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SJ0004 • 2006

Higher education endowment funds.

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to authorize the establishment of inviolate trust funds for higher education; and authorizing the investment and use of earnings from such funds.

Education
Enacted

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

Sponsor
Education
Last action
2006-03-24
Official status
enrolled
Effective date
Not listed

Plain English Breakdown

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

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SJ0004HW001

Committee of the Whole • HARSHMAN

Adopted

Plain English: Adopted Committee of the Whole by HARSHMAN

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.
SJ0004HS001

Standing Committee • H04

Adopted

Plain English: Adopted Standing Committee by H04

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

  1. 2006-03-24 Governor

    Governor Signed SEJR No. 0002

  2. 2006-03-10 House

    H Speaker Signed SEJR No. 0002

  3. 2006-03-10 Senate

    S President Signed SEJR No. 0002

  4. 2006-03-09 LSO

    Assigned Number SEJR0002

  5. 2006-03-09 Senate

    S Did Concur

  6. 2006-03-08 House

    H Passed 3rd Reading

  7. 2006-03-07 House

    H Passed 2nd Reading

  8. 2006-03-06 House

    H Passed CoW

  9. 2006-03-06 House

    Amendment Adopted

  10. 2006-03-06 House

    Amendment Adopted

  11. 2006-03-06 House

    H Amendments Adopted

  12. 2006-03-03 House

    H Placed on General File

  13. 2006-03-03 House

    H04 Recommended Amend and Do Pass

  14. 2006-02-28 House

    H Introduced and Referred to H04

  15. 2006-02-28 House

    H Received for Introduction

  16. 2006-02-28 Senate

    S Passed 3rd Reading

  17. 2006-02-27 Senate

    S Passed 2nd Reading

  18. 2006-02-24 Senate

    S Passed CoW

  19. 2006-02-20 Senate

    S Placed on General File

  20. 2006-02-20 Senate

    S04 Recommended Do Pass

  21. 2006-02-16 Senate

    S Introduced and Referred to S04

  22. 2006-02-14 Senate

    S Received for Introduction

  23. 2006-02-13 LSO

    Bill Number Assigned

Official Summary Text

SJ0004 Bill Summary

Bill
No.:
SJ0004

Drafter:

DKG

LSO
No.:

06LSO-0056

Effective Date:

Enrolled
Act No.:

SEJR0002

Chapter
No.:

Prime
Sponsor:

Joint Education Interim Committee

Catch
Title:

Higher education endowment funds.

Subject:

The establishment of higher education
endowment trust fund.

Summary/Major
Elements:

The legislature has
established education endowment accounts, including the Hathaway scholarship
account and the higher education endowment account.

Although designated by statute as "permanent"; subsequent
legislation could remove those funds.

This joint
resolution authorizes the creation of permanent endowment funds for higher
education purposes and under the Constitution, the corpus of those funds would
be inviolate. The earnings from the funds must be used for the higher
educational purposes specified and the legislature is authorized to regulate
how the earnings are used.

The current
Hathaway student scholarship account and the higher education endowment account
previously created by statute, as well as subsequently created accounts as
designated by the legislature would be subject to the new constitutional
provision.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL SENATE

JOINT RESOLUTION
NO.
0004

ENROLLED JOINT RESOLUTION NO. 2, SENATE

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

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to authorize the establishment of inviolate trust funds for higher education; and authorizing the investment and use of earnings from such funds.

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 amend Wyoming Constitution, Article 15 by creating a new
S
ection 20 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 15, Section 20.

Higher education trust funds; investments; earnings.

The legislature may from time to time place monies into endowment funds for higher education scholarships and for improving the quality of higher education, which funds shall remain inviolate. The earnings of the funds shall be used for the purposes specified in this section, but the legislature may from time to time by law regulate the manner in which the earnings are expended. The legislature may also provide for use of the earnings to protect the funds from inflation and to even fluctuations in earnings over time. The funds may be invested in the same manner as other permanent funds of the state.

Section 2.

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

This amendment authorizes the creation of permanent funds for two purposes: First, higher education scholarships
, which include the current Hathaway scholarship program
; and second, improving the quality of higher education. The principal in the funds
, regardless of the source of the funds,
cannot be
expended
. The earnings must be used for the purposes specified and the legislature is authorized to
regulate
how the earnings are used.
Earnings from funds in the current Hathaway student scholarship account are intended to be used for college scholarships. The amendment would also allow the funds to be invested as the legislature authorizes, including in stocks.

Sec
tio
n 3.

It is the intention of the legislature that if approved by the voters this amendment will immediately apply to the funds within the education endowment account and the Hathaway student scholarship account previously established by law in Wyoming statutes 21
‑
16
‑
1201(a) and (b), and would subsequently apply to other higher education endowment funds as designated by law.

(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

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