Federal mineral royalty distributions.

WORKING DRAFT
2007
STATE OF
WYOMING
07LSO-0320

SENATE FILE
NO.
SF0112

Federal mineral royalty distributions.

Sponsored by:

Senator(s) Massie, Barrasso and Scott and Representative(s) Cohee, Diercks, Hammons, Harshman, Simpson and White

A BILL

for

AN ACT relating to
federal mineral
royalty revenues;
increasing balances
of
and
providing annual distributions to the Hathaway and higher education endowment accounts as specified;
specifying application;

and providing for an effective date.

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

Section 1.

W.S. 9
‑
4
‑
601(d)(v)
(A) through (C)
is amended to read:

9
‑
4
‑
601.

Distribution and use; funds, accounts, cities and towns benefited; exception for bonus payments.

(d)

Any revenue received under subsection (a) of this section in excess of two hundred million dollars ($200,000,000.00) shall be distributed as follows:

(v)

From the amounts which would otherwise be distributed to the school foundation program account under paragraph (iii) of this subsection, amounts shall be deposited to the higher education endowment account and the student scholarship endowment account created by W.S. 21
‑
16
‑
1201 in accordance with and subject to the requirements of this paragraph. The amounts specified in this paragraph shall be reduced as the state treasurer determines necessary to ensure that as of July 1 of each fiscal year, there is an unobligated, unencumbered balance of one hundred million dollars ($100,000,000.00) within the school foundation program account. Distributions under this paragraph shall be as follows:

(A)

Seventy-nine percent (79%) to the Hathaway student scholarship endowment account, until that account balance equals
four hundred million dollars ($400,000,000.00)

four hundred seventy-six million dollars ($476,000,000.00)
;

(B)

Twenty-one percent (21%) to the higher education endowment account until distributions to that account under this subparagraph equal
one hundred five million dollars ($105,000,000.00)

one hundred twenty-five million dollars ($125,000,000.00)
;

(C)

After the amounts specified in subparagraphs (A) and (B) of this paragraph are deposited to the appropriate account
:
,

(I)

E
ach fiscal year an
additional
amount s
hall be
distributed to the Hathaway student scholarship endowment account and the higher education endowment account

equal to the balance of each account as of July 1 of the applicable fiscal year, multiplied by the most recent available statewide annual inflation rate as computed by the division of economic analysis, department of administration and information;

(II)

All
amounts

remaining
funds

after distribution under subdivision (I) of th
is
subparagraph

shall be deposited to the school foundation program account as provided in paragraph (iii) of this subsection.

Section 2.

Distributions under W.S. 9
‑
4
‑
601(d)(v)(C), as amended under section 1 of this act, shall apply to the fiscal year beginning July 1, 2007 and ending June 30, 2008, if the maximum account balance amounts specified under W.S. 9
‑
4
‑
601(d)(v)(A) and (B)
, as amended under section 1 of this act,
are attained prior to June 30, 2008.

Section 3
.

This act is effective July 1, 2007.

(END)

1
SF0112