Senior citizens' trust fund.

WORKING DRAFT
2006
STATE OF
WYOMING
06LSO-0381

HOUSE BILL
NO.
HB0158

Senior citizens' trust fund.

Sponsored by:
Representative(s) Brechtel, Landon and Powers and Senator(s) Cooper

A BILL

for

AN ACT relating to the Wyoming senior services trust fund; creating the Wyoming senior services trust fund; requiring an audit and a report; amending a definition; providing an appropriation; 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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2
‑
1216 is created to read:

9
‑
2
‑
1216.

Wyoming
senior services trust fund established; corpus inviolate; investment by state treasurer.

(a)

An account is established which shall be referred to as the
Wyoming
senior services trust fund. The trust fund shall consist of those funds designated to the account by law and other contributions, grants, gifts, bequests and donations to the trust fund.

(b)

The monies deposited into the trust fund established pursuant to this section are inviolate and constitute a permanent or perpetual trust fund. The monies shall be transmitted to the state treasurer for credit to the trust fund and shall be invested by the state treasurer as authorized under W.S. 9
‑
4
‑
711 in a manner to obtain the highest return possible consistent with the preservation of the corpus. The investment interest earned from investment of the corpus of the trust fund shall be annually credited by the state treasurer not later than June 30 of each year as follows:

(i)

All investment interest earned up to an amount equal to five percent (5%) of the corpus of the trust fund shall be deposited into a separate income account and distributed in accordance with W.S. 9
‑
2
‑
1214;

(ii)

Any investment interest earned in excess of the amount specified in paragraph (i) of this subsection shall be credited by the state treasurer to the trust fund established by subsection (a) of this section.

Section 2.
W.S. 9
‑
2
‑
1201(a)(v) and 9
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2
‑
1215 are amended to read:

9
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2
‑
1201.

Definitions.

(a)

As used in this act:

(v)

"This act" means W.S. 9
‑
2
‑
1201 through
9
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2
‑
1215
9
‑
2
‑
1216
.

9
‑
2
‑
1215.

Biennial report by board.

(a)

Beginning September 1, 2003, the board shall report to the division on aging, the governor and the joint labor, health and social services interim committee no later than September 1 of each odd-numbered year with respect to the grants awarded, and how those grants have benefited senior citizens in the state.

(b)

The director of the department of audit or his designee shall audit the trust fund created by W.S. 9
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2
‑
1216 biennially. The initial audit shall occur not later than June 30, 2007. A report on the audit shall be provided to the division on aging, the board, the governor and the joint labor, health and social services interim committee no later than December 31 of the year in which the audit occurs.

Section 3.

There is appropriated thirty million dollars ($30,000,000.00) from the budget reserve account to the
Wyoming
senior services trust fund created by this act.

Section 4.

This act is effective July 1, 2006.

(END)

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HB0158