SF0055 • 2012

Purchase of federal lands.

AN ACT relating to state trust lands; authorizing the purchase of federal lands with permanent land fund monies as specified; and providing for an effective date.

Enacted

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

Sponsor: Senator Bebout
Last action: 2012-03-09
Official status: enrolled
Effective date: 7/1/2012

Plain English Breakdown

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

Bill History

2012-03-09 LSO
Assigned Chapter Number
2012-03-08 Governor
Governor Signed SEA0028
2012-03-05 House
H Speaker Signed SEA No. 0028
2012-03-05 Senate
S President Signed SEA No. 0028
2012-03-05 LSO
Assigned Number SEA0028
2012-03-05 House
H Passed 3rd Reading
2012-03-02 House
H Passed 2nd Reading
2012-03-01 House
H Passed CoW
2012-03-01 House
H Placed on General File
2012-03-01 House
H05 Recommended Do Pass
2012-02-28 House
H Introduced and Referred to H05
2012-02-28 House
H Received for Introduction
2012-02-28 Senate
S Passed 3rd Reading
2012-02-27 Senate
S Passed 2nd Reading
2012-02-24 Senate
S Passed CoW
2012-02-22 Senate
S Placed on General File
2012-02-22 Senate
S05 Recommended Do Pass
2012-02-14 Senate
S Introduced and Referred to S05
2012-02-13 Senate
S Received for Introduction
2012-02-07 LSO
Bill Number Assigned

Official Summary Text

SF0055

Bill No.:
SF0055
Drafter:

IDS

LSO No.:
12LSO-0088
Effective Date:

July 1, 2012

Enrolled Act No.:
SEA0028

Chapter No.:
CH0042

Prime Sponsor:
Senator
Bebout

Catch Title:
Purchase
of federal lands.

Subject:
Requires sale proceeds from the sale
of state lands to the federal government to be used for the purchase of federal
lands.

Summary/Major Elements:

When state lands are sold to
the federal government, this bill requires that the proceeds from the sale be
used to purchase federal lands as long as the purchase would be consistent with
fiduciary duties owed to the beneficiaries of state trust land sale proceeds.

The sale must be initiated by
a request from the board of land commissioners.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL SENATE
FILE

NO.
0055

ENROLLED ACT NO. 28, SENATE

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

AN ACT relating to
state trust lands; authorizing the purchase of federal lands with permanent land fund monies 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
‑
715(k) and by creating a new subsection (o) is amended to read:

9
‑
4
‑
715.

Permissible investments
.

(k)

Except as provided in subsection (o) of this section, u
pon request of the board, the state treasurer may invest funds received from sales of state trust lands plus up to two million dollars ($2,000,000.00) one-time seed money contained in the common school account within the permanent land fund, by purchasing land and improvements thereon within Wyoming as assets of the trust.

(o)

Upon request of the board
and when
determined by the board to be
consistent with the duties and obligations owed to beneficiaries of state trust land sales
proceeds
, the state treasurer shall invest funds received from the sale of state trust l
ands to
the federal government
by purchasing
federal lands and improvements within Wyoming
from the federal government
.

Section 2.

This act is effective July 1, 2012.

(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