Natural gas service development.

WORKING DRAFT
2013
STATE OF
WYOMING
13LSO-0486

SENATE FILE
NO.

SF0119

Natural gas service development.

Sponsored by:
Senator(s) Hicks, Anderson, J.D. (SD02), Dockstader and Driskill and Representative(s) Burkhart, Davison, Larsen and Paxton

A BILL

for

AN ACT relating to
the state loan and investment board; authorizing loans for natural gas service
to municipalities and counties as specified; providing rulemaking authority; conforming related provisions;
and providing for an effective date.

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

Section 1.

W.S. 11
‑
34
‑
307 is created to read:

11
‑
34
‑
307
.

Loans for
natural gas service
development; terms; rules and regulations; fund source.

(a)

The state loan and investment board may
negotiate
and make loans to municipalities
or counties
in this state
for the purposes of
natural gas service
development as provided by rule and regulation. Any loan granted under this section shall not exceed the aggregate sum of ten million dollars ($10,000,000.00) for a term not to exceed thirty (30) years for repayment at an interest rate of not less than four percent (4%) and not to exceed six percent (6%).

(b)

A fee of one percent (1%) of each loan made under this section shall be paid by the borrower to the board to be credited to the loss reserve account as provided by W.S. 11
‑
34
‑
202(
e).

(c)

Loans provided for by this section shall be made from the permanent funds of this state.

(d)

The board shall require such security for each loan issued under this act as it deems adequate to secure the loan.

Section 2.

W.S. 11
‑
34
‑
101(
a)(iv) and 11
‑
34
‑
202(e) are amended to read:

11
‑
34
‑
101.

Definitions.

(a)

As used in this act:

(iv)

"This act" means W.S. 11
‑
34
‑
101 through
11
‑
34
‑
306

11
‑
34
‑
307
.

11
‑
34
‑
202.

Revenue to be credited to an account; use thereof; disposition of excess.

(e)

Revenue and proceeds received by the board for deposit in the loss reserve account pursuant to W.S. 11
‑
34
‑
118, 11
‑
34
‑
120(
h), 11
‑
34
‑
121, 11
‑
34
‑
123(a), 11
‑
34
‑
302(e)
,

and

11
‑
34
‑
306
and
11
‑
34
‑
307

shall be transmitted to the state treasurer for deposit to the credit of the loss reserve account. These funds shall be used for the purposes specified in subsection (f) of this section and W.S. 11
‑
34
‑
126 and to pay the administrative and legal expenses of the board in making collections and foreclosing mortgages. If at the end of any fiscal year the amount accumulated in the loss reserve account exceeds five percent (5%) of the total amount of permanent funds of the state invested in farm and irrigation loans, the amount in excess of the five percent (5%) shall be transferred and credited to the general fund.

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)

1
SF0119