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20LSO-0218
2020
STATE OF WYOMING
20LSO-0218
Numbered
3.0
HOUSE BILL NO. HB0015
School capital construction account.
Sponsored by: Select Committee on School Facilities
A BILL
for
AN ACT relating to school finance accounts; authorizing interfund loans for school major maintenance payments; eliminating the major maintenance subaccount within the strategic investments and projects account; eliminating the school lands mineral royalties account; maintaining the current distribution of revenue for school related major maintenance and capital construction and directing those revenues to the school capital construction account; amending related bonding provisions; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 21
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15
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124 is created to read:
21
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15
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124.
Interfund borrowing.
The state treasurer may utilize interfund loans to the school capital construction account to ensure statutory payments made pursuant to W.S. 21
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15
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109(b) are made when dedicated revenues are not yet received. Interfund loans under this subsection may be made from the legislative stabilization reserve account or, to the extent insufficient funds exist in the legislative stabilization reserve account, the common school account within the permanent land fund. Any interfund loans executed pursuant to this section shall be repaid in whole or in part periodically as soon as school capital construction account revenues permit.
Section 2.
W.S. 9
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1
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417(b), 9
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2
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1013(f), 9
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4
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220(b)(i) and 21
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15
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111(a)(viii) are amended to read:
9
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1
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417.
Interfund loans; repayment; maximum amount; interest.
(b)
To the extent the legislature provides for interfund loans or borrowing authority from one (1) agency, account or fund to another, the interfund loan or borrowing
shall come out of the legislative stabilization reserve account to be credited to the borrowing agency, account or fund, except as authorized by W.S. 21
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13
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316
and 21
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15
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124
. The interest charged on each interfund loan or borrowing from the legislative stabilization reserve account shall be the interest rate earned on pooled fund investments for the fiscal year immediately preceding the effective date of the interfund loan.
9
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2
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1013.
State budget; distribution of copies to legislators; copies and reports of authorizations; interfund loans.
(f)
Except for an interfund loan made under W.S. 21
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13
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316
or 21
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15
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124
, an interfund loan from permanent funds for which an interest rate is not specified by law shall be charged an interest rate equal to the CPI for the twelve (12) month period immediately preceding the effective date of the interfund loan. "CPI" means the consumer price index for United States city average, all urban consumers, not seasonally adjusted, reported by the bureau of labor statistics of the United States department of labor.
9
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4
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220.
Strategic investments and projects account created; purposes.
(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 be expended for the following purposes and subject to the following:
(i)
An amount equal to forty
‑
five percent (45%) of the maximum amount which may be credited to the strategic investments and projects account pursuant to W.S. 9
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4
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719(q) shall be credited to
a school major maintenance subaccount. Funds within the subaccount shall be expended only for school major maintenance obligations of the state. For purposes of accounting and investing only, the school major maintenance subaccount shall be treated as a separate account from the strategic investments and projects account;
the school capital construction account;
21
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15
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111.
Definitions.
(a)
As used in this act, unless the context requires otherwise:
(viii)
"This act" means W.S. 21
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15
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108, 21
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15
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109 and 21
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15
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111 through
21
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15
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123
21
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15
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124
;
Section 3.
W.S.
9
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4
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305(b), 21
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15
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108(a) and (d)(vii) and 21
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15
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111(a)(i)
,
as amended by 2019 Wyoming Session Laws, Chapter 204, Section 3, are amended to read:
9
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4
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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. As authorized by article 7, section 2 of the Wyoming constitution, thirty
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three and one
‑
third percent (33 1/3%) of the mineral royalties received from the lease of any school lands shall be deposited into the school
lands mineral royalties account
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.
21
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15
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108.
Revenue bonds for grants and loans; refunding revenue bonds.
(a)
Before distribution to the school
lands mineral royalties account
capital construction account
under W.S. 9
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4
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305(b), sufficient revenues for the purposes of this section shall be deducted therefrom and credited to a bond repayment account pursuant to the terms of the resolution, indenture or other appropriate proceeding authorizing the issuance of revenue bonds under this section. The revenues deducted shall be used as provided by this section. The balance of the revenues shall be credited to the school
lands mineral royalties account
capital construction account
as provided under W.S. 9
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4
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305(b). After available revenues under W.S. 9
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4
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305(b) have been used, revenues under W.S. 21
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13
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301 shall also be credited, as necessary, to the bond repayment account and shall be used as provided by this section.
(d)
Any bonds issued under this section shall:
(vii)
Be additionally secured by a reserve fund created from revenues deposited within the school
lands
mineral royalties account
capital construction account
under W.S. 9
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4
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305(b) or from the proceeds of the bonds, or both, in an amount determined by the commission but not to exceed an amount equal to ten percent (10%) of the revenue bonds outstanding.
21-15-111.
Definitions.
(a)
As used in this act, unless the context requires otherwise:
(i)
"Capital construction account" or "school capital construction account" means the account into which revenues are deposited pursuant to W.S.
9
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4
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220(b)(i), 9
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4
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305(b) and
9
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4
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601(a)(vii), (b)(i) and (iv), into which the proceeds from any revenue bonds are credited under W.S. 21
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15
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108,
into which loans are deposited pursuant to W.S. 21
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15
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124
and into which any other funds are appropriated to the account for purposes of this act. Funds within the account shall be expended only for purposes of and in the manner prescribed by this act;
Section 4.
W.S. 9
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4
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224 is repealed.
Section 5.
This act is effective July 1, 2020
.
(END)
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HB0015