Higher education endowment fund.

WORKING DRAFT
2009
STATE OF
WYOMING
09LSO-0295

HOUSE BILL
NO.
HB0052

Higher education
endowment
fund.

Sponsored by:
Joint Education Interim Committee

A BILL

for

AN ACT relating to
the higher education endowment fund;
depositing
specified governmental royalty revenues into the
higher education
endowment
reserve account;
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)
(C)
,
by creating a new subparagraph (D)
and (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) s
hall 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. 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

subparagraph (D) of this paragraph, then to the common school permanent fund reserve account in accordance with
paragraph (vi) of this subsection
,
and then to the school foundation program account as provided in paragraph (iii) of this subsection
;
.

(D)

Prior to deposit of amounts under paragraph (vi) of this subsection,
two million two hundred thousand dollars ($2,200,000.00)
shall be deposited
into the higher education endowment reserve account for distribution in accordance with W.S. 9
‑
4
‑
719(m)
and 21
‑
16
‑
1201(c)
.

(vi)

From the amounts which would otherwise be distributed to the school foundation program account under paragraph (iii) of this subsection,

and after amounts have been distributed in accordance with subparagraph (v)(D) of this subsection,
there is annually appropriated to the common school permanent fund reserve account the amount determined under W.S. 9
‑
4
‑
71
9
(g). The appropriation shall be credited to the account as provided in W.S. 9
‑
4
‑
71
9
(g).

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
HB0052