Health care trust subaccount.

WORKING DRAFT
2007
STATE OF WYOMING
07LSO-0391

SENATE FILE
NO.
SF0128

Health care trust subaccount.

Sponsored by:
Senator(s) Meier and Massie and Representative(s) Steward and Warren

A BILL

for

AN ACT relating to
public funds; creating the permanent Wyoming mineral trust fund healthcare subaccount; providing for disposition of earnings; providing for a continuous appropriation; appropriating money from the tobacco trust fund and general fund to the healthcare subaccount;
and providing for an effective date.

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

Section 1.
W.S. 9
‑
4
‑
204(u)(iii)
is
amended to read:

9
‑
4
‑
204.

Funds established; use thereof.

(u)

Other funds defined as follows shall be classified by the state auditor pursuant to subsections (s) and (t) of this section:

(iii)

Permanent Wyoming mineral trust fund – to account for the proceeds from an excise tax levied by constitutional or statutory law, on the privilege of extracting or severing minerals designated by constitutional or statutory law. The proceeds of the fund are inviolate and constitute a permanent or perpetual trust fund which shall be invested, or loaned to political subdivisions of the state, only as the legislature directs.
A
ll income from the fund shall be deposited annually in the general fund
.
;

There is created within the permanent
Wyoming
mineral trust fund a healthcare subaccount subject to the following:

(A)

Funds deposited into the permanent Wyoming mineral trust fund healthcare subaccount shall be separately accounted for from other monies in the permanent Wyoming mineral trust fund and shall be invested by the state treasurer as authorized by law and in a manner to
obtain
the highest return possible consistent with preservation of the corpus. Any earnings from investment of the corpus of the healthcare subaccount shall be credited by the state treasurer to the general fund.
Upon deposit of these earnings to the general fund, the state treasurer shall transfer and there is
appropriated from the general fund to a separate healthcare income account an amount equal to the earnings deposited in the general fund which are attributable to earnings from the healthcare subaccount;

(B)

Revenues deposited into the healthcare income account shall be expended only upon appropriation by the legislature for:

(I)

Funding the child health insurance program provided under W.S. 35-25-101 through 35-25-108;

(II)

Funding parent participation in the child health insurance program as provided in W.S. 35
‑
25
‑
111; and

(III)

Purposes related to the improvement of the health of
Wyoming
citizens including efforts to improve healthcare access by uninsured and underinsured citizens of the state subject to the provisions of article 16, section 6 of the
Wyoming
constitution.

(C)

Funds within the healthcare income account not otherwise appropriated, expended or obligated as provided in
sub
paragraph (iii)(B) of this subsection shall be transferred to the permanent
Wyoming
mineral trust fund healthcare subaccount on July 1 of each year following the receipt of those funds.

Section 2.

(a)

Beginning with the effective date of this act there is appropriated forty-two million two hundred sixty-five thousand dollars ($42,265,000.00) from the
Wyoming
tobacco settlement trust fund to the permanent
Wyoming
mineral trust fund healthcare subaccount created in section 1 of this act.

(b)

There is appropriated
seventy-three
million dollars ($
73
,000,000.00) from the general fund to the permanent
Wyoming
mineral trust fund healthcare subaccount on July 1, 2007.

Section 3.
This act is effective immediately upon co
m
pletion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constit
u
tion.

(END)

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SF0128