State held drainage district bonds.

Plain English Breakdown

The candidate explanation included claims that were not fully supported or were overly broad based on the provided official bill text.

State Held Drainage District Bonds

This law cancels two specific drainage district bonds held by Wyoming and provides money to replace any lost funds from one of these bonds.

What This Bill Does

• Cancels the debt on two specific drainage district bonds from the state of Wyoming: The Lovell Drainage District bond purchased December 23, 1932, and North Bench District Bond No. 2 dated July 1, 1935.
• Requires the State Treasurer to take steps to cancel these debts as part of the state's finances.
• Provides $24,000 from the General Fund to replace any lost money in the Permanent Land Fund due to cancelling the Lovell Drainage District Bond.

Who It Names or Affects

• The State of Wyoming
• People or organizations that had debts on these two specific bonds

Terms To Know

Drainage District Bonds

Bonds issued by drainage districts to fund projects like building canals and ditches.

Permanent Land Fund

A special fund in Wyoming that holds money from land sales for education purposes.

Limits and Unknowns

• The law only affects two specific bonds from the past.
• It does not change other contracts or obligations of the state.

Official Summary Text

Bill Summary - 23LSO-0221
Bill No.:

SF0057

Effective:

Immediately

LSO No.:

23LSO-0221

Enrolled Act No.:

SEA No. 0009

Chapter No.:

24

Prime Sponsor:

Joint Appropriations Committee

Catch Title:

State held drainage district bonds.

Subject:

Forgiving uncollectible state-held drainage district bonds and repealing procedures for state-held drainage district bonds.

Summary/Major Elements:

In this act, the Legislature declares that any outstanding debt owed to the state on two (2) drainage district bonds (The Lovell Drainage District bond purchased December 23, 1932, and the North Bench District Bond No. 2, dated July 1, 1935) is uncollectible.

The act requires the State Treasurer to take all actions necessary to discharge and extinguish the outstanding principal and interest of those two bonds.

The act appropriates twenty-four thousand dollars ($24,000.00) from the General Fund to the Common School Account within the Permanent Land Fund to restore the loss of corpus as a result of discharging and extinguishing the principal due on the Lovell Drainage District Bond.

The act repeals provisions related to irrigation district and drainage district bonds held by the State of Wyoming.

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

23LSO-0221

ORIGINAL Senate

File No
.
SF0057

ENROLLED ACT NO. 9,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session

AN ACT relating to public funds; repealing provisions related to specified irrigation and drainage district bonds held by the state of Wyoming; providing an appropriation; extinguishing bond obligations; specifying applicability; and providing for an effective date.

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

Section 1
.

W.S. 41
‑
6
‑
201 through 41
‑
6
‑
209 are repealed.

Section 2
.

(a)

Pursuant to Article 3, Section 40 of the Wyoming Constitution, the legislature determines that any outstanding debt owed to the state on the bonds specified in this subsection is uncollectible. The state treasurer shall take all actions necessary to discharge and extinguish the following debts, including any outstanding principal and interest, as an asset or account receivable of the state of Wyoming:

(i)

The Lovell drainage district bond purchased December 23, 1932 and issued pursuant to the provisions of Wyoming revised statutes 1931, chapter 122, articles 8 and 9;

(ii)

The north bench district bond no. 2 dated July 1, 1935.

(b)

There is appropriated twenty
‑
four thousand dollars ($24,000.00) from the general fund to the common school account within the permanent land fund to restore the loss of corpus of that fund as a result of discharging and extinguishing the principal due on the Lovell drainage district bond specified in paragraph (a)(i) of this section.

Section 3.

(a)

Except as specifically provided in section 2 of this act, nothing in this act shall be construed to:

(i)

Modify or impair existing contracts, loans or bond purchases of the state of Wyoming executed before the effective date of this act;

(ii)

Release or in any way diminish the liability or obligation of any person, individual, partnership, corporation, joint stock company or any other association or entity, whether public or private, held or owned by the state of Wyoming.

Section 4
.

This act is effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1