Wyoming reclamation and restoration center.

11LSO-0353.L2

FISCAL NOTE

This bill creates the University Strategic Investment Challenge Account (Challenge Account). All investment earnings from the Challenge Account shall be credited to the Challenge Account. Funds in the Challenge Account shall not lapse or revert until June 30, 2020. Until reverted, funds in the Challenge Account are continuously appropriated and available for distribution. To the extent that funds are available in the Challenge Account, the University of Wyoming (UW) shall match each qualifying contribution actually received by the UW foundation by authorizing expenditures from the Challenge Account.

UW shall expend both the qualifying contributions and the matching funds solely for the purpose of funding the Wyoming Reclamation and Restoration Center (Center). Any investment earnings credited to the Challenge Account shall be separately accounted for and may be expended by UW to support the Center without a qualifying contribution. To the greatest extent practicable, expenditures for the Center shall be made so that qualifying contributions and matching funds support the work of the Center through June 30, 2019.

Section 339(c)(vi) of Ch. 159 of 2009 Session Laws (as amended by section 321 of Ch. 39 of 2010 Session Laws) authorized $1.5 million in abandoned mine land (AML) funds to the College of A griculture at UW to fund an endowment for the reclamation ecology project. Section 339(d) of Ch. 159 of 2009 Session Laws authorized the Department of Environmental Quality (DEQ) to substitute other university purposes in its grant applications for AML funds and authorized UW to substitute its block grant funds where use of AML funds was prohibited. DEQ has submitted applications substituting for the purposes specified in section 339(c)(vi) other university purposes which have been approved for AML funds. Pursuant to this approval and process UW has begun substituting block grant funds as authorized and is expected to complete that substitution by June 30, 2013. The $1.5 million in substituted block grant funds shall be deposited to the Challenge Account.

The proposed Challenge Account will allow for expenditure of the investment earnings, the qualifying contributions, and the matching funds, over time.  According to UW, this structure has more appeal to potential industry donors. As a result, the likelihood of private matching funds will increase under this legislation, in the amount of $1.5 million over seven (7) years.

This bill also repeals section 339(c)(vi) of Ch. 159 of 2009 Session Laws as amended by section 321 of Ch. 39 of 2010 Session Laws. This repeal is effective July 1, 2011.

Prepared by:   Dean Temte, LSO  Phone: 777-7881

(Information provided by Don Richards, UW; (307) 766-2238)