Montgomery fund for the blind 2.

WORKING DRAFT
2009
STATE OF
WYOMING
09LSO-0226

SENATE FILE
NO.
SF0116

Montgomery
fund for the blind
2
.

Sponsored by:
Senator(s) Scott

A BILL

for

AN ACT relating to the administration of government; creating the Montgomery fund for the blind 2; providing for investment and distributions from the fund as specified; providing for an accounting and report on the use of the fund; providing for an accounting and report on the use of the Montgomery trust for the blind; amending provisions relating to the acceptance of grants and gifts for the benefit of the blind; providing an appropriation; and providing for an effective date.

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

Section 1.

W.S. 25
‑
6
‑
102 is created to read:

25
‑
6
‑
102.

Fund for the blind created; administration; distributions of interest and income; reports.

(a)

There is created the
Montgomery
fund
for the blind 2
.
As used in this section, "fund for the blind" means the
Montgomery
fund for the blind 2.
The fund shall be administered by the
department of education
and shall consist of monies appropriated or designated to the fund by law and all monies collected by the
department
from federal grants and other contributions, grants, gifts, bequests and donations
and designated to the fund
. The monies shall be transmitted to the state treasurer for credit to the fund
for the blind
and shall be i
nvested by the state treasurer in the same manner as funds in the
Montgomery
trust for the blind.
Any
earnings from fund
investment
s
shall also remain in the fund
until distributed pursuant to this section
.

(b)

Appropriations deposited into the fund are intended to be inviolate and constitute a permanent or perpetual trust account which shall be invested in the same manner as the corpus of the
Montgomery
trust for the blind. Earnings from the fund for the blind shall be accounted for and distributed separately from distributions out of the
Montgomery
trust for the blind.
Except as provided in subsection (c) of this section, the department shall make distributions from the fund for the blind in the same manner, using the same criteria and using the same advisory committee as the distributions out of the
Montgomery
trust for the blind. The criteria shall be based on the provision governing the
Montgomery
trust that the funds shall be available "for the alleviation of the condition of blind citizens of
Wyoming
in order that their lives may be more pleasant, comfortable and enjoyable
"
.

(c)

D
istributions
from the fund for the blind
shall be made only for the benefit of those blind persons whose income does not exceed two hundred fifty percent (250%) of the federal poverty level, as defined in W.S. 35
‑
25
‑
102(a)(iii), at the time of the distribution.

(d)

Beginning
with the 2009 submission of the proposed 2010-2012 biennial budget
, the
department of education
shall
include as an addendum to its biennial budget submission a
report
on the
investment performance of the
Montgomery trust for the blind and the
Montgomery fund for the blind
2
, distributions from the trust and the fund
,
a summary of how those distributions have benefited blind citizens of the state
and the proposed budget for distributions from the trust and the fund for the coming biennium. The report shall conform to any relevant instructions from the budget division of the department of administration and information
a
s to its format. Any budgeted monies unspent at the end of a biennium shall be deposited in the corpus of the fund from which it came.

(e)

As used in this
chapter
, "
Montgomery
trust for the blind" means the trust established pursuant to the will of Roy Montgomery, which was interpreted by judgment and decree in the 4
th
Judicial District Court on October 27, 1952, and which is administered by the department of education.

Section 2.

W.S. 25
‑
6
‑
101(a) is amended to read:

25-6-101.

Authority of state to receive property; maintenance; sale and investment of proceeds.

(a) The state may receive gifts, devises,
grants, donations, other contributions,

bequests, deeds and other conveyances of property of any kind
and federal grants

for the benefit of the blind citizens of Wyoming

which may be expended or deposited in the corpus of the Montgomery trust for the blind or the Montgomery fund for the blind 2
according to the wishes of the source
.

Section
3
.

There is appropriated five million dollars
($5,000,000.00)
from the general fund to the
Montgomery
fund for the blind
2
. Notwithstanding any other provision of law, this appropriation shall not be transferred or expended for any other purpose.

Section
4
.

This act is effective July 1, 2009.

(END
)

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SF0116