HB0009 - Common school land income account.
2001 |
State of Wyoming |
01LSO-0211 |
HOUSE BILL NO. HB0009
Common school land income account.
Sponsored by: Representative(s) Hageman
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; providing an appropriation;
and providing for
6 an effective date.
7
8 Be It Enacted by the Legislature of the State of Wyoming:
9
10
Section 1. W.S. 9-4-305(b), 21-15-108(a) and
11 21-15-111(a)(i) are amended to read:
12
13 9-4-305. Disposition of public land revenue.
14
15
(b) Proceeds from the sale of the public lands,
16 mineral royalties and any money designated by the
Wyoming
17 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 revenues received
12 from the lease of school lands to the common school account
13 within the permanent land income fund under W.S.
14 9-4-305(b), sufficient revenues for the purposes of
this
15 section shall be deducted
therefrom and credited to a bond
16 repayment account pursuant to the terms of the
resolution,
17 indenture or other appropriate proceeding authorizing
the
18 issuance of revenue bonds under this section. The revenues 19
deducted shall
be used as provided by this section. The 20
balance of the
revenues shall be credited to the public 21
school capital
construction account as provided under W.S. 22
9-4-305(b).
After available revenues under W.S. 9-4-305(b) 23
have been
used, revenues under W.S. 21-13-301 shall also be 24
credited, as
necessary, to the bond repayment account and
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1 shall be used as provided by this section Any amounts
2 credited to the bond repayment account under this section
3 from mineral royalties received through the lease of school
4 lands shall not exceed thirty-three and one-third percent
5 (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. Eight million
dollars ($8,000,000.00) is
23 appropriated from the general fund to the public
school
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1 capital construction
account within the earmarked revenue
2 fund.
3
4 Section 3. This act is effective July 1, 2001.
5
6 (END)
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