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24LSO-0585
2024
STATE OF WYOMING
24LSO-0585
Numbered
2.0
HOUSE BILL NO. HB0221
Wyoming Community Development Authority-bond investment.
Sponsored by: Representative(s) Harshman and Walters and Senator(s) Barlow
A BILL
for
AN ACT relating to investment of public funds; authorizing the state treasurer to invest in Wyoming community development authority bonds as specified; specifying a sunset date; 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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4
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719(b)(intro), 9
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4
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831 by creating a new subsection (n) and 9
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7
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107 by creating a new subsection (j) are amended to read:
9
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4
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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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4
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715(a), (d), (e) and (r)
, 9
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4
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831(n) and 9
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7
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107(j),
and all investment earnings from the account shall be credited to the account.
Except for funds specified by the legislature that guarantee the obligations of permanent Wyoming mineral trust fund investment earnings and funds to be transferred into the permanent Wyoming mineral trust fund, funds deposited into the reserve account created by this subsection are intended to be inviolate and constitute a permanent or perpetual trust fund. Beginning July 1, 2021 for fiscal year 2022 and each fiscal year thereafter, to the extent funds are available, the state treasurer shall transfer unobligated funds from this account to the general fund on a quarterly, pro
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rata basis 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 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 paragraphs (i) and (ii) of this subsection, revenues in this account in excess of two hundred forty
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five percent (245%) 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:
9
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4
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831.
Investment of public funds.
(n)
The state treasurer may invest in bonds of the Wyoming community development authority, as authorized by W.S. 9
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7
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107(j).
9
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7
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107.
Community development authority; revenue bonds; issuance.
(j)
The state treasurer is authorized to invest and keep invested a sum not to exceed sixty million dollars ($60,000,000.00), from the permanent Wyoming mineral trust fund reserve account, in bonds issued by the authority to finance loans made to first
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time homebuyers at an interest rate not to exceed three and one-half percent (3.5%).
This subsection is repealed effective July 1, 2029.
Section 2.
This act is effective July 1, 2024
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(END)
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HB0221