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HB0226 • 2021

Permanent mineral trust fund investment in specie.

AN ACT relating to public funds; requiring that a minimum portion of permanent Wyoming mineral trust fund assets be held as specie; establishing storage requirements; providing exceptions to investment provisions for acquisition and holding of required specie investments; making conforming amendments; providing for implementation; and providing for an effective date.

Land
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Representative Jennings
Last action
2021-04-07
Official status
inactive
Effective date
3/1/2021

Plain English Breakdown

The official source does not provide specific details on enforcement mechanisms or consequences for non-compliance with the bill's requirements.

Permanent Mineral Trust Fund Investment in Specie

The bill requires that at least three percent of the Wyoming mineral trust fund be held as specie, with specific storage and security requirements.

What This Bill Does

  • Requires the state treasurer to hold a minimum of 3% of the permanent Wyoming mineral trust fund in specie (gold or silver coins).
  • Establishes that specie must be stored securely in a depository with high safety standards, either within Wyoming or a neighboring state.
  • Specifies that the storage facility must have insurance and regular audits to ensure security.

Who It Names or Affects

  • The State Treasurer of Wyoming
  • Depositories for precious metals in Wyoming or nearby states

Terms To Know

Specie
Gold and silver coins used as a form of currency.
Contiguous state
A state that shares a border with Wyoming.

Limits and Unknowns

  • The bill does not specify what happens if no suitable depository is available in Wyoming or neighboring states.
  • It is unclear how the requirement will be enforced and monitored by the state treasurer.

Bill History

  1. 2021-04-07 House

    H:Died in Committee Returned Bill Pursuant to HR 5-4

  2. 2021-03-24 House

    H No report prior to CoW Cutoff

  3. 2021-03-18 House

    H03 - Revenue:Do Pass Failed 4-5-0-0-0

  4. 2021-03-05 House

    H Introduced and Referred to H03 - Revenue

  5. 2021-03-04 House

    H Received for Introduction

  6. 2021-03-02 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
21LSO-0532
2021
STATE OF WYOMING
21LSO-0532
Numbered
2.0

HOUSE BILL NO. HB0226

Permanent mineral trust fund investment in specie.

Sponsored by: Representative(s) Jennings, Bear, Fortner, Gray, Neiman, Ottman and Styvar and Senator(s) Biteman and Hutchings

A BILL

for

AN ACT relating to public funds; requiring that a minimum portion of permanent Wyoming mineral trust fund assets be held as specie; establishing storage requirements; providing exceptions to investment provisions for acquisition and holding of required specie investments; making conforming amendments; providing for implementation; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
714(a) by creating a new paragraph (viii) and by renumbering (viii) as (ix) and
9
‑
4
‑
715 by creating a new subsection (s) are amended to read:

9
‑
4
‑
714.

Definitions.

(a)

As used in this act:

(viii)

"Specie" means as defined by W.S. 9
‑
4
‑
1302(a)(ii);

(viii)
(ix)

"This act" means W.S. 9
‑
4
‑
714 through 9
‑
4
‑
721.

9
‑
4
‑
715.

Permissible investments.

(s)

The state treasurer, or his designee, which shall be registered under the Investment Advisers Act of 1940 as amended if required to be registered by the terms of that act, shall at all times invest not less than three percent (3%) of the market value of the permanent Wyoming mineral trust fund, calculated from the first day of the fiscal year, in specie. The acquisition of specie in order to meet
the minimum requirements of this subsection shall not be considered an alternative investment and shall not be subject to subsection (d) of this section. The value of such specie may, but need not be, considered by the board for purposes of subsections (d) and (e) of this section. Specie acquired or held in order to meet the minimum requirements of this subsection shall be held in accordance with the following:

(i)

Specie shall be maintained securely in a depository for precious metals with a class two underwriters laboratories rating that is located in this state or another storage arrangement in this state with equal or greater security construction standards;

(ii)

If no depository meeting the requirements of paragraph (i) of this subsection is available in this state, the state treasurer shall select a qualifying depository in a contiguous state;

(iii)

The state treasurer shall ensure that the specie held in a qualifying depository under paragraphs (i)
or (ii) of this subsection is insured, physically audited and physically segregated from other assets.

Section 2
.

The state treasurer shall comply with the

requirements of this act as he determines most advantageous for the state's investment program and cash management, but in any event not later than July 1, 2022.

Section 3.

This act is effective July 1, 2021
.

(END)

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HB0226