SIPA guarantee.

2018
STATE OF WYOMING
18LSO-0339
ENGROSSED
2.1

HOUSE BILL

NO.
HB0186

SIPA guarantee.

Sponsored by:
Representative(s) Harshman, Connolly, Madden and Sommers and Senator(s) Rothfuss and Wasserburger

A BILL

for

AN ACT relating to public funds; providing funding to the strategic investments and projects account from the permanent Wyoming mineral trust fund reserve account in amounts as specified; providing a mechanism to transfer funds from the general fund and strategic investments and projects account back to the permanent Wyoming mineral trust fund reserve account; specifying authorized appropriations from the strategic investments and projects account; and providing for an effective date.

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

Section
1
.

W.S.
9
‑
4
‑
220 and
9
‑
4
‑
719
(b) and
by creating
new subsection
s
(t)
and (u)

are
amended to read:

9
‑
4
‑
220
.

Strategic investments and projects account created; purposes.

(a)

The
strategic investments and projects account
created by 2013 Wyoming Session Laws, Chapter 73, Section 4, Section 300(e) is continued and codified. Funds within the account shall only be expended by legislative appropriation. The governor may include appropriation requests from funds available within the strategic investments and projects account within his biennial budget requests for one
‑
time expenditures as he deems necessary
pursuant to subsection (b) of this section
. All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the general fund.

(b)

For fiscal year 2021 and in each fiscal year thereafter
unencumbered and unobligated funds available for expenditure
in the
strategic investments and projects account
shall only
be expended for the following purposes
and in the following
priority
:

(i)

Forty
‑
five percent (45%)
for
school capital construction;

(ii)

Thirty percent (30%) for strategic investments and projects as determined by the legislature;

(iii)

The rem
a
inder
for expenditure
as determined by
appropriation of the legislature.

9
‑
4
‑
719
.

Investment earnings spending policy permanent funds.

(b)

There is created the permanent Wyoming mineral trust fund reserve account. Beginning July 1, 2016 for fiscal year 2017 and each fiscal year thereafter, the state treasurer shall transfer unobligated funds from this account to the general fund as necessary to ensure that an amount equal to two and one
‑
half percent (2.5%) of the previous five (5) year average market value of the permanent Wyoming mineral trust fund, calculated on the first day of the fiscal year, is available for expenditure annually during each fiscal year. As soon as possible after the end of each of the fiscal years beginning on and after
July 1, 2017,
and after making any transfers as provided for in
paragraph (ii)
o
f this subsection and
subsection (
u
) of this section,
revenues in this account
in excess of
one hundred fifty percent (150%) of the spending policy amount in subsection (d) of this section shall be credited to the permanent Wyoming mineral trust fund.

In order to
ensure funds are available to the general fund under this subsection, the state treasurer shall:

(i)

Beginning July 1, 2018 and on the first day of the fiscal year or as soon thereafter as reasonably possible, to the extent funds are available, transfer from the permanent Wyoming mineral trust fund reserve account to the general fund any positive amount equal to two and one
‑
half percent (2.5%) of the previous five (5) year average market value of the permanent Wyoming mineral trust fund, calculated on the first day of the fiscal year reduced by the most recent estimate of investment income derived from the permanent Wyoming mineral trust fund
prepared
by the consensus revenue estimating group
prior to any transfers under this subsection
; and

(ii)

As soon as practicable after the end of the fiscal year but no later than ninety (90) days after the end of the fiscal year, if a transfer was made to the general fund under paragraph (i)
of this subsection
for the most recently completed fiscal year, transfer an amount from the general fund to the permanent Wyoming mineral trust fund reserve account so that the net deposits to the general fund under this subsection for any fiscal
year do not exceed two and one
‑
half percent (2.5%) of the previous five (5) year average market value of the permanent Wyoming mineral trust fund, calculated on the first day of the fiscal year.

(t)

Beginning on July 1, 2020 for FY 2021 and for each fiscal year thereafter, t
o the extent funds are available, t
he state treasurer shall transfer unobligated funds from
the
permanent Wyoming mineral trust fund reserve account
to the strategic investments and projects account
as necessary
to ensure
amount
s

are available for expenditure annually during each fiscal year as provided in this subsection
.
Transfers to the strategic investments and projects account under this subsectio
n shall occur
as soon as practicable after the first day of the fiscal year
but
after transfers
under paragraph
(b)
(i) of this section
.
The following amounts shall be transferred as provided for each fiscal year (FY) to ensure amounts are available for appropriation in the strategic investments and projects account:

(
i
)

FY 2021

‑

an amount equal to
eight
hundred
fifty thousandths percent (
.
85
0
%)

of the previous five (5) year average market value of the trust fund, calculated from the first day of the fiscal year;

(ii
)

FY 2022 and each fiscal year thereaf
ter

‑

an amount equal to
seven hundred fifty thousandths percent (.75
0
%)
of the previous five (5) year average market value of the trust fund, calculated from the first day of the fiscal year.

(u)

As soon as practicable after the end of the fiscal year but no later than ninety (90) days after the end of the fiscal year, if a transfer was made to the strategic investments and projects account under subsection (t) of this section for the most recently completed fiscal year,
the
s
tate
t
reasurer shall
transfer an amount from the
strategic investments and projects account to the permanent Wyoming mineral trust fund reserve account so that the net deposits to the strategic investments and projects account under subsections (q) and (t)
of this section
do not exceed the amounts specified in subsection (q)
of this section
.

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
HB0186