State trust land management account.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0019.E1

SENATE FILE

NO.
SF0058

State trust land management account.

Sponsored by:
Joint Agriculture, State and
Public

Lands
and Water Resources Interim Committee

A BILL

for

AN ACT relating to
state trust land revenues; funding the management of state trust lands from state trust land revenues as specified; creating an account;
providing for a continuous appropriation;
providing for a report;
providing for a sunset;

and providing for an effective date.

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

Section 1.

W.S. 9
‑
4
‑
305
(c) and
by creating new subsections (d)
through
(
g
)
is
amended to read:

9
‑
4
‑
305.

Disposition of state land revenue.

(c)

Except as provided by
subsection

subsections
(b)
and (d)

of this section, rentals for the ordinary use of the state lands, bonuses, interest on purchase money, interest from investment of money in corresponding accounts within the permanent land fund, and any money designated by the Wyoming constitution or Wyoming statutes as collected shall be transmitted to the state treasurer and credited to the proper accounts within the permanent land income fund or to the general fund as provided by the Wyoming Funds Consolidation Act and W.S. 9
‑
4
‑
311.

(d)

Before making distributions under
subsection (b) of this section or any other provision of law, the state treasurer shall at the beginning of each fiscal year, deposit one percent (1%) of the revenues received the previous fiscal year from the lease of state lands, mineral royalties and other revenues designated by the Wyoming constitution or state law to the permanent land fund, less any unobligated funds remaining in the account created under subsection (e) of this section from the previous year, into the account created under subsection (e) of this section for the management of state trust lands.

(e)

The trust land management account is created.
The funds provided under subsection (d) of this section shall be appropriated and deposited into the account.
Any interest earned on amounts deposited within the account shall be credited to the
appropriate
permanent land fund. Expenditures from the account created under this subsection shall be made with the approval of the board of land commissioners for the management of state trust lands by the office of state lands and investments solely for capital investment and other projects that will preserve or enhance the value of the state trust land or mineral assets or improve the revenue generated from those assets.

(f)

The
office of state lands and investments
shall submit
a report
to the joint
agriculture, state and public lands and water resources

interim and joint appropriations interim committees
by
Septemb
er 1
o
f
each year. The report shall include the amount of income to the
trust land management
account,
projected revenues,
projects
identifi
ed by the office of state lands and investments, projects approved by the board of land commissioners,
actions taken and monies expended pursuant to
subsection (e) of
this
section
.

(g)

Subsections (d) through (f) of this section are
repealed
June 30, 2013.
Any funds remaining in the trust land management account on June 30, 2013 shall revert to the appropriate permanent land fund.

Section 2.

This act is effective July 1, 2008.

(END)

1
SF0058