HB0038 • 2017

School finance-interfund borrowing.

AN ACT relating to school finance; eliminating the interest charged for funds borrowed from the common school account within the permanent land fund to cash flow the school foundation program account; amending the date for the repayment of borrowed funds; conforming account names; making conforming amendments; and providing for an effective date.

Education

Enacted

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

Sponsor: Education
Last action: 2017-03-06
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.

Amendments

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

HB0038H3001

3rd reading • Clem

Withdrawn

Plain English: Withdrawn 3rd reading by Clem

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.

HB0038S2001

2nd reading • Ellis

Adopted

Plain English: Adopted 2nd reading by Ellis

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

2017-03-06 LSO
Assigned Chapter Number
2017-03-06 Governor
Governor Signed HEA No. 0040
2017-02-23 Senate
S President Signed HEA No. 0040
2017-02-22 House
H Speaker Signed HEA No. 0040
2017-02-21 LSO
Assigned Number HEA No. 0040
2017-02-21 House
H Concur:Passed 59-0-1-0-0
2017-02-15 House
H Received for Concurrence
2017-02-15 Senate
S 3rd Reading:Passed 19-10-1-0-0
2017-02-14 Senate
S 2nd Reading:Passed
2017-02-13 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
2017-02-07 Senate
S COW:Rerefer to S02 - Appropriations
2017-02-06 Senate
S Placed on General File
2017-02-06 Senate
S04 - Education:Recommend Do Pass 5-0-0-0-0
2017-01-31 Senate
S Introduced and Referred to S04 - Education
2017-01-16 Senate
S Received for Introduction
2017-01-16 House
H 3rd Reading:Passed 56-3-1-0-0
2017-01-13 House
H 2nd Reading:Passed
2017-01-12 House
H COW:Passed
2017-01-12 House
H Placed on General File
2017-01-12 House
H04 - Education:Recommend Do Pass 9-0-0-0-0
2017-01-10 House
H Introduced and Referred to H04 - Education
2017-01-09 House
H Received for Introduction
2016-12-15 LSO
Bill Number Assigned

Official Summary Text

Bill Summary

Bill No.:
HB0038
Effective
:
7/1/2017

LSO No.:
17LSO-0092

Enrolled Act No.:
HEA No. 0040

Chapter No.:
[Chapter Number_RO]

Prime Sponsor:
Joint Education Interim Committee

Catch Title:
School finance-interfund borrowing.

Subject:
Interfund loans for school districts.

Summary/Major Elements:

This bill eliminates the six percent (6%) interest charged for funds borrowed from the Common School Account within the Permanent Land Fund to provide cash flow for the School Foundation Program Account.

Under existing law, a school district
is required to
repay advance payments made to the district from the school foundation program account
to meet cash flow needs.
However, the school district is charged 6% interest
on repayments made after December 15 of the applicable school year
.
Th
is
bill
requires
school
districts to repay
borrowed
funds
not later than
December 15 of the applicable school year
and consequently removes the interest provision
.
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
ENGROSSED
Bill No
.
HB0038

ENROLLED ACT NO. 40,

HOUSE OF REPRESENTATIVES

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

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

Section 1
.

W.S.
21
‑
13
‑
313(
g) and
21
‑
13
‑
316(a)
are
amended to read:

21
‑
13
‑
313
.

Distribution of funds from foundation account; property tax and cash reserve adjustment; regulations.

(g)

In addition to subsections (b) and (c) of this section, the state superintendent shall, for any district subject to W.S. 21
‑
13
‑
102(b) as determined by the department for any school year, or for any district not subject to W.S. 21
‑
13
‑
102(b) whose entitlement amount determined under W.S. 21
‑
13
‑
311(a) for any school year is equal to or less than twenty percent (20%) of the foundation program amount computed under W.S. 21
‑
13
‑
309(p), and upon demonstration by the district of financial need as documented by cash flow analysis, provide payments from the school foundation program account in an amount not to exceed one
‑
fifth (1/5) of the foundation program amount computed for that district for that school year in accordance with W.S. 21
‑
13
‑
309. The computed amount shall be paid to each eligible district on or before September 1 based upon tentative computations under W.S. 21
‑
13
‑
309, for which the department may use fiscal information available from foundation program computations for the previous
school year in the manner provided under subsection (b) of this section. Any district receiving a payment under this subsection
and repaying
shall repay
the foundation program account
by
not later than

December 15 of that school year
.

shall not be assessed interest. After December 15, the district shall be assessed interest at a rate equal to the rate specified by W.S. 21
‑
13
‑
316(
a) until the payment is repaid in full. In no event
shall an advance payment under this subsection extend beyond and remain unpaid by any district, including interest, on and after
June 15 of that school year.

21
‑
13
‑
316
.

Interfund borrowing.

(a)

The state treasurer may utilize interfund loans from the common school account within the permanent land fund to the
school

foundation
program

account to enable statutory payments to be made when dedicated revenues are not yet received.
However,
A
ny
interfund loans
shall bear interest at the rate of six percent (6%) per year payable from the foundation account to the common school account within the permanent land income fund and
executed
pursuant to this section
shall be repaid in whole or in part periodically as soon as
school

foundation
program

account revenues permit.

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