2024 24LSO-0135
STATE OF WYOMING Working Draft
0.3
DRAFT ONLY
NOT APPROVED FOR
INTRODUCTION
HOUSE BILL NO.
State funds-pool A participation and fund limits.
Sponsored by: Select Committee on Capital Financing &
Investments
A BILL
for
1 AN ACT relating to the investment of state funds;
2 specifying a minimum size for new accounts added to the
3 pool A investment account; removing specified accounts from
4 participation in the pool A investment account; and
5 providing for an effective date.
6
7 Be It Enacted by the Legislature of the State of Wyoming:
8
9 Section 1. W.S. 9-4-715(p)(intro) and 34-24-124(c)
10 are amended to read:
11
12 9-4-715. Permissible investments.
1 [Bill Number]
2024 STATE OF WYOMING 24LSO-0135
Working Draft
0.3
1
2 (p) There is created the pool A investment account.
3 The state treasurer, or his designee, which shall be
4 registered under the Investment Advisor's Act of 1940 as
5 amended if required to be registered by the terms of that
6 act as amended, pursuant to subsections (c) and (d) of this
7 section and after consultation with the state agency or
8 agencies receiving or administering investment earnings
9 from the monies invested in the pool A investment account,
10 may invest monies comprising the pool A investment account
11 in equities including stocks of corporations in accordance
12 with subsections (a) and (c) through (e) of this section
13 and W.S. 9-4-716. The state loan and investment board, in
14 consultation with the state agency or agencies receiving or
15 administering investment earnings from the monies invested
16 in the pool A investment account, shall annually review the
17 state investment policy statements for the investment pool
18 created by this subsection as required under W.S. 9-4-716.
19 On and after July 1, 2024, any new fund or account that is
20 added to the pool A investment account shall have a market
21 value of not less than five million dollars ($5,000,000.00)
22 as calculated on the date the fund or account is added to
2 [Bill Number]
2024 STATE OF WYOMING 24LSO-0135
Working Draft
0.3
1 the pool A investment account. Monies in the following
2 funds shall be invested in the pool A investment account:
3
4 ***********************************************************
5 STAFF COMMENT
6 The Committee may want to consider whether any account
7 added to Pool A should be required to maintain a balance of
8 at least $5 million dollars, or whether it is sufficient
9 that the account, when deposited in Pool A, has an initial
10 value of $5 million dollars.
11 ***********************************************************
12
13 (viii) Not more than fifty percent (50%) of all
14 funds received under the Uniform Unclaimed Property Act
15 that are deposited into the unclaimed property account
16 created by W.S. 34-24-124, excluding investment earnings
17 from the account.
18
19 (xii) The Wyoming national guard youth challenge
20 program endowment account created by W.S. 19-7-207;
21 ***********************************************************
22 STAFF COMMENT
23 The two accounts shown as stricken above are removed from
24 Pool A because they were never invested in Pool A or were
25 never funded. This stricken language is included for the
26 Committee's convenience and will not be included in a
27 final, formal draft of this bill.
28 ***********************************************************
29
30 34-24-124. Deposit of funds; investment of funds;
31 loans; immunity from liability.
3 [Bill Number]
2024 STATE OF WYOMING 24LSO-0135
Working Draft
0.3
1 (c) An action or proceeding shall not be commenced
2 against the state, the administrator or his designee
3 because of an act of the administrator under this section
4 or under W.S. 9-4-715(p)(viii) involving the investment of
5 unclaimed property funds.
6
7 Section 2. W.S. 9-4-715(p)(viii) and (xii) is
8 repealed.
9 ***********************************************************
10 STAFF COMMENT
11 The Committee may want to inquire with the State Treasurer
12 whether paragraph (ix) (the voluntary pool program
13 subaccount with the emergency water projects account)
14 should also be repealed and removed from pool A. There has
15 been some testimony that this subaccount has a zero balance
16 in pool A, but it is unclear whether removing this
17 subaccount is advantageous or advisable.
18 ***********************************************************
19 ***********************************************************
20 STAFF COMMENT
21 Section 2 formally removes funds from the unclaimed
22 property account and funds in the Wyoming national guard
23 youth challenge program endowment account from being
24 invested in pool A.
25
26 ***********************************************************
27 ***********************************************************
28 STAFF COMMENT
29 The Committee may want to inquire with the State Treasurer
30 whether it is necessary to provide language in this
31 legislation that directs the Treasurer to: (1) divest any
32 funds from the two repealed accounts, which funds are
33 invested in pool A, on July 1, 2024; and (2) specify that,
34 after July 1, 2024, investments for the two repealed
35 accounts shall be in accordance with law. LSO believes
36 that these provisions are likely unnecessary since the two
4 [Bill Number]
2024 STATE OF WYOMING 24LSO-0135
Working Draft
0.3
1 repealed accounts have never been invested in pool A and
2 have always relied on other investment authority to guide
3 the ways in which they are invested.
4 ***********************************************************
5
6 Section 3. This act is effective July 1, 2024.
7
8 (END)
5 [Bill Number]
Statutes affected: 24LSO-0135 v0.3: 9-4-715, 34-24-124