KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

Back to Wyoming

HB0051 • 2017

Borrowing authority for department of transportation.

AN ACT relating to pooled fund investment loans; authorizing the state auditor to borrow funds to assist the department of transportation obligations as specified; establishing the interest rate of an unpaid balance; and providing for an effective date.

Enacted

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

Sponsor
Transportation
Last action
2017-02-21
Official status
enrolled
Effective date
7/1/2018

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.

HB0051H3001

3rd reading • Wilson

Adopted

Plain English: Adopted 3rd reading by Wilson

  • 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.
HB0051SS001

Standing Committee • STransportation

Adopted

Plain English: Adopted Standing Committee by STransportation

  • 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

  1. 2017-02-21 LSO

    Assigned Chapter Number

  2. 2017-02-16 Governor

    Governor Signed HEA No. 0013

  3. 2017-02-13 Senate

    S President Signed HEA No. 0013

  4. 2017-02-13 House

    H Speaker Signed HEA No. 0013

  5. 2017-02-10 LSO

    Assigned Number HEA No. 0013

  6. 2017-02-10 House

    H Concur:Passed 59-1-0-0-0

  7. 2017-02-09 House

    H Received for Concurrence

  8. 2017-02-09 Senate

    S 3rd Reading:Passed 30-0-0-0-0

  9. 2017-02-08 Senate

    S 2nd Reading:Passed

  10. 2017-02-07 Senate

    S COW:Passed

  11. 2017-02-07 Senate

    S Placed on General File

  12. 2017-02-07 Senate

    S08 - Transportation:Recommend Amend and Do Pass 5-0-0-0-0

  13. 2017-01-31 Senate

    S Introduced and Referred to S08 - Transportation

  14. 2017-01-23 Senate

    S Received for Introduction

  15. 2017-01-18 House

    H 3rd Reading:Passed 48-10-2-0-0

  16. 2017-01-17 House

    H 2nd Reading:Passed

  17. 2017-01-16 House

    H COW:Passed

  18. 2017-01-16 House

    H Placed on General File

  19. 2017-01-16 House

    H08 - Transportation:Recommend Do Pass 9-0-0-0-0

  20. 2017-01-10 House

    H Introduced and Referred to H08 - Transportation

  21. 2017-01-09 House

    H Received for Introduction

  22. 2016-12-20 LSO

    Bill Number Assigned

Official Summary Text

Bill Summary
Bill No.:
HB0051
Effective
:
7/1/2018

LSO No.:
17LSO-0085

Enrolled Act No.:
HEA No. 0013

Chapter No.:
13

Prime Sponsor:
Joint Transportation, Highways & Military Affairs Interim Committee

Catch Title:
Borrowing authority for department of transportation.

Subject:

Department of Transportation borrowing a
uthority
.

Summary/Major Elements:

This act authorizes the Wyoming State Auditor to borrow up to $200 million
from the pooled fund investments in the Treasurer's Office
to meet the obligations of the Wyoming Department of Transportation which come due prior to
the receipt of revenues.

The
act
establishes an interest rate for the loans
: 2% or the rate of return earned on pooled fund investments in the previous fiscal year, whichever is greater
.

Comments:

The act has a delayed effective date of July 1, 2018.
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
.
HB0051

ENROLLED ACT NO. 13,

HOUSE OF REPRESENTATIVES

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

AN ACT relating to pooled fund investment loans; authorizing the state auditor to borrow funds to assist the department of transportation obligations as specified; establishing the interest rate of an unpaid balance; and providing for an effective date.

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

Section
1
.

W.S. 9
‑
1
‑
41
8
is created to read:

9
‑
1
‑
418
.

Pooled fund investment loans
; maximum amount; repayment.

The state auditor is authorized to borrow from pooled fund investments in the treasurer
'
s office an amount not to exceed two hundred million dollars ($200,000,000.00)
at any one (1) time

to meet the obligations of the department of transportation which come due prior to the receipt of revenues
. The amounts borrowed under
this section shall be repaid as soon as the anticipated revenue is received
. Interest on the unpaid balance shall be
equal to the greater of two percent (2%) or
the rate
of return
earned on pooled fun
d
investments in the previous fiscal year.
These loans shall not be used to fund shortages caused by expenditures exceeding projected revenues but are to be used only to fund temporary shortages caused by meeting obligations which come due prior to receipt of revenues.

Section 2
.

This act is effective
July 1, 2018.

(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