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HB0304 • 2007

Investment of state funds.

AN ACT relating to the state treasurer; amending limitations on legislatively designated investments as specified; and providing for an effective date.

Taxes
Enacted

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

Sponsor
Representative Lockhart
Last action
2007-02-22
Official status
enrolled
Effective date
7/1/2007

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.

HB0304HS001

Standing Committee • H03

Adopted

Plain English: Adopted Standing Committee by H03

  • 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. 2007-02-22 LSO

    Assigned Chapter Number - 92

  2. 2007-02-22 Governor

    Governor Signed HEA0063

  3. 2007-02-20 Senate

    S President Signed HEA No. 0063

  4. 2007-02-20 House

    H Speaker Signed HEA No. 63

  5. 2007-02-20 Senate

    S Passed 3rd Reading

  6. 2007-02-20 LSO

    Assigned Number HEA0063

  7. 2007-02-16 Senate

    S Passed 2nd Reading

  8. 2007-02-15 Senate

    S Passed CoW

  9. 2007-02-13 Senate

    S Placed on General File

  10. 2007-02-13 Senate

    S03 Recommended Do Pass

  11. 2007-02-06 Senate

    S Introduced and Referred to S03

  12. 2007-02-05 Senate

    S Received for Introduction

  13. 2007-02-01 House

    H Passed 3rd Reading

  14. 2007-01-31 House

    H Passed 2nd Reading

  15. 2007-01-30 House

    H Passed CoW

  16. 2007-01-30 House

    H Amendments Adopted

  17. 2007-01-30 House

    Amendment Adopted

  18. 2007-01-29 House

    H Placed on General File

  19. 2007-01-29 House

    H09 Recommended Amend and Do Pass

  20. 2007-01-26 House

    H Introduced and Referred to H09

  21. 2007-01-25 House

    H Received for Introduction

  22. 2007-01-24 LSO

    Bill Number Assigned

Official Summary Text

2007 General Session Summary for HB0304

Bill No.:
HB0304
Drafter:

JHR

LSO No.:
07LSO-0678
Effective Date:

7/1/2007

Enrolled Act No.:
HEA0063

Chapter No.:
92

Prime Sponsor:
Representative
Lockhart

Catch Title:
Investment
of state funds.

Subject:
Amends limitations on investments of state
funds by the State Treasurer.

Summary/Major Elements:

Under current law, the State
Treasurer is limited on legislatively designated investments that may be made
to promote economic development in that industrial development revenue bonds
purchased must bear interest at a rate indexed to the prime rate pursuant to
W.S. 39-14-108(c)(iv), adjusted annually.

This act allows the purchase
of those bonds at a fixed or adjustable rate indexed to the prime or 10 year
treasury bill rate and eliminates the requirement that the rate must be indexed
pursuant to W.S. 39-14-108(c)(iv).

NOTE: W.S.
39-14-108(c)(iv) requires that the State
Treasurer shall annually determine the prime rate for the previous fiscal year
using a specified formula and add 4% to that rate to determine the interest
rate that shall be required for delinquent severance taxes.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL HOUSE

BILL

NO.
0304

ENROLLED ACT NO. 63, HOUSE OF REPRESENTATIVES

FIFTY-NINTH LEGISLATURE OF THE STATE OF
WYOMING
2007 GENERAL SESSION

AN ACT relating to the state treasurer; amending limitations on legislatively designated investments as specified; and providing for an effective date.

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

Section 1.

W.S. 9
‑
4
‑
701(q)(ii)(C) is amended to read:

9
‑
4
‑
701.

Permissible investments; treasurer's rules and regulations.

(q)

The limitation on legislatively designated investments under W.S. 9
‑
4
‑
712 applies to this investment. To promote economic development, the state treasurer is authorized to invest and keep invested not to exceed one hundred million dollars ($100,000,000.00) of any state permanent funds available for investment through the purchase of industrial development bonds issued by joint powers boards, municipalities or counties under W.S. 15
‑
1
‑
701 through 15
‑
1
‑
710 subject to the terms and conditions specified under this subsection. By December 31 of each calendar year, the state treasurer and the
Wyoming
business council shall each provide a report to the joint minerals, business and economic development interim committee on the effectiveness of the investment program authorized by this subsection. The reports shall include the costs incurred by the state to the permanent mineral trust fund, expenditures made from the account created under paragraph (v) of this subsection and the revenue received by the
Wyoming
business council through fees and businesses who utilized the program:

(ii)

No investment shall be made under this subsection unless:

(C)

The bonds bear interest at a

fixed or adjustable
rate, indexed to the prime
or ten (10) year treasury bill
rate as determined by the state treasurer
,

pursuant to W.S. 39
‑
14
‑
108(c)(iv), adjusted annually,
which is reasonably commensurate with the risk, as recommended by the Wyoming business council; and

Section 2.

This act is effective July 1, 2007.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1