HB0013 • 2017

Investment of public funds.

AN ACT relating to investment of public funds; specifying that a local government investing public funds is subject to the Wyoming Uniform Prudent Investor Act; specifying that persons managing local government investments are fiduciaries; requiring those fiduciaries to be subject to the state's jurisdiction; and providing for an effective date.

Enacted

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

Sponsor: Representative Madden
Last action: 2017-02-21
Official status: enrolled
Effective date: 7/1/2017

Plain English Breakdown

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

Bill History

2017-02-21 LSO
Assigned Chapter Number
2017-02-21 Governor
Governor Signed HEA No. 0023
2017-02-15 Senate
S President Signed HEA No. 0023
2017-02-14 House
H Speaker Signed HEA No. 0023
2017-02-13 LSO
Assigned Number HEA No. 0023
2017-02-13 Senate
S 3rd Reading:Passed 27-2-1-0-0
2017-02-10 Senate
S 2nd Reading:Passed
2017-02-09 Senate
S COW:Passed
2017-02-09 Senate
S Placed on General File
2017-02-09 Senate
S02 - Appropriations:Recommend Do Pass 5-0-0-0-0
2017-02-06 Senate
S Introduced and Referred to S02 - Appropriations
2017-01-23 Senate
S Received for Introduction
2017-01-20 House
H 3rd Reading:Passed 58-1-1-0-0
2017-01-19 House
H 2nd Reading:Passed
2017-01-18 House
H COW:Passed
2017-01-18 House
H Placed on General File
2017-01-18 House
H02 - Appropriations:Recommend Do Pass 7-0-0-0-0
2017-01-12 House
H Introduced and Referred to H02 - Appropriations
2017-01-09 House
H Received for Introduction
2016-12-07 LSO
Bill Number Assigned

Official Summary Text

Bill Summary

Bill No.:
HB0013
Effective
:
7/1/2017

LSO No.:
17LSO-0216

Enrolled Act No.:
HEA No. 0023

Chapter No.:
33

Prime Sponsor:
Madden

Catch Title:
Investment of public funds.

Subject:
Investment of public funds by local government entities.

Summary/Major Elements:

2016 Wyoming Session Laws
,
Chapter 12 expanded the investments
in which
local government en
tities are authorized to invest.

This bill clarifies that a local government investing public funds is required to use the judgment and care of a prudent investor under the Wyoming Uniform Public Investor Act.

The bill also specifies that any person a local government contracts with for
the
investment of public funds is required to act as a fiduciary with respect to the investment of public funds and is subject to the jurisdiction of the courts of Wyoming.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill
.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
Bill No
.
HB0013

ENROLLED ACT
NO. 23,

HOUSE OF REPRESENTATIVES

SIXTY-FOURTH LEGISLATURE OF THE STATE OF WYOMING
2017 General Session

AN ACT relating to investment of public funds; specifying that a local government investing public funds is subject to the Wyoming Uniform Prudent Investor Act; specifying that persons managing local government investments are fiduciaries; requiring those fiduciaries to be subject to the state's jurisdiction; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
831 by creating a new subsection (m) is amended to read:

9
‑
4
‑
831
.

Investment of public funds.

(m)

Any local government
al entity
,
including the treasurer of any political subdivision, municipality or special district of
this state, the various boards of trustees and boards of directors of county hospitals, airports, fairs and other duly constituted county boards and commissions, or their designee,
that invests public funds
under subsection (a) of this section shall:

(
i
)

Exercise the judgment
and care
of a prudent investor as specified by the
Wyoming
Uniform Prudent Investor Act
,
W.S. 4
‑
10
‑
901 through 4
‑
10
‑
913
;

(ii)

If the local government
al entity
contracts with another person
to aid in the investment of public funds
,
require
that the person:

(A)

Submit
to the jurisdiction of the courts of this state; and

(B)

Act
as a fiduciary with respect to the investment of public funds by acting solely in the interest of the public
and by acting
w
i
th the care, skill and caution
which a prudent person in a like capacity and familiar with those matters would use in the conduct of an activit
y of like character and purpose. The
contracted
person shall incur
only costs that are
appropriate and reasonable and shall act i
n accordance with a good

faith interpretation of the law governing the
investment of public funds
.

Section
2
.

This
act is effective July 1,
201
7
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the
House
.

Chief Clerk

1