Government royalty revenue-distribution.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0324

SENATE FILE
NO.
SF0050

Government royalty revenue-distribution.

Sponsored by:
Senator(s)
Jennings
and Landen

A BILL

for

AN ACT relating to
government royalty revenues; modifying distribution of revenues 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
‑
601(d)
(
v
)
(intro), (C) and by creating new subparagraphs (D) and (E)
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 excellence in higher education endowment fund and the Hathaway student scholarship endowment fund created by W.S. 9
‑
4
‑
204(u)(vi) and (vii) in accordance with and subject to the requirements of this paragraph
, and to other accounts as specified by 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:

(C)

After the amounts specified in subparagraphs (A) and (B) of this paragraph are deposited to the appropriate fund,
remaining funds shall be deposited to the school foundation program account as provided in paragraph (iii) of this subsection
.

amounts shall be deposited within the Wyoming wildlife and natural
resource
trust account created under W.S. 9
‑
15
‑
103 until the account balance is equal to two hundred fifty million dollars ($250,000,000.00);

(D)

After the amounts specified
under
subparagraph (
C
) of this par
agraph are deposited to the Wyoming wildlife and natural resource trust account, remaining funds shall be deposited into the Hathaway student scholarship fund created by W.S. 9
‑
4
‑
204(u)(vii) to the extent amounts in addition to the amounts provided under subparagraph (A) of this paragraph are prescribed by the legislature;

(E)

After any amount which may be specified under subparagraph (D) of this paragraph
is
deposited into the Hathaway student scholarship fund to the level specifically prescribed by the legislature, remaining amounts shall be deposited into a special account to be invested by the state treasurer until such time as otherwise
appropriated
by the legislature
to a specified trust account. Interest earnings on the special account shall accrue
to the special account.

Section 2.

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)

1
SF0050