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SF0035 • 2012

Higher education reserve accounts.

AN ACT relating to public funds; providing for retention of earnings in the Hathaway student scholarship and excellence in higher education endowment reserve accounts; and providing for an effective date.

Education
Enacted

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

Sponsor
Cap Fin & Inv
Last action
2012-03-06
Official status
enrolled
Effective date
3/6/2012

Plain English Breakdown

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

Bill History

  1. 2012-03-06 LSO

    Assigned Chapter Number

  2. 2012-03-06 Governor

    Governor Signed SEA0012

  3. 2012-03-02 House

    H Speaker Signed SEA No. 0012

  4. 2012-03-02 Senate

    S President Signed SEA No. 0012

  5. 2012-03-02 LSO

    Assigned Number SEA0012

  6. 2012-03-02 House

    H Passed 3rd Reading

  7. 2012-03-01 House

    H Passed 2nd Reading

  8. 2012-02-29 House

    H Passed CoW

  9. 2012-02-24 House

    H Placed on General File

  10. 2012-02-24 House

    H02 Recommended Do Pass

  11. 2012-02-23 House

    H Introduced and Referred to H02

  12. 2012-02-22 House

    H Received for Introduction

  13. 2012-02-22 Senate

    S Passed 3rd Reading

  14. 2012-02-21 Senate

    S Passed 2nd Reading

  15. 2012-02-20 Senate

    S Passed CoW

  16. 2012-02-17 Senate

    S Placed on General File

  17. 2012-02-17 Senate

    S02 Recommended Do Pass

  18. 2012-02-13 Senate

    S Introduced and Referred to S02

  19. 2012-02-13 Senate

    S Received for Introduction

  20. 2012-01-19 LSO

    Bill Number Assigned

Official Summary Text

SF0035

Bill No.:
SF0035
Drafter:

DKG

LSO No.:
12LSO-0216
Effective Date:

March 6, 2012

Enrolled Act No.:
SEA0012

Chapter No.:
CH0022

Prime Sponsor:
Select Committee on Capital Financing and
Investments

Catch Title:
Higher
education reserve accounts.

Subject:
Retention of earnings in higher
education accounts.

Summary/Major Elements:

Under Wyoming statutes,
unless specified otherwise, earnings on various accounts containing state funds
are deposited to the general fund.

This act allows the Hathaway
and higher education reserve accounts to maintain interest earnings on funds
within those accounts.

Those earnings eventually
flow to the corpus of the respective permanent funds.

Current Bill Text

Read the full stored bill text 
WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0035

ENROLLED ACT NO. 12, SENATE

SIXTY-FIRST LEGISLATURE OF THE STATE OF WYOMING
2012 BUDGET SESSION

AN ACT relating to
public funds; providing for retention of earnings in the
H
athaway
student
scholarship and excellence in higher education endowment reserve accounts;
and providing for an effective date.

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

Section 1.

W.S. 9
‑
4
‑
719(k) and
21
‑
16
‑
1302(b)
are amended to read:

9
‑
4
‑
719.

Investment earnings spending policy - permanent funds.

(k)

There is created the excellence in higher education endowment reserve account.
I
nterest and other earnings on funds within the account shall be credited to the
account.

As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2006, revenues in this account in excess of seventy-five percent (75%) of the spending policy amount in subsection (o) of this section shall be credited to the excellence in higher education endowment fund created by W.S. 9
‑
4
‑
204(u)(vi).

21
‑
16
‑
1302.

Hathaway scholarship expenditure account created; reserve account created; use and appropriation of funds.

(b)

There is created the Hathaway student scholarship reserve account. The reserve account shall consist of those monies deposited to the account pursuant to subsection (a) of this section and such other funds appropriated by the legislature to the reserve account.
I
nterest and other earnings on funds within the
reserve
account shall be credited to the
reserve account.

To the extent funds within the Hathaway scholarship expenditure
account are insufficient in any fiscal year to fully fund scholarships awarded under this article, monies within the reserve account shall be deposited by the state treasurer to the expenditure account for distribution to eligible institutions to fund those scholarships. As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2007, the state treasurer shall transfer monies from this reserve account to the Hathaway student scholarship endowment fund to the extent monies within the reserve account are in excess of the greater of twelve million dollars ($12,000,000.00) or an amount equal to three and seventy-five hundredths percent (3.75%) of the previous five (5) year average market value of the Hathaway student scholarship endowment fund, calculated from the first day of the fiscal year. The state treasurer shall report not later than November 1, of each year to the education committee and the select committee on capital financing and investments the amount of funds within the reserve account at the end of the previous fiscal year and as of July 1, of the current fiscal year.

Section 2.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(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

1