State special reserve accounts-2.

WORKING DRAFT
2005
STATE OF WYOMING
05LSO-0499.E1

SENATE JOINT RESOLUTION
NO.
SJ0002

State special reserve accounts-2.

Sponsored by:
Senator(s) Larson

A BILL

for

A JOINT RESOLUTION relating to public funds; providing for the establishment of state special reserve accounts.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.
The following proposal to create Wyoming Constitution, Article 16, Section 13 is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 16,

Section 13.

State special reserve accounts.

(a)

The legislature may by law establish accounts into which may be deposited any funds of the state not otherwise restricted by this constitution. A two-thirds (2/3) vote of all the members of each of the two (2) houses voting separately shall be required to appropriate monies from such accounts. Any law establishing any account pursuant to this section, including any law enacted in the 58
th
Wyoming Legislature in anticipation of ratification of this section, shall reference this section and once established no such account shall be abolished except upon two-thirds (2/3) vote as provided in this section nor shall any funds deposited within any such account be appropriated except upon such two-thirds (2/3) vote.

(b)

The monies in any account established pursuant to this section shall be invested as prescribed by the legislature and, except as otherwise provided in this subsection, all income from investments shall be deposited by the state treasurer in the general fund on an annual basis, without further action by the legislature. The legislature may also specify by law, conditions and terms under which monies in the accounts may be loaned to political subdivisions of the state. Any such loan of monies shall require a two-thirds (2/3) vote as provided in this section. All repayments of any funds so loaned, including interest payments, shall be deposited in the account from which the loan was made.

(c)

If the cumulative total of monies within all accounts established pursuant to this section, including amounts owed on any outstanding loans to political subdivisions, shall exceed twenty percent (20%) of the assessed value of the taxable property in the state as shown by the last preceding general assessment for taxation, no further funds shall be deposited to any such account until such time as the cumulative total does not exceed that limitation.

(d)

For purposes of Article 16, Section 6, funds within any account established under this section shall be considered permanent funds of the state.

Section 2.
That the Secretary of State shall endorse the following statement on the proposed amendment:

The adoption of this amendment would authorize the legislature to establish one or more accounts from which appropriations could only be made by a two-thirds vote of the legislature. Funds within all the accounts established under this provision could not exceed twenty percent (20%) of the assessed value of taxable property in the state.

(END)

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SJ0002