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21LSO-0167
2021
STATE OF WYOMING
21LSO-0167
ENGROSSED
3.0
SENATE FILE NO. SF0071
Strategic investments and projects account-repeal.
Sponsored by: Senate Appropriations Committee
A BILL
for
AN ACT relating to public funds; repealing the strategic investments and projects account; repealing subaccounts within the strategic investments and projects account; repealing the legislative deficit control account that is funded from the strategic investments and projects account; revising account distributions as specified; providing for the transfer from and reversion of funds to the repealed accounts; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1.
W.S. 9
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719(b)(intro), (q)(intro), (i) and (ii) is amended to read:
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719.
Investment earnings spending policy permanent funds.
(b)
There is created the permanent Wyoming mineral trust fund reserve account. All funds within the account shall be invested by the state treasurer as authorized under W.S. 9
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715(a), (d), (e) and (r) and all investment earnings from the account shall be credited to the 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
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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,
after making any transfer required pursuant to paragraph (i) of this subsection,
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.
For fiscal year 2020 and for each fiscal year thereafter:
(q)
The earnings from the permanent Wyoming mineral trust fund under W.S. 9
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204(u)(iii) during each fiscal year beginning July 1,
2016
2022 for fiscal year 2023
, which are less than the spending policy established in subsection (d) of this section are appropriated from the general fund subject to subsection (s) of this section and the following:
(i)
Except as provided in paragraph (iii) of this subsection,
A
ny earnings in excess of two and one
‑
half percent (2.5%) of the previous five (5) year average market value of the trust fund, calculated from the first day of the fiscal year and less than or equal to the spending policy amount specified in subsection (d) of this section shall be credited to the legislative stabilization reserve account created by W.S. 9
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219
;
and the strategic investments and projects account created by W.S. 9
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220 in equal amounts;
(ii)
The
appropriations
appropriation
in this subsection shall be credited to the designated account 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
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;
Section 2.
W.S. 9
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219(c), 9
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220, 9
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220.1, 9
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715(p)(vi) and 9
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719(b)(i) and (q)(iii) are repealed.
Section 3.
On July 1, 2022, all funds in the legislative deficit control account within the legislative stabilization reserve account, the strategic investments and projects account and the school major maintenance subaccount within the strategic investments and projects account shall be transferred to the general fund. On July 1, 2022, all funds in the Wyoming state penitentiary capital construction account within the strategic investments and projects account shall be transferred to the legislative stabilization reserve account. Any unexpended funds that have been appropriated from the accounts and subaccounts specified in this section, except for the Wyoming state penitentiary capital construction account within the strategic investments and projects account, prior to July 1, 2022 shall be paid from the general fund.
Any unexpended funds that have been appropriated from the Wyoming state penitentiary capital
construction account within the strategic investments and projects account prior to July 1, 2022 shall be paid from the legislative stabilization reserve account. Except as otherwise provided in this section, any funds that are directed by law to revert to the accounts and subaccounts specified in this section shall revert to the general fund. Any funds that are directed by law to revert to the Wyoming state penitentiary capital construction account within the strategic investments and projects account shall revert to the legislative stabilization reserve account.
Section 4
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This act is effective July 1, 2022
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(END)
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SF0071