State legislative stabilization reserve account.

WORKING DRAFT
2006
STATE OF WYOMING
06LSO-0075.W3

WORKING DRAFT

HOUSE BILL
NO.

State legislative stabilization reserve account.

Sponsored by:
Representative(s)
Illoway

A BILL

for

AN ACT relating to public funds; creating a legislative stabilization reserve account; providing limitations on appropriations from the account; providing for investment of funds; specifying intent; appropriating money to the account; and providing for an effective date.

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

Section 1.

W.S. 9
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219 is created to read:

9
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219.

State legislative stabilization reserve account created; appropriations; investments.

There is created state legislative stabilization reserve account number one. Funds within this reserve account shall not be expended except upon a two-thirds (2/3) vote of each house of the legislature voting separately. This legislative stabilization reserve account is created in anticipation of the passage of 2006 House Joint Resolution 1, authorizing the creation of state legislative stabilization reserve accounts and restricting appropriations from the reserve accounts created pursuant to Article 16, Section 14 of the Wyoming Constitution. Funds within state legislative stabilization reserve account number one created by this act shall not be appropriated until the results of the 2006 general election have been certified. If the Constitutional amendment proposed by 2006 House Joint Resolution 1 is approved by the electors the state legislative stabilization reserve account created by this act shall be designated as an account created pursuant to Wyoming Constitution, Article 16, Section 14, and the account shall be restricted as provided in Article 16, Section 14. Funds within the account shall be invested by the state treasurer as authorized under W.S. 9
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711 in a manner to obtain the highest return possible consistent with the preservation of the corpus. If the electors approve 2006 House Joint Resolution 1, monies within the account shall be considered permanent funds of the state for purposes of Article 16, Section 6 of the Wyoming Constitution. Any earnings from investment of monies in state legislative stabilization reserve account number one shall be credited by the state treasurer to the general fund.

Section 2.
All funds deposited to the legislative stabilization reserve account pursuant to 2005 Wyoming Session Laws, Chapter 191, Section 301(d) which are not designated by that law to be transferred to the permanent Wyoming mineral trust fund shall be transferred from the legislative stabilization reserve account to state legislative stabilization reserve account number one created by this act.

Section 3.
This act is effective July 1, 2006.

(END)

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