HB0322 - Energy assistance fund.

 

2001

State of Wyoming

01LSO-0668

 

 

 

HOUSE BILL NO.  HB0322

 

 

Energy assistance fund.

 

Sponsored by:  Representative(s) Childers and Senator(s)
Coe

 

 

A BILL

 

for

 

 1  AN ACT relating to energy assistance; creating the energy
 2  assistance fund as specified; providing for severance tax
 3  adjustment on natural gas production as specified; and
 4  providing for an effective date.

 5 

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

 7 

 8         Section 1.  W.S. 9-12-501 is created to read:

 9 

10                         ARTICLE 5

11                   ENERGY ASSISTANCE FUND

12 

13         9-12-501.  Energy assistance fund; uses.

14 

15         (a)  The Wyoming business council may enter into a
16  voluntary memorandum of understanding (MOU) with one (1) or

Page  1

 

 

 

 1  more producers benefiting from the tax reduction provided
 2  under W.S. 39-14-205(m). The MOU shall provide:

 3 

 4              (i)  Participating producers shall create a joint
 5  account to be known as the Wyoming business energy
 6  assistance fund which account shall be maintained in a bank
 7  designated as a state depository under W.S. 9-4-802;

 8 

 9              (ii)  Participating producers will voluntarily
10  contribute to the joint account an amount equal to all or
11  part of the amount of monetary benefit derived by the
12  producer from the tax reduction provided under W.S.
13  39-14-205(m);

14 

15              (iii)  Participating producers shall authorize
16  the Wyoming business council to administer the Wyoming
17  business energy assistance fund and to expend monies in the
18  joint account for low interest loans and grants under
19  subsection (b) of this section.

20 

21         (b)  There is created the Wyoming business energy
22  assistance program. The Wyoming business council shall:

23 

 

Page  2

 

 

 

 1              (i)  Using funds available in the account created
 2  under subsection (a) of this section, administer a program
 3  to provide low interest loans and grants to assist Wyoming
 4  businesses to meet the cost of energy expenses necessary
 5  for operation;

 6 

 7              (ii)  Establish loan and grant eligibility
 8  criteria which shall be structured to benefit businesses at
 9  risk of failure due in significant part to increases in
10  energy costs;

11 

12              (iii)  Annually publish and report to the
13  governor and the legislature a list of producers
14  voluntarily contributing to the Wyoming business energy
15  assistance fund.

16 

17         Section 2.  W.S. 39-14-205 by creating a new
18  subsection (m) is amended to read:

19 

20         39-14-205.  Exemptions.

21 

22         (m)  On July 1, 2001, the department shall obtain the
23  closing spot price of natural gas quoted at Opal, Wyoming. 
24  On October 1, 2001 and the first day of every calendar

Page  3

 

 

 

 1  quarter thereafter through July 1, 2006, if the closing
 2  spot price of natural gas quoted at Opal, Wyoming exceeds
 3  the closing spot price of natural gas quoted on July 1,
 4  2001, at Opal, Wyoming the department shall use the closing
 5  spot price at Opal, Wyoming on July 1, 2001 for purposes of
 6  determining gross valuation of natural gas for purposes of
 7  W.S. 39-14-203. The department shall determine the price
 8  according to this subsection and notify producers at the
 9  beginning of each calendar quarter. Prices determined under
10  this section shall be in effect for the ensuing calendar
11  quarter. If the price of natural gas goes below the price
12  quoted on July 1, 2001, the department shall impose the
13  rate in effect on July 1, 2001.  Distribution of revenue
14  received shall be pursuant to W.S. 39-14-211.

15 

16         Section 3.  This act is effective July 1, 2001.

17 

18                         (END)

 

Page  4