Government royalty revenue-distribution-2.

WORKING DRAFT
2008
STATE OF
WYOMING
08LSO-0400

SENATE FILE
NO.
SF0097

Government royalty revenue-distribution-2.

Sponsored by:
Senator(s)
Bebout
and Representative(s) Brown

A BILL

for

AN ACT relating to public funds; modifying
distribution of
federal mineral royalty
revenues as specified
;
providing for a local government infrastructure account; providing for funding of projects;
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)(iii), (v)(C) and by creating a new paragraph (vi)
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:

(iii)

Subject to
paragraph
paragraphs

(v)
and (vi)
of this subsection, one-third (1/3) to the school foundation program account;

(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. 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
pursuant to paragraph (vi) of this subsection and then

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

(v
i
)

From the amounts which would otherwise be distributed to the school foundation program account under paragraph (iii) of this subsection,
there is appropriated
one hundred million dollars ($1
00
,000,000.00)
for each of the fiscal years commencing July 1, 2008 and July 1, 2009
, to a
local government infrastructure
account
. Any interest earned on the account shall be deposited into
an expenditure
account. The
state loan
and investment
board
shall recommend for inclusion in the governor's annual budget
local government infrastructure
projects to be
funded
from the
expenditure
account.
The state loan and investment board may make recommendations based upon projects funded or not funded under the provisions of W.S. 9
‑
4
‑
604 and 9
‑
4
‑
60
5
.
Notwithstanding any other provision of law, any funds remaining in the
infrastructure
account
or the expenditure account
shall not lapse or revert and shall not be
expended
until
appropriated by
the legislature
.

Section 2.

This act is effective July 1, 2008.

(END)

1
SF0097