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STATE OF WYOMING Working Draft
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DRAFT ONLY
NOT APPROVED FOR
INTRODUCTION
HOUSE BILL NO.
Investment modernization-state nonpermanent funds.
Sponsored by: Select Committee on Capital Financing &
Investments
A BILL
for
1 AN ACT relating to public funds; amending specified
2 statutory funds to remove their inviolate status in order
3 to enhance their investment potential; establishing
4 spending policies for specified statutory funds; providing
5 for the investment of specified statutory funds;
6 redirecting the deposit of investment earnings into the
7 corpuses of specified statutory funds; removing specified
8 statutory funds from the pool A investment account; making
9 conforming amendments; repealing inconsistent and obsolete
10 statutory provisions; providing for the treatment of prior
11 deposits; and providing for an effective date.
12
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1 Be It Enacted by the Legislature of the State of Wyoming:
2
3 Section 1. W.S. 9-2-2302(b), 9-2-2303(a) by creating
4 a new paragraph (iv), 9-2-2304, 9-2-2306(a)(v),
5 9-2-2307(a), (b)(intro) and by creating a new subsection
6 (c), 9-15-103(a), (b) and (d), 9-15-104(e) and 9-15-105(a)
7 are amended to read:
8
9 9-2-2302. Legislative declaration.
10
11 (b) It is the purpose of this article to promote,
12 preserve and enhance Wyoming's unique cultural heritage by
13 creating a Wyoming cultural trust fund administered by a
14 trust fund board to coordinate public and private donations
15 and manage the distribution of the investment earnings
16 monies from the Wyoming cultural trust fund.
17
18 9-2-2303. Definitions.
19
20 (a) As used in this article:
21
22 (iv) "Income account" means the Wyoming cultural
23 trust fund income account created by W.S. 9-2-2304(a).
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1
2 9-2-2304. Wyoming cultural trust fund established;
3 income account established; investment by state treasurer.
4
5 (a) The Wyoming cultural trust fund is created. The
6 Wyoming cultural trust fund shall consist of those funds
7 designated to the fund by law and all monies collected from
8 federal grants and other contributions, grants, gifts,
9 bequests and donations to the cultural trust fund. The
10 Wyoming cultural trust fund income account is also hereby
11 created. The income account shall consist of those funds
12 credited to the income account pursuant to W.S. 9-2-2307(c)
13 and all other monies collected from federal grants and
14 other contributions, grants, gifts, bequests and donations
15 specifically designated to the income account.
16
17 (b) The monies deposited into the Wyoming cultural
18 resources trust fund and income account established
19 pursuant to this section are inviolate and constitute a
20 permanent or perpetual trust fund. The monies shall be
21 transmitted to the state treasurer for credit to the trust
22 fund and shall be invested by the state treasurer as
23 authorized by law and in a manner to obtain the highest net
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1 return possible consistent with the preservation of the
2 corpus or income account as required by this article. Any
3 earnings from investment of the corpus of the trust fund
4 and income account shall be credited by the state treasurer
5 into a separate account to the trust fund and distributed
6 in accordance with W.S. 9-2-2307 this article. The state
7 treasurer, or his designee, who shall be registered under
8 the Investment Advisor's Act of 1940, as amended, if
9 required to be registered by the terms of that act, as
10 amended, may invest the unobligated, unencumbered balance
11 of the trust fund in equities, including stocks of
12 corporations. Investments under this subsection shall be
13 in accordance with W.S. 9-4-715(a) and (c) through (e) and
14 W.S. 9-4-716. In adopting investment policy statements for
15 the Wyoming cultural trust fund, the state loan and
16 investment board, in consultation with the investment funds
17 committee, shall seek to preserve the balance of the trust
18 fund in a manner that strives for the highest possible
19 risk-adjusted total net return consistent with an
20 appropriate level of safety and liquidity.
21 ***********************************************************
22 STAFF COMMENT
23 Because this language (and similar language elsewhere in
24 this bill) expressly establishes the ability to invest the
25 trust fund in equities, including in stocks of
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1 corporations, Article 16, Section 6 of the Wyoming
2 Constitution will require that this bill be passed by a 2/3
3 vote of each house of the Legislature.
4
5 ***********************************************************
6
7 9-2-2306. Wyoming cultural trust fund board; duties
8 and responsibilities.
9
10 (a) The board shall:
11
12 (v) Review and monitor the expenditure of monies
13 from the trust fund income account to grantees; and
14
15 9-2-2307. Disbursement of grants.
16
17 (a) Subject to approval of applications from
18 nonprofit and governmental cultural, historical and arts
19 organizations, the board may award grants from the income
20 account to promote, preserve and enhance the unique
21 cultural heritage of Wyoming and its people.
22
23 (b) The board shall have the discretion in
24 determining the amount of money under each grant, except
25 that no grant shall be awarded until: the total amount of
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1 grants awarded in any one (1) fiscal year shall not exceed
2 the spending policy amount specified in subsection (c) of
3 this section plus additional sums as allowed under
4 paragraph (c)(ii) of this section.
5
6 (c) The amount of monies available for making grants
7 under this article in any one (1) fiscal year shall be an
8 amount equal to three percent (3%) of the five (5) year
9 average market value of the Wyoming cultural trust fund,
10 calculated from the first day of the fiscal year. This
11 amount shall constitute the spending policy for the trust
12 fund and shall, subject to legislative appropriation, be
13 annually credited from the trust fund to the income account
14 for expenditure on grants. This subsection shall be
15 subject to the following:
16
17 (i) For purposes of calculating the spending
18 policy under this subsection, the five (5) year average
19 market value of the trust fund shall be calculated as
20 follows:
21
22 (A) For fiscal year 2026, the five (5) year
23 average market value shall be equal to the market value of
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1 the trust fund, as calculated on the first day of the
2 fiscal year;
3
4 (B) For fiscal year 2027, the five (5) year
5 average market value shall be equal to the previous two (2)
6 year average market value of the trust fund, as calculated
7 on the first day of the fiscal year;
8
9 (C) For fiscal year 2028, the five (5) year
10 average market value shall be equal to the previous three
11 (3) year average market value of the trust fund, as
12 calculated on the first day of the fiscal year;
13
14 (D) For fiscal year 2029, the five (5) year
15 average market value shall be equal to the previous four
16 (4) year average market value of the trust fund, as
17 calculated on the first day of the fiscal year;
18
19 (E) For fiscal year 2030 and each fiscal
20 year thereafter, the five (5) year average market value
21 shall be equal to the previous five (5) year average market
22 value of the trust fund, as calculated on the first day of
23 the fiscal year.
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1
2 (ii) Nothing in this subsection shall be
3 construed to limit the expenditure of the following monies
4 in the income account, which expenditures shall not be
5 counted within the spending policy:
6
7 (A) Special appropriations, grants,
8 transfers, bequests or donations to the income account
9 unless the appropriation, grant, gift, transfer, bequest or
10 donation provides otherwise;
11
12 (B) Unobligated and unencumbered monies in
13 the income account that were credited to the income account
14 in a prior fiscal year as part of that year's authorized
15 spending policy;
16
17 (C) Previously obligated or encumbered
18 monies in the income account.
19
20 9-15-103. Wyoming wildlife and natural resource trust
21 account created; income account created; expenditures;
22 purposes.
23
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1 (a) A trust account is created to be known as the
2 Wyoming wildlife and natural resource trust account. The
3 trust account shall consist of those funds designated to
4 the account by law and all monies received from federal
5 grants and other contributions, grants, gifts, transfers,
6 bequests and donations to the trust account. The trust
7 account is specifically empowered to accept grants, gifts,
8 transfers, bequests and donations including those which are
9 limited in their purposes by the grantor. Title to any
10 interest in any real property conveyed to the trust account
11 shall be held in the name of the state of Wyoming and shall
12 be administered by the board of land commissioners. Funds
13 deposited within the trust account are intended to be
14 inviolate and constitute a perpetual trust account which
15 shall be invested by the state treasurer as authorized by
16 law and in a manner to obtain the highest net return
17 possible consistent with preservation of the account corpus
18 The state treasurer, or his designee, who shall be
19 registered under the Investment Advisor's Act of 1940, as
20 amended, if required to be registered by the terms of that
21 act, as amended, may invest the unobligated, unencumbered
22 balance of the trust account in equities, including stocks
23 of corporations. Investments under this subsection shall
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1 be in accordance with W.S. 9-4-715(a) and (c) through (e)
2 and W.S. 9-4-716. In adopting investment policy statements
3 for the trust account, the state loan and investment board,
4 in consultation with the investment funds committee, shall
5 seek to preserve the balance of the account in a manner
6 that strives for the highest possible risk-adjusted total
7 net return consistent with an appropriate level of safety
8 and liquidity. Earnings from the investment of the trust
9 account shall be credited to the trust account.
10
11 (b) The state treasurer shall credit to a There is
12 created the Wyoming wildlife and natural resource trust
13 income account. the earnings from investment of the trust
14 account corpus. The income account shall consist of funds
15 in the account on June 30, 2025, funds credited to the
16 account pursuant to paragraph (d)(ii) of this section and
17 all monies received from federal grants and other
18 contributions, grants, gifts, transfers, bequests and
19 donations designated to the income account, which the
20 account is hereby specifically empowered to accept and
21 which may be limited in their purposes by the grantor. The
22 legislature may, from time to time, appropriate funds
23 directly to the income account for distribution in
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1 accordance with the terms of this act Such specially
2 appropriated funds or as otherwise directed in the
3 appropriation. Earnings from the investment of the income
4 account shall be credited directly by the state treasurer
5 to the trust account created by subsection (a) of this
6 section. Funds in the income account and are available to
7 the board for the award of grants: as otherwise
8
9 (i) As permitted by this act;
10
11 (ii) As directed in a legislative appropriation;
12 or
13
14 (iii) As directed by the grantor of the funds.
15
16 (d) The board may expend funds from the income
17 account for staffing and other administrative expenses
18 authorized under this act. Additional shall be subject to
19 the following:
20
21 (i) Disbursements from the income account shall
22 be for the following purposes:
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1 (i)(A) Improvement and maintenance of
2 existing terrestrial habitat necessary to maintain optimum
3 wildlife populations;
4
5 (ii)(B) Preservation of open spaces by
6 purchase or acquisition of development rights;
7
8 (iii)(C) Improvement and maintenance of
9 existing aquatic habitat necessary to maintain optimum fish
10 populations;
11
12 (iv)(D) Acquisition of terrestrial or
13 aquatic habitat when existing habitat is determined
14 critical, or is present in minimal amounts, and acquisition
15 presents the necessary factor in attaining or preserving
16 desired wildlife or fish population levels;
17
18