This bill authorizes local governments in Wyoming to invest directly in equities, such as stocks of corporations, under specific conditions. It establishes new sections, W.S. 9-4-1401 and 9-4-1402, which define "local government" and outline the requirements for investing local government funds in equities. Key stipulations include that investments must be managed by individuals with at least ten years of investment experience and a significant portfolio, and that local governments can only invest up to 30% of their available reserves. Additionally, earnings from these investments can be reinvested without counting towards the investment limits.

The bill also mandates that local governments report on their investments and specify the disposition of earnings through appropriate ordinances or resolutions. It includes provisions for the timing of crediting earnings to local government accounts and allows for earlier crediting in consultation with an investment advisory committee. The act is set to take effect on July 1, 2025.