HB0190 • 2017

Hathaway reserve account.

AN ACT relating to higher education and public funds; increasing the amount retained within the Hathaway student scholarship reserve account; and providing for an effective date.

Education

Enacted

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

Sponsor: Representative Harshman
Last action: 2017-03-08
Official status: enrolled
Effective date: 3/6/2017

Plain English Breakdown

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Amendments

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

HB0190SS001

Standing Committee • SEducation

Failed

Plain English: Failed Standing Committee by SEducation

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

2017-03-08 Governor
Governor Signed HEA No. 0100
2017-03-08 LSO
Assigned Chapter Number
2017-03-03 Senate
S President Signed HEA No. 0100
2017-03-02 House
H Speaker Signed HEA No. 0100
2017-03-01 LSO
Assigned Number HEA No. 0100
2017-03-01 Senate
S 3rd Reading:Passed 21-9-0-0-0
2017-02-28 Senate
S 2nd Reading:Passed
2017-02-27 Senate
S COW:Passed
2017-02-22 Senate
S Placed on General File
2017-02-22 Senate
S04 - Education:Recommend Amend and Do Pass 4-0-1-0-0
2017-02-01 Senate
S Introduced and Referred to S04 - Education
2017-01-31 Senate
S Received for Introduction
2017-01-31 House
H 3rd Reading:Passed 56-4-0-0-0
2017-01-30 House
H 2nd Reading:Passed
2017-01-27 House
H COW:Passed
2017-01-26 House
H Placed on General File
2017-01-26 House
H04 - Education:Recommend Do Pass 9-0-0-0-0
2017-01-20 House
H Introduced and Referred to H04 - Education
2017-01-20 House
H Received for Introduction
2017-01-19 LSO
Bill Number Assigned

Official Summary Text

Bill Summary

Bill No.:
HB0190
Effective
:

Immediately

LSO No.:
17LSO-0539

Enrolled Act No.:
HEA No. 0100

Chapter No.:
[Chapter Number_RO]

Prime Sponsor:
Harshman

Catch Title:
Hathaway reserve account.

Subject:
The amount of funds retained in the Hathaway scholarship reserve account.

Summary/Major Elements:

In 200
6
, the Legislature created the Hathaway student scholarship program, providing varying levels of scholarships to Wyoming students to attend the University of Wyoming and Wyoming community colleges.

In creating the program, the Legislature established a reserve account to hold excess funds from earnings on the endowment corpus in order to maintain scholarship levels in years the earnings are not sufficient to fund all scholarships.

This bill increases the amount to be retained in the reserve account from 3.75% of the five year average market value of the end
owment fund to 5.5% of that
average market value.

The market value of the endowment fund st
ood at $571 million as of the last fiscal year.

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
.
HB0190

ENROLLED ACT NO. 100,

HOUSE OF REPRESENTATIVES

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

AN ACT relating to higher education and public funds; increasing the amount retained within the Hathaway student scholarship reserve account; and providing for an effective date.

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

Section
1
.

W.S. 21
‑
16
‑
1302(
b) is amended to read:

21
‑
16
‑
13
02
.

Hathaway scholarship expenditure account created; reserve account created; use and appropriation of funds.

(b)

There is created the Hathaway student scholarship reserve account. The reserve account shall consist of those monies deposited to the account pursuant to subsection (a) of this section and such other funds appropriated by the legislature to the reserve account. Interest and other earnings on funds within the reserve account shall be credited to the reserve account. To the extent funds within the Hathaway scholarship expenditure account are insufficient in any fiscal year to fully fund scholarships awarded under this article, monies within the reserve account shall be deposited by the state treasurer to the expenditure account for distribution to eligible institutions to fund those scholarships. As soon as possible after the end of each of the fiscal years beginning on and after July 1, 2007, the state treasurer shall transfer monies from this reserve account to the Hathaway student scholarship endowment fund to the extent monies within the reserve account are in excess of the greater of twelve million dollars ($12,000,000.00) or an amount equal to
three and seventy
‑
five hundredths percent (3.75%)
four and one
‑
half percent (4.5%)
of the previous five (5) year average market value of the Hathaway student
scholarship endowment fund, calculated from the first day of the fiscal year. The state treasurer shall report not later than November 1, of each year to the education committee and the select committee on capital financing and investments the amount of funds within the reserve account at the end of the previous fiscal year and as of July 1, of the current fiscal year.

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)

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