SF0058 - School capcon-capital lease grant payments.

 

2001

State of Wyoming

01LSO-0010

 

 

 

SENATE FILE NO.  SF0058

 

 

School capcon-capital lease grant payments.

 

Sponsored by:

 

 

A BILL

 

for

 

 1  AN ACT relating to school capital construction; modifying
 2  capital lease grant payment computations as specified; and
 3  providing for an effective date.

 4 

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

 6 

 7         Section 1.  W.S. 21-15-105(g)(ii) is amended to read:

 8 

 9         21-15-105.  Bonded indebtedness mill levy supplement.

10 

11         (g)  In addition to any payments provided under
12  subsections (a) through (e) of this section, a district
13  shall receive a grant annually not later than September 1
14  as provided in this subsection from the school capital
15  construction account if the district finances school
16  capital facilities through capital leasing, and the
17  district is required to make lease payments in order to use

 

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 1  the facilities. Payments to school districts under this
 2  subsection shall be used by the district solely for the
 3  purpose of making capital lease payments for facilities for
 4  which agreements to lease the facilities have been executed
 5  prior to January 1, 1999 and payments due during the school
 6  year for which the grant is to be made. For the purposes of
 7  this section, "capital leasing" means the lease of
 8  facilities by a school district from a nonprofit
 9  corporation or a joint powers board which corporation or
10  board used the proceeds from revenue bonds or certificates
11  of participation to fund construction of the facilities.
12  The payments under this subsection shall be subject to the
13  following:

14 

15              (ii)  The grant shall:

16 

17                   (A)  Be an amount equal to the lease payment
18  times the proportion determined under W.S. 21-15-105 as if
19  it applied to all general obligation and revenue bonds for
20  the purposes of this subsection;

21 

22                   (B)  Provided that subsection (d) of this
23  section shall not apply to the determination of the

 

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 1  proportion of bonded indebtedness used in computing the
 2  grant amount under subparagraph (g)(ii)(A) of this section.

 3 

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

 5 

 6                         (END)

 

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