Disposition of state school land revenue.

2018
STATE OF WYOMING
18LSO-0289
Numbered
1.2

SENATE FILE

NO.
SF0049

Disposition of state school land revenue.

Sponsored by:
Joint Revenue Interim Committee

A BILL

for

AN ACT relating to state land revenue; eliminating the maximum transfer to the school capital construction account from mineral royalties received from the lease of school lands; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
305(b) is amended to read:

9
‑
4
‑
305
.

Disposition of state land revenue.

(b)

Proceeds from the sale of state lands, mineral royalties and any money designated by the Wyoming
constitution or Wyoming statutes as collected shall be transmitted to the state treasurer and credited to the proper accounts within the permanent land fund, except as provided by article 7, section 2 of the Wyoming constitution, thirty
‑
three and one
‑
third percent (33 1/3%) of the mineral royalties received from the lease of any school lands
,

but not to exceed eight million dollars ($8,000,000.00) during any one (1) year,
shall be deposited into the public school capital construction account. To the extent constitutionally permissible and notwithstanding any other provision of law, at the end of every fiscal year, the state treasurer shall transfer to the corpus of each account within the permanent land fund, except the common school account, from the income earned on the corresponding account within the permanent land fund, to the extent available, an amount as provided by this subsection. In determining the amount to be withheld, the state treasurer shall calculate the fiscal year beginning balance and ignore any appropriations made from the account within that fiscal year. For the fiscal year 2000, he shall transfer an amount equal to five percent (5%) of the inflation rate for the previous twelve (12) month period as determined by the
department of administration and information multiplied by the beginning balance of each permanent land fund account, except the common school account. At the end of each succeeding fiscal year, the state treasurer shall increase the amount to be multiplied by that year's inflation rate by five percent (5%) until such time as the multiplier reaches one hundred percent (100%) of the inflation rate, and then multiply that amount by the beginning balance of each permanent land fund account, except the common school account.

Section 2
.

This act is effective July 1, 201
8
.

(END)

1
SF0049