Plain English Breakdown
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HB0309 • 2005
Reducing terms of bonds.
AN ACT relating to bonds; authorizing the reduction in the terms of payment of bonds as specified; and providing for an effective date.
Enacted
This bill passed the Legislature and reached final enactment based on the latest official action.
Bill History
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2005-02-24
LSO
Assigned Chapter Number - 109
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2005-02-24
Governor
Governor Signed HEA0059
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2005-02-22
Senate
S President Signed HEA No. 0059
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2005-02-22
House
H Speaker Signed HEA No. 0059
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2005-02-17
Senate
S Passed 3rd Reading
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2005-02-17
LSO
Assigned Number HEA0059
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2005-02-16
Senate
S Passed 2nd Reading
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2005-02-15
Senate
S Passed CoW
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2005-02-11
Senate
S Placed on General File
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2005-02-11
Senate
S09 Recommended Do Pass
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2005-02-09
Senate
S Introduced and Referred to S09
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2005-02-09
Senate
S Received for Introduction
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2005-02-09
House
H Passed 3rd Reading
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2005-02-08
House
H Passed 2nd Reading
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2005-02-07
House
H Passed CoW
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2005-02-02
House
H Placed on General File
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2005-02-02
House
H09 Recommended Do Pass
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2005-01-26
House
H Introduced and Referred to H09
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2005-01-26
House
H Received for Introduction
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2005-01-25
LSO
Bill Number Assigned
Official Summary Text
2005 General Session Summary for HB0309 Bill No.: HB0309 Drafter: JHR LSO No.: 05LSO-0663 Effective Date: 2/24/2005 Enrolled Act No.: HEA0059 Chapter No.: 109 Prime Sponsor: Representative Cohee Catch Title: Reducing terms of bonds. Subject: Authorizes the reduction in the terms of payment of bonds issued by governmental entities as specified. Summary/Major Elements: This bill authorizes the state treasurer or a treasurer of a political subdivision, municipality, special district and boards of trustees and boards of directors of county hospitals, airports, fairs and other county boards and commissions to enter into contracts to hedge risk or to place the obligation of bonds on the interest rate, cash flow or other basis desired, including contracts known as interest rate swap agreements, interest rate caps or floors, forward payment conversion agreement futures or hedge contracts.
Current Bill Text
Read the full stored bill text
WORKING DRAFT ORIGINAL HOUSE BILL NO. 0309 ENROLLED ACT NO. 59, HOUSE OF REPRESENTATIVES FIFTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING 2005 GENERAL SESSION AN ACT relating to bonds; authorizing the reduction in the terms of payment of bonds as specified; and providing for an effective date. Be It Enacted by the Legislature of the State of Wyoming: Section 1. W.S. 9 ‑ 4 ‑ 831 by creating a new subsection (k) is amended to read: 9 ‑ 4 ‑ 831. Investment of public funds. (k) In connection with, or incidental to, the issuance or carrying of bonds, but only for the purpose of reducing the amount or duration of payment, interest rate, spread or similar risk, or to result in a lower cost of borrowing, and not for purposes of investment, the state treasurer or treasurer of any political subdivision, municipality or special district of this state and the various boards of trustees and boards of directors of county hospitals, airports, fairs and other duly constituted county boards and commissions may enter into contracts which are determined to be necessary or appropriate to hedge risk or to place the obligation of the bonds, in whole or in part, on the interest rate, cash flow or other basis desired, including, but not limited to, contracts commonly known as interest rate swap agreements, interest rate caps or floors, forward payment conversion agreements, futures or hedge contracts. Section 2. This act is effective immediately upon co m pletion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constit u tion. (END) Speaker of the House President of the Senate Governor TIME APPROVED: _________ DATE APPROVED: _________ I hereby certify that this act originated in the House. Chief Clerk 1