The bill establishes a local water system funding program aimed at providing financial assistance to cities, towns, and special districts for improvements to community public water and wastewater systems. It creates new sections in the law that define the program and outline the responsibilities of the state loan and investment board, which will administer the program. The board is tasked with establishing an application process, reviewing applications, administering financial assistance, conducting annual audits, and reporting to legislative committees. Eligible projects for funding include upfront costs, planning assistance, local matching funds, and costs related to joining regional systems, among others.

Additionally, the bill modifies the distribution of revenues from the permanent Wyoming mineral trust fund reserve account. It specifies that starting in fiscal year 2025, the state treasurer will transfer unobligated funds from this account to the general fund on a quarterly basis, ensuring that a certain percentage of the previous five-year average market value of the permanent fund is available for expenditure. The bill also includes provisions for the board to borrow up to $50 million from the legislative stabilization reserve account to support the funding program, with repayment structured from annual distributions to that account. The act is effective immediately upon completion of the necessary legislative processes.

Statutes affected:
Introduced: 9-4-719