SF0073 • 2006

Use of surplus water funds.

AN ACT relating to cities and towns; providing for transfer of surplus water funds; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Vasey
Last action: 2006-03-24
Official status: enrolled
Effective date: 7/1/2006

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2006-03-24 Governor
Governor Signed SEA No. 0036
2006-03-24 LSO
Assigned Chapter Number - 103
2006-03-09 House
H Speaker Signed SEA No. 0036
2006-03-08 Senate
S President Signed SEA No. 0036
2006-03-08 LSO
Assigned Number SEA0036
2006-03-08 House
H Passed 3rd Reading
2006-03-07 House
H Passed 2nd Reading
2006-03-06 House
H Passed CoW
2006-02-28 House
H Placed on General File
2006-02-28 House
H07 Recommended Do Pass
2006-02-23 House
H Introduced and Referred to H07
2006-02-23 House
H Received for Introduction
2006-02-23 Senate
S Passed 3rd Reading
2006-02-22 Senate
S Passed 2nd Reading
2006-02-21 Senate
S Passed CoW
2006-02-17 Senate
S Placed on General File
2006-02-17 Senate
S05 Recommended Do Pass
2006-02-15 Senate
S Introduced and Referred to S05
2006-02-13 Senate
S Received for Introduction
2006-01-31 LSO
Bill Number Assigned

Official Summary Text

SF0073 Bill Summary

Bill
No.:
SF0073

Drafter:

MRW

LSO
No.:

06LSO-0127

Effective Date:

7/1/2006

Enrolled
Act No.:

SEA0036

Chapter
No.:

103

Prime
Sponsor:

Senator Vasey

Catch
Title:

Use of surplus water funds.

Subject:

Provides
for transfer of surplus water funds.

Summary/Major
Elements:

Allows
a city or town that has received funds from the sale of water services in
excess of costs, to transfer the funds from those surplus water funds to
pay for the redemption and cancellation of bonds that were used for the
purchase price of the water or the cost of the construction, extension and
enlargement of the water system.

The
city or town is limited on the amount of redemption of the bonds to the
par value plus 50% of the unearned interest and not to exceed market
value.

The
city or town may pay the surplus funds into the general fund of city or
town, provided sufficient funds are maintained to cover expenses of the
water system.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0073

ENROLLED ACT NO. 36, SENATE

FIFTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2006 BUDGET SESSION

AN ACT relating to cities and towns; providing for transfer of surplus water funds; and providing for an effective date.

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

Section 1.

W.S. 15
‑
7
‑
606 is created to read:

15
‑
7
‑
606.

Use of surplus water funds.

Any city or town shall use any surplus funds arising from the sale of water services for the redemption and cancellation of bonds, if any, issued to pay the purchase price of the water or the cost of the construction, extension and enlargement of the system. The city or town shall not redeem any bonds at any sum greater than par, plus a premium of not to exceed fifty percent (50%) of the face value on all unearned interest coupons attached to any bond purchased, nor pay more than the actual market price of the bonds at the time the bonds are redeemed. Any surplus funds after the redemption of bonds, may be paid from the water enterprise account into the general fund of the city or town. Provided however, sufficient funds, as determined by the governing body, shall be maintained in the water enterprise account to cover debt services, operating costs and reasonable reserves for depreciation of the system and anticipated acquisition of water resources.

Section 2.

This act is effective July 1, 2006.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk