The bill modifies the existing regulations regarding lease agreements for K-12 school facilities in Wyoming. It amends W.S. 21-3-110(a)(x)(B) to ensure that when school districts enter into lease agreements for buildings and facilities, the agreements must require sufficient payment from the lessee to cover maintenance expenses in line with statewide adequacy standards. Additionally, if a district or charter school is the lessee, the lease must stipulate that the lessor is responsible for maintaining the facilities according to the prescribed standards. The bill also mandates that the lease agreements clearly identify and separately account for funds allocated for major maintenance, which cannot be used for any other purpose without district or charter school approval.

Furthermore, the bill introduces a change in how lease payments are calculated. It specifies that any reimbursement for lease payments made by the department will be equal to the lesser of the total lease agreement amount or the average cost per square foot for comparable facilities, multiplied by the allowable square footage necessary for the educational program. This adjustment aims to ensure that lease payments are reasonable and aligned with the costs of maintaining educational facilities. The act is set to take effect on July 1, 2025.

Statutes affected:
25LSO-0221 v1.0: 21-3-110