Education reserve funding.

WORKING DRAFT

ORIGINAL SENATE

FILE

NO.
0124

ENROLLED ACT NO. 28, SENATE

SIXTIETH LEGISLATURE OF THE STATE OF
WYOMING
2009 GENERAL SESSION

AN ACT relating to public funds; providing for
minimum balances in specified e
ducation
accounts; providing for distribution of revenues between accounts and to the common school permanent land fund;
and providing for an effective date.

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

Section 1.

W.S.
21
‑
15
‑
122 is created to read:

21
‑
15
‑
122.

School capital construction fund; transfers to the common school permanent land fund.

(a)

At the
end of
each
biennial budget period
funds in the s
chool capital construction account established under W.S. 21
‑
15
‑
111
shall be deposited to the common school permanent land fund as follows:

(i)

The state treasurer shall determine the
unencumbered, unobligated
balance of the account
including all funds
accruing to the account for the
current
biennial budget period;

(ii)

Unencumbered, unobligated
funds within the account in excess of fifty percent (50%) of the amount of funds appropriated for projects under this act
, including major maintenance,
for the
current
biennial budget period shall be transferred from the account to the common school permanent land fund as soon as practicable after the end of the
current
biennial budget period;

(iii)

No funds deposited to the account from the issuance of revenue bonds pursuant to W.S. 9
‑
4
‑
305(b)
or
21
‑
15
‑
108
or pledged for the repayment of such bonds shall be included in the calculation of the account balance and no such funds shall be transferred to the common school permanent land fund under this section.

Se
ction
2
.

W.S.
21
‑
13
‑
306
by creating a new subsection
(c)
and 21
‑
15
‑
111(a)(i)
and (viii)
are
amended to read:

21
‑
13
‑
306.

Foundation program account established; disposition of monies.

(c)

Any unobligated
,
unencumbered funds remaining in the school foundation program account in excess of
one

hundred million dollars ($
1
00,000,000.00) as of June 30 of any fiscal year shall be
deposited
to the
school capital construction account
established
by W.S. 21
‑
15
‑
111
.

21
‑
15
‑
111.

Definitions.

(a)

As used in this act:

(i)

"Capital construction account" or "school capital construction account" means the account into which revenues are deposited pursuant to W.S. 9-4-305(b)
,

and
9
‑
4
‑
601(a)(vii), (b)(i) and (iv)

and 21
‑
13
‑
306(c)
, into which the proceeds from any revenue bonds are credited under W.S. 21
‑
15
‑
108, and into which
and in addition to

any other funds
are

appropriated to the account for purposes of this act. Funds within the account shall be expended only for purposes of and in the manner prescribed by this act;

(viii)

"This act" means W.S. 21
‑
15
‑
108, 21
‑
15
‑
109 and 21
‑
15
‑
111 through
21
‑
15
‑
121

21
‑
15
‑
122
.

Section 3.

Funds shall be deposited in accordance with W.S.
21
‑
13
‑
306(c) as created by this act commencing with the fiscal year ending June 30, 2009.

Section
4
.

2008 Wyoming Session Laws, Chapter 48, Section 321 is
repealed.

Section 5.

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)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

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