|
S.F.
No. 0045 |
Investment
earnings-spending policy. |
Sponsored By: Select
Committee on Capital Financing and Investments
AN
ACT relating to investment of state funds; modifying spending policy amounts
from investments of permanent Wyoming mineral trust funds and the common school
account within the permanent land fund; repealing a separate inflation proofing
provision for the common school account within the permanent land fund; and
providing for an effective date.
02/04/2002 Bill Number Assigned
02/11/2002 S Received for Introduction
02/12/2002 S Introduced and Referred to S12
ROLL CALL
Ayes: Senator(s) Anderson, J., Barton, Boggs,
Case, Cathcart, Coe, Decaria, Devin, Erb, Geis, Goodenough, Hanes, Harris,
Hawks, Job, Kinnison, Kunz, Larson, Massie, Meier, Miller, C., Mockler, Peck,
Roberts, Schiffer, Sessions, Vasey and Youngbauer.
Nays: Senator(s) Hinchey and Scott.
Ayes
28 Nays 2 Excused 0 Absent 0 Conflicts 0
02/18/2002 S12 Recommended Do Pass
ROLL CALL
Ayes: Senator(s) Coe, Harris, Kunz, Larson and
Mockler
Ayes
5 Nays 0 Excused 0 Absent 0
Conflicts 0
02/18/2002 S Placed on General File
02/27/2002 S Passed CoW
02/28/2002 S Amendments Adopted
SF0045S2001/A
Page 1-line 4 After
"fund;" delete balance of line.
Page 1-line 5 Delete.
Page 1-line 6 Delete
through "fund;".
Page 1-line 11 Delete
"9-4-305(b) and".
Page 1-line 12 Delete
"(g)".
Page 1-line 14 Delete.
Page 2-lines 1 through 24 Delete.
Page 3-lines 1 through 10 Delete.
Page 4-lines 21 through 24 Delete.
Page 5-lines 1 through 15 Delete. CATHCART
02/28/2002 S Passed 2nd Reading
03/01/2002 S Passed 3rd Reading
ROLL CALL
Ayes: Senator(s) Anderson, J., Barton, Boggs,
Cathcart, Coe, Decaria, Devin, Erb, Hanes, Hawks, Hinchey, Job, Kinnison, Kunz,
Larson, Massie, Meier, Miller, C., Peck, Roberts, Sessions, Vasey and
Youngbauer.
Nays: Senator(s) Case, Geis, Goodenough, Harris,
Mockler, Schiffer and Scott.
Ayes
23 Nays 7 Excused 0 Absent 0
Conflicts 0
03/04/2002 H Received for Introduction
03/04/2002 H Introduced and Referred to H09
03/06/2002 H09 Recommended Amend and Do Pass
ROLL CALL
Ayes: Representative(s) Anderson, R., Childers,
Esquibel, Eyre, Illoway, Law, Lockhart, Meyer and Miller, D.
Ayes
9 Nays 0 Excused 0 Absent 0
Conflicts 0
03/06/2002 H Placed on General File
03/07/2002 H Amendments Adopted
SF0045HS001/AE (TO ENGROSSED COPY)
Page
1-line 4 After "fund;"
insert "repealing a separate inflation proofing provision for the common
school account within the permanent land fund;".
Page
1-line 9 After "W.S."
insert "9-4-305(b) and"; after "(iii)," insert
"(g),".
Page 1-line 10 Delete
"is" insert "are".
Page 1-after line 10 Insert:
"9-4-305. Disposition of public land
revenue.
(b) Proceeds from the sale of the public
lands, mineral royalties and any money designated by the Wyoming constitution
or Wyoming statutes as collected shall be transmitted to the state treasurer
and credited to the proper accounts within the permanent land fund, except as
provided by article 7, section 2 of the Wyoming constitution, thirty-three and
one-third percent (33 1/3%) of the mineral royalties received from the
lease of any school lands but not to exceed eight million dollars
($8,000,000.00) during any one (1) year, shall be deposited into the public
school capital construction account within the earmarked revenue fund. To the
extent constitutionally permissible and notwithstanding any other provision of
law, at the end of every fiscal year, the state treasurer shall transfer to the
corpus of each account within the permanent land fund, except the common school account, from the income earned on
the corresponding account within the permanent land fund, to the extent
available, an amount as provided by this subsection. In determining the amount
to be withheld, the state treasurer shall calculate the fiscal year beginning
balance and ignore any appropriations made from the account within that fiscal
year. For the fiscal year 2000, he shall transfer an amount equal to five
percent (5%) of the inflation rate for the previous twelve (12) month period as
determined by the department of administration and information multiplied by
the beginning balance of each permanent land fund account, except the common school account. At the end of
each succeeding fiscal year, the state treasurer shall increase the amount to
be multiplied by that year's inflation rate by five percent (5%) until such
time as the multiplier reaches one hundred percent (100%) of the inflation
rate, and then multiply that amount by the beginning balance of each permanent
land fund account, except the common school account.".
Page 3-after line 3 Insert:
"(g) There is annually appropriated
from the general fund to the common school permanent fund reserve account an
amount determined under this subsection. The amount shall be computed and
calculated by the state treasurer. The amount shall be equal to the extent to
which earnings from the common school account within the permanent land fund
under W.S. 9-4-204(k) exceed the spending policy established in subsection (h)
of this section for that fiscal year. For purposes
of calculating earnings from the common school account within the permanent
land fund under this subsection, earnings transferred to the corpus of the
common school account pursuant to W.S. 9-4-305(b) shall not be included. Earnings transferred to the common school
account under W.S. 9-4-305(b) shall not be included when determining spending
policy under subsection (h) of this section. The appropriation shall
be credited to the account as soon as practicable after the end of the fiscal
year but no later than ninety (90) days after the end of the fiscal
year.". LAW, CHAIRMAN
03/07/2002 H Passed CoW
03/08/2002 H Laid Back Pursuant to HR 9-3
03/09/2002 Amendment Failed
SF0045H2001/FE (TO ENGROSSED COPY)
Delete the standing
committee amendment (SF0045HS001/AE).
Further amend the engrossed
copy as follows:
Page 2-line 14 Delete
"eight percent".
Page 2-line 15 Delete
"(8%)" insert "seven percent (7%)".
Page 2-line 22 After
"by" delete balance of the
line.
Page
2-line 23 Delete the line through
"(.375%)" insert "one percent (1%)".
Page 3-line 2 Delete
"2010" insert "2004".
Page 3-line 10 Delete
"eight and two-tenths".
Page
3-line 11 Delete "percent (8.2%)" insert "seven percent (7%)".
Page 3-line 18 After
"by" delete balance of the
line.
Page 3-line 19 Delete
"(.375%)" insert "one percent (1%)".
Page 3-line 22 Delete
"2011" insert "2004".
LANDON.
SF0045H2002/AE (TO ENGROSSED COPY)
Page
4-line 4 Delete "July 1,
2002" insert "immediately upon completion of all acts necessary for a
bill to become law as provided by Article 4, Section 8 of the Wyoming
Constitution.". PARADY
03/09/2002 H Passed 2nd Reading
03/11/2002 H Passed 3rd Reading
ROLL CALL
Ayes: Representative(s) Anderson, R., Baker,
Boswell, Burns, Childers, Cohee, Deegan, Edwards, Esquibel, Eyre, Hageman,
Hessenthaler, Iekel, Illoway, Johnson, L., Johnson, W., Jones, Law, Lockhart,
Luthi, McGraw, McMurtrey, McOmie, Meuli, Meyer, Miller, D., Morgan, Nagel,
Nelson, Nicholas, Osborn, Parady, Paseneaux, Petersen, Reese, Robinson, Rose,
Ross, Sadler, Samuelson, Shivler, Simons, Simpson, Slater, Stafford, Tempest,
Thompson, Tipton, Tomassi, Warren, Wasserburger, Watt, Willford and Wostenberg.
Nays: Representative(s) Gay, Hines, Huckfeldt,
Landon and Philp.
Excused: Representative(s) Diercks
Ayes
54 Nays 5 Excused 1 Absent 0
Conflicts 0
03/11/2002 S Did Concur
ROLL CALL
Ayes: Senator(s) Anderson, J., Boggs, Coe,
Decaria, Devin, Hanes, Harris, Hawks, Job, Kunz, Larson, Massie, Miller, C.,
Mockler, Peck, Roberts, Sessions and Vasey.
Nays: Senator(s) Barton, Case, Cathcart, Erb,
Geis, Goodenough, Hinchey, Kinnison, Meier, Schiffer, Scott and Youngbauer.
Ayes
18 Nays 12 Excused 0 Absent 0
Conflicts 0
03/11/2002 Assigned Number SEA No. 0041
03/11/2002 S President Signed SEA No. 0041
03/11/2002 H Speaker Signed SEA No. 0041
03/13/2002 Governor Signed SEA No. 0041
Chapter
No. 0080 Session Laws of Wyoming 2002.