SF0024 • 2011

State investments.

AN ACT relating to state investments; increasing amount allowed to be invested in industrial development bonds; extending the sunset for those investments; increasing overall amount allowed to be invested for specific public purposes; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Martin
Last action: 2011-02-18
Official status: enrolled
Effective date: 7/1/2011

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0024H2001

2nd reading • MADDEN

Adopted

Plain English: Adopted 2nd reading by MADDEN

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0024H2002

2nd reading • PEDERSEN

Adopted

Plain English: Adopted 2nd reading by PEDERSEN

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0024H3001

3rd reading • PATTON

Failed

Plain English: Failed 3rd reading by PATTON

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0024H3002

3rd reading • MADDEN

Adopted

Plain English: Adopted 3rd reading by MADDEN

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0024S2001

2nd reading • MARTIN

Adopted

Plain English: Adopted 2nd reading by MARTIN

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

SF0024SS001

Standing Committee • BEBOUT

Failed

Plain English: Failed Standing Committee by BEBOUT

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2011-02-18 LSO
Assigned Chapter Number
2011-02-18 Governor
Governor Signed SEA0025
2011-02-16 House
H Speaker Signed SEA No. 0025
2011-02-16 Senate
S President Signed SEA No. 0025
2011-02-15 LSO
Assigned Number SEA0025
2011-02-15 Senate
S Did Concur
2011-02-14 Senate
S Received for Concurrence
2011-02-14 House
H Passed 3rd Reading
2011-02-14 House
Amendment Adopted
2011-02-14 House
Amendment Failed
2011-02-11 House
H Passed 2nd Reading
2011-02-11 House
Amendment Adopted
2011-02-11 House
H Amendments Adopted
2011-02-11 House
Amendment Adopted
2011-02-10 House
H Passed CoW
2011-02-04 House
H Placed on General File
2011-02-04 House
H09 Recommended Do Pass
2011-02-01 House
H Introduced and Referred to H09
2011-01-25 House
H Received for Introduction
2011-01-21 Senate
S Passed 3rd Reading
2011-01-20 Senate
S Passed 2nd Reading
2011-01-20 Senate
S Amendments Adopted
2011-01-20 Senate
Amendment Adopted
2011-01-19 Senate
S Laid Back Without Prejudice
2011-01-18 Senate
S Passed CoW
2011-01-18 Senate
Amendment Failed
2011-01-17 Senate
S Placed on General File
2011-01-17 Senate
S09 Recommended Amend and Do Pass
2011-01-11 Senate
S Introduced and Referred to S09
2011-01-11 Senate
S Received for Introduction
2010-12-14 LSO
Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

Bill No.:
SF0024
Drafter:

LGC

LSO No.:
11LSO-0230
Effective Date:

7/1/2011

Enrolled Act No.:
SEA0025

Chapter No.:
47

Prime Sponsor:
Senator
Martin

Catch Title:
State
investments.

Subject:
State
investment in industrial development bonds.

Summary/Major Elements:

This act increases the amount
the state treasurer may invest in industrial development bonds from one hundred
million dollars to six hundred million dollars and limits those investments to
not more than one hundred million dollars in any one project. This act
subjects those investments to the prudent investor standard.

This act extends the state
treasurer's authority to invest in industrial development bonds through June
30, 2017. The authority was to expire June 30, 2011.

This act also increases the
overall amount the state treasurer may invest in specific public purpose
investments from five hundred million dollars to one billion dollars.

Comments:

Contains delayed repeal date: Authority to invest in industrial
development bonds sunsets on June 30, 2017.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0024

ENROLLED ACT NO. 25, SENATE

SIXTY-FIRST LEGISLATURE OF THE STATE OF
WYOMING
2011 GENERAL SESSION

AN ACT relating to
state investments; increasing amount allowed to be invested in
industrial development
bonds;
providing for legislative approval of certain investments as specified;
extending the sunset
for
those investments;
specifying other requirements for the investments;
increasing overall amount allowed to be invested for specific public purposes;
and providing for an effective date.

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

Section 1.
W.S. 9
‑
4
‑
715(m)(intro)
,
(vi)
and
by creating a new paragraph (vii) and
(n)
is amended to read:

9
‑
4
‑
715.

Permissible investments.

(m)

To promote economic development, the state treasurer may invest and keep invested not to exceed
one hundred million dollars ($100,000,000.00)

six hundred million dollars ($600,000,000.00)
of any state permanent funds through the purchase of industrial development bonds issued by joint powers boards, municipalities or counties under W.S. 15
‑
1
‑
701 through 15
‑
1
‑
710 subject to the terms and conditions specified under this subsection. By December 31 of each calendar year, the state treasurer and the
Wyoming
business council shall each provide a report to the joint minerals, business and economic development interim committee on the effectiveness of the investment program authorized by this subsection. The reports shall include the costs incurred by the state to the permanent mineral trust fund, expenditures made from the account created under paragraph (v) of this subsection and the revenue received by the
Wyoming
business council through fees and businesses who utilized the program:

(vi)

No investment shall be made under this subsection after
June 30,
2011

201
7
.
Any investment under this subsection shall be subject to the prudent investor
standard
as specified in subsection (d) of this section
;

(
vii)

No investment
in excess of
one hundred million dollars ($100,000,000.00)
shall be made under this subsection in

bonds for any
one (1) project witho
ut specific legislative authorization
.

(n)

The state treasurer shall not invest state funds for a specific public purpose authorized or directed by the legislature in excess of a total of
five hundred million dollars ($500,000,000.00)

one billion dollars ($1,000,000,000.00)
, excluding investments made pursuant to W.S. 37
‑
5
‑
406.

Prior to the convening of each general session, the state treasurer shall, after consultation with the board, recommend any adjustments to this allocated amount to the select committee on capital financing and investments.

Section 2.
This act is effective July 1, 2011.

(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