annual anticipated revenues authorized for repayment of the bonds, and not subject to any senior bond repayment obligation, equal or exceed the annual debt service on the bonds.".

Page 11-line 17    After "(B)" insert "and subject first to allocations required by W.S. 9-4-601(k) and (m),".

Page 16-after line 20   Insert:

"(j)  No bonds may be issued under this section unless at the time of bond issuance annual anticipated revenues authorized for repayment of the bonds, and not subject to any senior bond repayment obligation, equal or exceed the annual debt service on the bonds.".

Page 18-line 5     After "and" insert "subject to allocations otherwise required by this section,".

Page 18-line 10    After "9-4-607" strike balance of the line.

Page 18-lines 11 and 12      Strike all existing language and delete all new language.

Page 18-lines 22 through 28       Delete.

Page 19-lines 2 through 4    Delete.

Page 19-line 7     Strike "subject to".

Page 19-line 8     Delete all new language.

Page 19-line 11    Strike "subject to"; delete all new language.

Page 19-line 12    Delete.

Page 19-line 16    After "(i)" insert "." and delete balance of the line.

Page 19-line 17    Delete.

Page 20-lines 1 through 10        Delete and insert:

"(k)  Any entity receiving revenues under subsection (a) of this section and authorized to issue bonds payable from those revenues, may encumber all revenues to be otherwise distributed under subsections (a) and (d) of this section, subject to conditions specified in paragraphs (i) and (ii) of this subsection.  To the extent that sufficient revenues are not available to fully fund the bond repayment accounts authorized by law, prior to any distribution to any fund, program or account under subsection (a) or (d) of this section, sufficient additional revenues for the purpose of the bond repayments shall be deducted from each distribution and credited to the appropriate bond repayment account as necessary.  The revenues deducted shall be used as provided by the law authorizing the issuance of the bonds.  The deductions required under this subsection shall be made pro rata, based upon the percentage distributions provided under subsections (a) and (d). The balance of the revenues shall be credited to the appropriate account, program or fund as provided under subsections (a) and (d).  The allocations required by this subsection shall be subject first to any other allocation for bond payments otherwise specifically provided for in this section.  The allocations required by this subsection shall be next subject to prior bond obligations of the entity receiving distributions under subsection (a) of this section if paragraphs (i) and (ii) of this subsection were complied with at the time of the bond issuance.  Prior to the issuing any bonds secured by distributions under subsections (a) or (d) of this section, the entity shall receive approval of the state treasurer who shall ensure:

               (i)  The entity's annual anticipated distribution of revenues under subsection (a) equals or exceeds the debt service of the bonds; and

               (ii)  All revenues distributed pursuant to subsections (a) or (d) of this section equals or exceeded two and twenty-five hundredths (2.25) times the annual debt service for all bonds secured by those revenues.

9-4-604.  Distribution and use; capital construction projects and bonds; municipal, county and special district purposes.

(b)  The state loan and investment board shall borrow money in a principal amount not to exceed sixty million dollars ($60,000,000.00) by the issuance from time to time of one (1) or more series of revenue bonds. The board may encumber revenues under W.S. 9-4-601(a)(vi) and (b)(i) and as authorized under 9-4-601(k). No bonds may be issued under this subsection unless the requirements of W.S. 9-4-601(k)(i) and (ii) are met. Any bonds issued under this section, together with any interest accruing thereon and any prior redemption premiums due in connection therewith, are payable and collectible solely out of revenues authorized. The bond holders may not look to any general or other fund for payment of the bonds except the revenues pledged therefor. The bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The bonds shall not be considered or held to be general obligations of the state but shall constitute special obligations of the state and the board shall not pledge the state's full faith and credit for payment of the bonds.

Page 21-lines 1 and 2   Delete all new language.

Page 21-line 5     Delete all new language.

Page 21-line 8     Delete "," insert "and" after "fund" delete "and the".

Page 21-line 9     Delete the line through "account".

Page 21-after line 10   Insert:

"(b)  The state loan and investment board may borrow money in a principal amount not to exceed one hundred five million dollars ($105,000,000.00) by the issuance from time to time of one (1) or more series of revenue bonds and may encumber revenues under subsection (a) of this section for bonds in total amounts not to exceed one hundred five million dollars ($105,000,000.00) issued for capital construction projects under subsection (f) of this section. Any bonds issued under this section, together with any interest accruing thereon and any prior redemption premiums due in connection therewith, are payable and collectible solely out of revenues authorized under subsection (a) of this section. The bondholders may not look to any general or other fund for payment of the bonds except the revenues pledged therefor. The bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The bonds shall not be considered or held to be general obligations of the state but shall constitute its special obligations and the board shall not pledge the state's full faith and credit for payment of the bonds.  No bonds may be unless the requirements of W.S. 9-4-601(k)(i) and (ii) are met

Page 22-line 2     Delete "(xi) and" insert "(d),".

Page 22-line 3     After "21-13-301" insert "then revenues under W.S. 9-4-601(k)".

Page 22-line 6     After "the" delete balance of the line and insert "appropriate".

Page 22-line 7     Delete "and the school foundation" insert ","; after "program" insert "or fund".

Page 22-line 8     Delete "and (xi)" insert ", (d) and (k)".

Page 23-line 15    After "." insert:

"No bonds may be issued under this article unless the requirements of W.S. 9-4-601(k)(i) and (ii) are met.".

Page 24-line 5     Delete "(xi)" insert "(d)".

Page 24-line 18    Delete "(xi)"; after "(iv)," insert "and (d)".

Page 25-lines 12 through 29  Delete.

Page 26-lines 1 through 23   Delete.

MEIER