HJ0009 • 2021

Local government investment in equities.

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to allow local government entities to invest in stocks and equities upon a two-thirds vote of both houses of the legislature; and providing a ballot statement.

Education Elections

Enacted

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

Sponsor: Representative Sweeney
Last action: 2021-04-06
Official status: enrolled
Effective date: 4/6/2021

Plain English Breakdown

The amendment's specific details about which types of funds and conditions for investments are left open until future legislation is enacted.

Wyoming Local Government Investment Amendment

This amendment to Wyoming's constitution allows local government entities, like cities and counties, to invest their funds in stocks and equities with specific legislative approval.

What This Bill Does

Changes the Wyoming Constitution to allow local governments to invest in stocks and other financial assets upon a two-thirds vote of both houses of the legislature.
Provides a ballot statement explaining the amendment's purpose.

Who It Names or Affects

Local government entities such as cities and counties in Wyoming
The state legislature of Wyoming

Terms To Know

Equities: Financial assets like stocks that represent ownership in a company.
Political subdivisions: Local government entities such as cities, counties, and school districts.

Limits and Unknowns

The amendment only takes effect if approved by voters at the next general election.
It does not specify which local funds can be invested or how much can be invested without further legislation.

Amendments

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

HJ0009HS001

Standing Committee • House Revenue Committee

Adopted

Plain English: The amendment changes the Wyoming Constitution to allow local government entities to invest in stocks and equities with a specific voting requirement from the legislature.

Removes the need for legislative authorization and instead requires a two-thirds vote of both houses of the legislature for local governments to invest in stocks and equities.
Adds a new clause requiring any legislation that establishes or increases the percentage of funds invested in stocks and equities to be passed by a two-thirds vote of all members of each house voting separately.

The amendment text does not specify which local government entities are eligible for this change, leaving some ambiguity about its application.

HJ0009S2001

2nd reading • Senator Perkins

Adopted

Plain English: This amendment changes the Wyoming Constitution to allow local government entities to invest in stocks and other equities if approved by a two-thirds vote in both houses of the state legislature.

The amendment allows counties, cities, and other political subdivisions to invest their funds in equities like stocks with approval from the state legislature.
A two-thirds majority vote is required for the state legislature to authorize local government entities to invest in equities.

The original text incorrectly states that the Wyoming Constitution already allows the state to invest in equities, which needs correction.

HJ0009S3001

3rd reading • Senator Perkins

Adopted

Plain English: This amendment changes part of a bill to allow local government entities, like counties and cities, to invest their money in stocks and other equities if approved by at least two-thirds of each house of the state legislature.

Removes previous language about allowing local governments to invest in equities.
Adds new language that permits local government funds to be invested in equities with a specific legislative approval process.

The exact details and conditions under which local governments can invest in equities are not specified in this amendment text.

Bill History

2021-04-06 Governor
Governor Signed HEJR No. 0002
2021-04-02 Senate
S President Signed HEJR No. 0002
2021-04-01 House
H Speaker Signed HEJR No. 0002
2021-04-01 LSO
Assigned Number HEJR No. 0002
2021-04-01 House
H Concur:Passed 46-13-1-0-0
2021-04-01 House
H Received for Concurrence
2021-04-01 Senate
S 3rd Reading:Passed 25-5-0-0-0
2021-03-31 Senate
S 3rd Reading:Laid Back
2021-03-30 Senate
S 2nd Reading:Passed
2021-03-29 Senate
S COW:Passed
2021-03-29 Senate
S Placed on General File
2021-03-29 Senate
S01 - Judiciary:Recommend Do Pass 5-0-0-0-0
2021-03-25 Senate
:Refer to S01 - Judiciary
2021-03-24 Senate
S Introduced and Referred to S07 - Corporations
2021-03-24 Senate
S Received for Introduction
2021-03-23 House
H 3rd Reading:Passed 43-16-1-0-0
2021-03-22 House
H 2nd Reading:Passed
2021-03-19 House
H COW:Passed
2021-03-17 House
H Placed on General File
2021-03-17 House
H03 - Revenue:Recommend Amend and Do Pass 6-3-0-0-0
2021-03-08 House
H Introduced and Referred to H03 - Revenue
2021-03-04 House
H Received for Introduction
2021-03-02 LSO
Bill Number Assigned

Official Summary Text

Bill Summary - 21LSO-0638
Bill No.:

HJ0009

Effective:

Immediately

LSO No.:

21LSO-0638

Enrolled Act No.:

HEJR No. 0002

Chapter No.:

N/A

Prime Sponsor:

Sweeney

Catch Title:

Local government investment in equities.

Subject:

Investment of local funds in equities.

Summary/Major Elements:

The Wyoming Constitution allows the state to invest state funds in equities such as the stock of corporations, but does not allow the funds of counties,
cities
and other political subdivisions to be invested in equities.

The adoption of this amendment would allow the funds of counties,
cities
and other political subdivisions to be invested in equities to the extent and in the manner the legislature may allow by law.

Any law authorizing the investment of specified political subdivision funds in equities would require a two-thirds (2/3) vote of both houses of the Legislature.

Comments:

This proposed constitutional amendment will become effective only if passed at the next general election.
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

21LSO-0638

ORIGINAL House

ENGROSSED
JOINT RESOLUTION
.
HJ0009

ENROLLED JOINT RESOLUTION NO. 2,

HOUSE OF REPRESENTATIVES

SIXTY-SIXTH LEGISLATURE OF THE STATE OF WYOMING
2021 General Session

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING, two
‑
thirds of all the members of the two houses, voting separately, concurring therein:

Section 1
.

The following proposal to amend Wyoming Constitution, Article 16, Section 6(a)(ii) by creating a new subparagraph (C) is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 16, Section 6.

Loan of credit; donations prohibited; investment of funds; works of internal improvement
.

(a)

Neither the state nor any county, city, township, town, school district, or any other political subdivision, shall:

(ii)

Subscribe to or become the owner of the capital stock of any association or corporation, except that:

(C)

The legislature may provide by law for the investment of county, city, township, town, school district, or any other political subdivision's funds in the capital stock of any association or corporation and may
designate which of these funds may be invested. The legislature may prescribe different investment conditions for each type and class of political subdivision and for each type of fund. Any legislation establishing or increasing the percentage of any fund that may be invested under this subparagraph shall be passed only by a two-thirds (2/3) vote of all the members of each of the two (2) houses voting separately.

Section 2.

That the Secretary of State shall endorse the following statement on the proposed amendment:

The Wyoming Constitution allows the state to invest state funds in equities such as the stock of corporations, but does not allow the funds of counties, cities and other political subdivisions to be invested in equities.

The adoption of this amendment would allow the funds of counties, cities and other political subdivisions to be invested in equities to the extent and in the manner the legislature may allow by law.

Any law authorizing the investment of specified political subdivision funds in equities would require a two-thirds vote of both houses of the legislature.

(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