This bill authorizes the issuance of state revenue bonds specifically for the construction, improvement, and maintenance of highways in Wyoming. It establishes a bond repayment account that will be funded by a portion of federal mineral royalty revenue, which will be deducted from the general fund distribution. The Wyoming Transportation Commission is empowered to issue these bonds, which will not be considered general obligations of the state, thus not constituting a debt under constitutional or statutory provisions. The bill also outlines the terms and conditions for the bonds, including their denominations, interest payments, and the ability to issue refunding bonds.

Additionally, the bill amends existing statutes to create a new paragraph that specifies the distribution of funds to the bond repayment account after certain payments are made to the general fund. It clarifies that 75% of any future bond issues for highway construction, excluding those issued under this new section, will be allocated to counties based on assessed valuations. The bill also distinguishes between bonds issued under this new section and those issued for other highway purposes, ensuring that they are treated separately. The act is set to take effect on July 1, 2027.

Statutes affected:
27LSO-0070 v0.8: 9-4-601, 24-1-119, 24-8-101