State loan & investment grants-criteria.

WORKING DRAFT
2010
STATE OF
WYOMING
10LSO-0297

SENATE FILE
NO.
SF0076

State loan & investment grants-criteria.

Sponsored by:
Senator(s) Dockstader and Representative(s) McKim

A BILL

for

AN ACT relating to
public funds; providing criteria for

qualifying for a state loan and investment board loan or grant as specified;
and providing for an effective date.

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

Section 1.

W.S. 9
‑
4
‑
604(a)
(intro)
is amended to read:

9
‑
4
‑
604.

Distribution and use; capital construction projects and bonds; municipal, county and special district purposes.

(a)

Revenues received under W.S. 9
‑
4
‑
601(a)(vi) and (b)(i) shall be credited to a capital construction account. No money shall be expended from the account until the money has been appropriated by the legislature to the state loan and investment board through the normal budget process to be used in the board's discretion for any purpose authorized by this section. The revenues shall be used to finance state revenue bonds as provided by this section. The balance shall be used for the making of loans or grants to incorporated cities and towns, counties and special districts as provided in this section. No loan or grant shall be made by the state loan and investment board under the provisions of this section until the loan or grant application has been referred by the board to a state agency for review as determined by the board. The state agency shall provide the board with a written review of any loan or grant application referred to the agency and any other assistance requested by the board. No grant shall be made by the state loan and investment board under this section to any county unless the county imposes at least
eleven (11) or ninety-one and sixty-seven one-hundredths percent (91.67%)

ten (10) or eighty-three and thirty-three one
-
hundredths percent (83.33%)
of the available mills authorized by article 15, section 5 of the Wyoming constitution, or unless the county is imposing the optional sales tax authorized under W.S. 39
‑
15
‑
204(a)(i) or (iii). No grant shall be made by the state loan and investment board under this section to any municipality unless the municipality imposes at least
seven (7) or eighty
‑
seven and five
‑
tenths percent (87.5%)

six (6) or seventy-five percent (75%)
of the available mills authorized by article 15, section 6 of the
Wyoming
constitution. No grant shall be made by the state loan and investment board under this section to any special district or other lawful entity which imposes less than eighty percent (80%) of any authorized mill levy. The state loan and investment board may waive the taxation requirements imposed by this subsection for good cause shown such as other funding sources, but in no case shall the state loan and investment board authorize any grant to any municipality under this section which does not impose at least two (2) or twenty-five percent (25%) of the available mills authorized by article 15, section 6 of the Wyoming constitution. The state loan and investment board shall grant money as authorized by this section only when the board finds the grant is necessary to:

Section 2.

This act is effective July 1, 2010.

(END)

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SF0076