WORKING DRAFT

HOUSE BILL NO.      

Capital construction financing.

Sponsored by: Representative(s)  HDRAFT

A BILL

for

AN ACT relating to state capital construction; creating a capital financing commission; specifying composition, powers and duties of the commission; eliminating state building commission; assigning functions and duties of the state building commission to the state loan and investment board and capital financing commission; combining certain state bonding authority provisions; repealing and amending certain existing state bonding authority provisions; amending mineral royalty revenue distribution relating to capital construction; imposing an additional fuel tax; providing for distribution of the additional tax; providing an appropriation; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

***  STAFF COMMENTS ***

This is a concept/discussion draft which tries to put forth the various decisions to be made in attempting to create a new capital financing commission.  It creates that new commission and eliminates the state building commission.  Duties of the building commission relating to use of state buildings are assigned to the state loan and investment board (comprised of the same officials acting under a different title). Duties of the building commission relating to assessing state building needs and financing those and other state capital construction needs are assigned to the new commission.

Generally, bonding authority for state projects is placed under the new commission; this includes school capcon (which in the school capital construction bill remains with the state loan and investment board).

The issuance of "GARVEE" bonds for highway construction and aeronautics is assigned to the transportation commission as in the school capital construction bill.

Bonding authority currently granted to the state loan and investment board for the local government loan and grant program is repealed. The funding and the grant and loan program themselves are not affected.  Bonding authority granted to the SLIB for state capital construction projects is transferred to the new commission.

Authority of the SLIB to issue nonnegotiable debenture bonds for other programs (such as farm loans, water development, Hot Springs State Park loans) is not changed.  Likewise, independent authorities issuing revenue bonds for specific programs, such as WCDA and the Natural Gas Pipeline Authority are not affected. 

Other unused bonding authorities, e.g., Yellowstone Park Commission, highway bonds (which appear to be general obligation bonds) are repealed.

Coal lease bonus funds currently directed to the school capital construction fund would be redirected to a new capital construction account where they could be used to fund state capital construction projects at the recommendation of  the new commission and as determined by the legislature.

This draft is separated into various issues for discussion at the Committee meeting.  They would need to be rearranged and conforming amendments made, should the bill be sponsored. 

***  STAFF COMMENTS ***

The following sections (9-5-401 through 9-5-411) create a new Wyoming capital financing commission, patterned after the Wyoming water development commission and the community development authority statutes.  Many of the provisions for SLIB bonding authority are placed with the capital financing commission. 

ARTICLE 4

WYOMING CAPITAL FINANCING COMMISSION

9-5-401.  Definitions.

(a)  As used in this act:

(i)  "Bonds" means notes, warrants, bonds, temporary bonds and anticipation notes issued by the commission pursuant to this act;

(ii)  "Commission" means the Wyoming capital financing commission;

(iii)  "Project" means the repair, renovation, construction or leasing of a state building or facility identified by the commission for funding pursuant to W.S. 9-5-107 and 9-5-108 and W.S. 21-15-108.  The term "project" includes real and personal, tangible or intangible, property in connection therewith, or any interest therein or combination thereof, or any portion of a project;

(iv)  "Project cost" means the sum total of costs which the commission deems necessary for financing and carrying out a project;

(v)  "State agency" means any office or instrumentality of the state;

(vi)  "School project" means any capital construction project for which state funding is provided pursuant to W.S. 21-15-111 and 21-15-112;

(vii)  "State project" means any project other than a school project;

(viii)  "This act" means W.S. 9-5-401 through 9-5-412.

9-5-402.  Capital financing commission; membership; removal; terms; salary.

(a)  The capital financing commission is created to consist of seven (7) members. The membership shall be appointed by the governor with the advice and consent of the senate, and may be removed by the governor as provided in W.S. 9-1-202.  Not more than four (4) members shall be of the same political party.  Appointments are for a term of four (4) years.  Four (4) of the first appointees shall serve two (2) year terms and three (3) appointees shall serve four (4) year terms.  No person shall be appointed for more than two (2) consecutive terms.

(b)  The commission shall biennially elect a chairman and a secretary from its members.

(c)  Commission members shall receive a salary of fifty dollars ($50.00) per day and actual and necessary traveling expenses while away from home while engaged in the performance of commission duties.

9-5-403.  Powers; duties; staff..

(a)  The commission shall:

(i)  Meet quarterly and as necessary and as the governor may direct;

(ii)  Review and approve plans, specifications, designs and cost estimates for the construction, reconstruction, rehabilitation, improvement, alteration or repair of any state project;

(iii)  Establish and adjust priorities for state projects in accordance with W.S. 9-5-107 through 9-5-109;

(iv)  Submit an annual report of its activities, expenses and recommendations and other items to the governor and the legislature;

(v)  Adopt rules and regulations to implement the provisions of this act, W.S. 9-5-107 through 9-5-109 and its functions under W.S. 21-15-108;

(vi)  Have authority to contract for professional, financial and technical assistance upon approval of the governor;

(vii)  Mortgage or pledge any or all revenue as authorized by law as security for the payment of the principal and interest on any bonds issued and any agreements made in connection therewith;

(viii)  In addition to other reports required, with each bond issuance, also report to the state treasurer in such form as the treasurer may require, the terms of all bonds issued, including the maturity of the issuance and revenues pledged for the issuance and prior issuances;

(ix)  Advise and assist the state transportation commission regarding the issuance of bonds pursuant to W.S. 24-8-201 through 24-8-207 and 9-4-608, as requested by the transportation commission;

(x)  Perform other duties as directed by law.

(b)  The commission shall employ a director who shall have demonstrated competency in capital construction financing.  The director shall receive an annual salary determined by the commission and may be removed from office by the commission or the governor as provided under W.S. 9-1-202(b).  In addition to other powers granted under this act, the director may hire necessary staff as approved by legislative appropriation and shall provide administrative support to the commission and carry out this act under the direction of the commission.

(c)  Any member of the commission who has a personal or private interest in any matter proposed or pending before the commission shall publicly disclose this fact to the commission and shall not vote thereon.

(d)  The promulgation of criteria and decisions of the commission relating to the recommendation and prioritization of projects under this act and W.S. 9-5-107 through 9-5-109 are specifically exempt from all provisions of the Wyoming Administrative Procedure Act including provisions for judicial review under W.S. 16-3-114 and 16-3-115.  The commission shall promulgate rules for the consideration of public comment as provided in W.S. 9-5-107.

9-5-404.  Capital financing commission; revenue bonds; issuance.

(a)  Subject to W.S. 9-5-405, the commission may issue bonds in principal amounts the commission determines necessary to provide sufficient funds for achieving any of its purposes, including the payment of interest, the establishment of reserves and for the purpose of defraying all other project costs. All bonds issued under this act are negotiable instruments under the laws of the state unless expressly provided to the contrary on the face of the bonds.

(b)  All bonds issued by the commission are payable solely out of special funds consisting of all or part of revenues as authorized by the legislature and designated in the proceedings under which the bonds are authorized. The bonds shall bear interest at the rates, be executed and delivered at times and in denominations, be of terms and maturities, be in bearer form or in registered form as to principal and interest or principal alone, and bear manual or facsimile signatures and seals as determined by the commission.

(c)  Bonds may be payable in installments and may bear maturities not exceeding forty-five (45) years from the date issued as determined by the commission.

(d)  As determined by the commission, bonds and interest may be payable at a time or place whether within or without the state. Bonds may contain other provisions not inconsistent with this act.

(e)  Any bonds issued by the commission may contain an option to redeem all or any part as may be specified. The price of redemption, the terms and conditions and the procedure of notice shall be set forth in the proceedings of the commission and may appear on the face of the bonds.

(f)  Any bonds of the commission may be sold at, above or below par value, at public or private sale, in a manner and from time to time as determined by the commission. The commission may pay legal fees, expenses, premiums and commissions which it finds necessary or advantageous in connection with the issuance and sale.

(g)  Additional bonds for a particular purpose may be issued provided the later issues shall recognize and protect any prior pledge made for any prior issue. 

(h)  The commission may provide for the issuance of its bonds to refund any bonds of the commission then outstanding, including the payment of any redemption premium and any interest or premium accrued or to accrue to, the earliest or subsequent date of redemption, purchase or maturity of the bonds and, if determined advisable by the commission, for the purpose of paying any part of the cost of acquiring, purchasing, constructing, reconstructing or improving any project. Refunding shall be accomplished in the manner prescribed by W.S. 16-5-101 through 16-5-119 to the extent it is not inconsistent with this act, except any refunding revenue bonds authorized by the commission shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation or be considered general obligations of the state. The principal amount of any bonds which have been refunded need not be taken into account in computing compliance with the maximum amounts of bonds authorized to be issued by W.S. 9-5-405.

9-5-405.  Capital financing commission; revenue bonds; amount authorized.

(a)  The commission may issue and have outstanding revenue bonds for projects authorized by the legislature pursuant to W.S. 9-4-107 through 9-4-109, in an aggregate amount of up to one hundred five million dollars ($105,000,000.00).  The amount of any unpaid bonds of issued by the state loan and investment board pursuant to W.S. 9-5-605 shall be deducted from the aggregate amount authorized under this subsection.

(b)  In addition to the amount authorized by any other subsection of this section, the commission may issue and have outstanding revenue bonds for school capital construction in an aggregate amount of up to seven hundred eight million dollars ($708,000,000.00) as provided by W.S. 21-15-108.  Bonds issued pursuant to this subsection shall be subject to the provisions of 21-15-108.

(c) In addition to the amount authorized by any other subsection of this section, the commission may issue and have outstanding worker's compensation revenue bonds pursuant to W.S. 27-14-704 in an aggregate amount of up to two hundred million dollars ($200,000,000.00).  Bonds issued pursuant to this subsection shall be subject to the provisions of 27-14-704.

(d)  In addition to the amount authorized by any other subsection of this section, the commission may issue and have outstanding revenue bonds pursuant to W.S. 41-2-301.  Bonds issued pursuant to this subsection shall be subject to the provisions of 41-2-301.

(e)  To the extent the provisions of 21-15-108, 27-14-704 or 41-2-301 conflict with this act, the specified provisions shall control.  Only revenues authorized under 21-15-108, 27-14-704 or 41-2-301 may be pledged for bonds issued pursuant to those sections and no revenues authorized under those sections shall be pledged for other bonds of the commission.

9-5-406.  Capital financing commission; revenue bonds; security therefor.

(a)  The principal and interest on any bonds issued by the commission may be secured by a pledge of any revenues authorized by law for the applicable bonds. The bondholders may not look to any general or other fund for payment of the bonds except the revenues pledged therefor. The bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The bonds shall not be considered or held to be general obligations of the state but shall constitute its special obligations and the commission shall not pledge the state's full faith and credit for payment of the bonds.

(b)  Each pledge, agreement or other instrument made for the benefit or security of any bonds of the commission is valid and binding from the time when made. The revenues and other monies pledged are immediately subject to the lien of the pledge without delivery or further act. The lien is valid and binding against persons having claims of any kind against the commission whether or not the persons have actual notice of the lien. Neither the resolution nor the indenture or other instrument by which a pledge is created need be recorded or filed.

(c)  The commission may provide in the proceedings under which bonds are authorized that any part or all of any project may be constructed, reconstructed or improved by the commission or designee of the commission, and may also provide for the time and manner of and requisites for disbursements to be made for the cost of construction and for all the certificates and approvals of construction and disbursements as the commission considers necessary.

(d)  Any resolution or trust indenture under which bonds of the commission are authorized may contain provisions for vesting in a trustee the properties, rights, powers and duties in trust as the commission determines.

9-5-407.  Revenue bonds; debt service reserve funds; use of monies therein.

(a)  Prior to the delivery of each bond issue, the commission may create one (1) or more debt service reserve funds and, at the time the commission determines, shall pay into the funds an amount, as determined by the commission, from:

(i)  Proceeds of sale of bonds to the extent provided in the resolution of the commission authorizing the issuance; and

(ii)  Other monies which may be received or made available to the commission for the purposes of funds from any other source.

(b)  Unless otherwise provided, the monies held in or credited to any debt service reserve fund established under this section shall be used solely for the payment of the principal of bonds of the commission secured by the reserve fund, as the bonds mature or are redeemed prior to maturity, the purchase of such bonds of the commission, the payment of interest on such bonds of the commission or the payment of any redemption premium required to be paid when the bonds are redeemed prior to maturity. Subject to legislative appropriation, the interest earned on the amount deposited in any reserve fund may be used for the purpose of defraying the cost of the commission's operations. Money in any debt service reserve fund shall not be withdrawn if it would reduce the amount of the fund to less than the amount which is pledged in the proceedings authorizing the issuance of the bonds secured by the debt service reserve fund, except for the purpose of paying principal and interest on bonds maturing and becoming due, and for the payment of which other monies of the commission are not available.

(c) Prior to distribution to the public school foundation program account under W.S. 9-4-601(a)(ii), sufficient revenues for the purposes of bonds issued pursuant to W.S. 9-5-405(a) shall be deducted therefrom and credited to a bond repayment account pursuant to the terms of the resolution, indenture or other appropriate proceeding authorizing the issuance of revenue bonds under this section.  The revenues deducted shall be used first as needed to meet the provisions of W.S. 9-4-605, then as provided by this subsection. The balance of the revenues shall be credited to the public school foundation program account.

9-5-408. Revenue bonds; disposition of monies received.

(a)  Monies received pursuant to the commission's issuance of bonds, whether as proceeds from the sale of bonds or as revenues, receipts or income, shall be held as trust funds to be applied solely as provided in the proceedings under which the bonds are authorized.

(b)  Pending expenditure, the state treasurer shall invest bond proceeds under this act in a manner which complies with all requirements of the internal revenue service and the bond indenture to insure the bonds will remain tax free investments.

9-5-409.  Bonds as legal investments.

The bonds of the commission are legal investments which may be used as collateral for public funds of the state, insurance companies, banks, savings and loan associations, investment companies, trustees and other fiduciaries which may properly and legally invest funds in their control or belonging to them in bonds of the commission.

9-5-410.  State pledge not to impair bondholder's rights and remedies.

The state pledges to the holders of any bonds lawfully issued by the commission, that the state will not limit or alter the rights vested in the commission to fulfill the terms of agreements made with the holders, or in any way impair the rights and remedies of the holders until the bonds together with the interest, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of the holders are fully met and discharged. The commission is authorized to include this pledge of the state in any agreement with the holders of the bonds.

9-5-411.  Assistance by state agencies.

Upon request of the commission, any state agency may lend technical assistance, render advice and attend meetings with the members, director and employees of the commission as the commission requires in carrying out its functions and duties.

9-5-412.  Account created within earmarked revenue fund; unexpended balance.

  There is created within the earmarked revenue fund a state capital construction account.  The state treasurer shall deposit in the account revenues as provided by W.S. 9-4-601(b)(i) and (iv).  Interest earned on funds within the account shall be credited to the account.  The commission shall recommend expenditures from the account for purposes of this article and may expend funds from the account as appropriated by the legislature.

***  STAFF COMMENTS ***

The next sections address the combining of the SLIB and the state building commission.  Most of the changes are purely name changes and conforming amendments.  The SLIB takes over the "day to day" operations of state buildings, while the new commission takes over the, lease, purchase and assessment of state buildings and recommendations for state buildings needs.  Most of the administrative duties relating to building operations would remain with the department of administration and information.

Section 1.  W.S. 9-2-1016(b)(viii), (xix) and (xx), 9-5-101(b) and (c), 9-5-102, 9-5-103, 9-5-104(a), (b)(intro) and (i), 9-5-105, 9-5-106, 9-5-107(a),(b),(c),(d)(intro),(e) and (f),  9-5-108, 21-15-112(a), 24-2-109(b)(iii), 28-11-201(b)(iii) are amended to read:

9-2-1016.  General services division.

(b)  For the purpose of this subsection the term "agencies" does not include the University of Wyoming, community college districts, or school districts. It does not include the department of transportation except as to paragraphs (xi), (xii) and (xiii) of this subsection. The department through the general services division shall:

(viii)  Supervise and approve disposition by sale or trade-in of all agencies' property which has been deemed to be no longer cost effective to the state. Real property in excess of forty (40) acres in one (1) tract or valued at fifteen thousand dollars ($15,000.00) or more shall not be disposed of at less than current appraised value as authorized in accordance with rules of the state building commission loan and investment board. No other property shall be disposed of at less than fair market value either for cash or in exchange for credit upon purchase of new property. All sales shall be public and based upon adequate notice except that state owned motor vehicles may be sold at public or dealer auction and except that for the first thirty (30) days after acquisition, any personal property may be made available to those entities qualifying under federal surplus property guidelines through the state surplus property warehouse. The proceeds of sale, less costs of sale, shall be remitted to the treasurer for the benefit of the fund from which the property was purchased. This paragraph shall not apply to, nor shall the department or the state building commissionloan and investment board approve or supervise the disposition of land by the state transportation commission;

(xix)  Lease all property for the state in accordance with rules of the state building capital financing commission.  Leasing of property by the state shall be conducted on a bid and proposal basis with advertising of space needs and square footage in community or local newspapers.  Leasing contracts may be entered into by noncompetitive negotiation only if:

(xx)  Maintain, repair and replace all state property in accordance with rules of the state building commission loan and investment board;

9-5-101.  State loan and investment board; duties composition; general powers and duties; conflicts of interest.

(b)  The state building commissionloan and investment board shall promulgate rules under which the general services division has charge and control of the capitol building with respect to its occupancy, repair and maintenance and shall collect all rents arising from the occupancy of the capitol building. All rents collected under this section shall be paid into the general fund.

(c)  No member of the state building commissionloan and investment board or capital financing commission shall:

(i)  Have a financial interest in any contract entered into or made by the commission or board or by the general services division;

(ii)  Be a surety on any bond conditioned for the performance of any contract entered into or made by the commission or board or by the general services division;

(iii)  Be an agent of any contractor on any contract entered into or made by the commission or board or by the general services division.

9-5-102.  Buy and lease of property; acceptance of donations, grants and devises.

(a)  In order to obtain building sites for additional office space and state uses and to insure the proper keeping of valuable state records and provide for the expansion of functions of the state, the general services division, with the approval of the state building capital financing commission, may buy, take options to buy and lease property to be used for building sites for future state office buildings. The general services division, with the approval of the commission may lease acquired property until it is needed. The general services division, with the approval of the state building commission, in cooperation with the department of employment, may acquire lands and buildings in the name of the state of Wyoming by purchase, lease agreement, gift or devise to provide suitable quarters for the administration of the Wyoming Employment Security Law and to develop improvements, maintain and repair the lands and buildings.

(b)  To accomplish the purposes of subsection (a) of this section the general services division, with the approval of the state building capital financing commission, may accept donations, grants-in-aid and devises.

9-5-103.  Supervision and control of governor's residence.

The governor's residence and the buildings, grounds and property thereto attached belonging to the state of Wyoming are under the supervision and control of the state building commission loan and investment board. 

9-5-104.  State office buildings; authority to maintain; rental; use of proceeds.

(a)  The general services division, in accordance with rules of the state building commission loan and investment board, may maintain, operate, lease, manage and equip state office buildings in Wyoming.  The division may lease state office buildings in Wyoming in accordance with rules of the capital financing commission.

(b)  Every department occupying space in a building authorized under subsection (a) of this section, if required to do so by the general services division, in accordance with rules of the state building commission loan and investment board, shall pay to the state treasurer an annual rental plus a pro rata share of maintenance, janitorial services, utilities and other overhead costs necessary to maintain the building in as good a condition as reasonable and proper use will permit. Payments shall be made to the state treasurer for deposit into a fund within the internal service fund to be allocated as follows:

(i)  An amount as determined by the capital building commissionstate loan and investment board into the revenue utilities and custodial account to be appropriated by the legislature for payment of utilities and custodial services only; and

9-5-105.  Purchase or lease of state lands and buildings; state capital financing commission.

(a)  Before purchasing any land for any state purpose, the state agency or board shall, in accordance with rules of the state building financing commission, determine if any land owned by the state is available and could be used for the state purpose. The agency or board shall, in accordance with rules of the state building financing commission, negotiate with the agency or board owning or controlling the land for purchase or lease of the lands.

(b)  Any state agency, assigned the operation, management or use of a state leased or owned building by statute shall follow rules of the state building commission loan and investment board regarding to the operation, management and use of the building unless the agency adopts rules different than those of the commissionboard in accordance with the provisions of W.S. 9-5-106.

9-5-106.  State loan and investment board; powers relative to use of state buildings; rules authorized; exceptions.

(a)  The state building commissionloan and investment board is authorized to adopt rules and regulations relative to the operation, management and use of any state leased or owned building. If the operation, management and use of a state leased or owned building is assigned by statute to any other state agency that agency may adopt rules and regulations relative to the operation, management and use of the building different than those of the commission board.

(b)  The secretary to the commission under W.S. 9-2-1016(b)(xxi) administrator of the general services division of the department of administration and information shall administratively implement any rules of the state building commissionloan and investment board adopted under this section.  The director of the department of administration and information may adopt rules and regulations which make violation of rules adopted by the commissionboard under subsection (a) of this section grounds for disciplinary action for any state employee violating the rules of the state building commissionboard regarding operation, management or use of state buildings.

(d)  No rule promulgated under W.S. 9-5-101 through 9-5-1089-5-106 shall apply to facilities occupied by:

***  STAFF COMMENTS ***

The amendments to W.S. 9-5-107 and 108 following address the comprehensive needs assessment of all state owned buildings.  In addition to placing the issue under the capital financing commission, the amendments make the substantive changes of:

     (1)  Removing the authority of certain state agencies such as game and fish, transportation and institutions from adopting separate rules for capital construction needs assessments.  The University and community colleges may still adopt their own assessment rules, using the financing commission's rules as guidelines.  UW and community college needs assessments would be included in the financing commission's report to the legislature.

     (2)  The commission would be required to make funding recommendations for building capcon to the legislature – recommending direct appropriation, bonding, capital leasing or any combination.  Included in this recommendation would be recommended funding to carry out the needs assessment and scoping duties.

     (3)  UW and community college projects are not required to be included on the prioritization list of the commission, but can be if requested and the commission agrees.

(4)  Explicitly adding capital leasing as a recommendation option for state buildings generally.

9-5-107.  General services division; duties and responsibilities with respect to state buildings; state capital construction needs assessment and priorities.

(a)  The general services division of the department of administration and information shall, subject to the direction of the state building commission andcapital financing commission shall, with the assistance of other state agencies as necessary, conduct and maintain a comprehensive needs assessment of existing state buildings and of future space and facility requirements for state agencies.  The assessment shall be conducted in accordance with rules of the state building commission adopted pursuant to subsection (d) of this section and be designed to provide uniform statewide data describing the condition of state buildings and projecting building longevity and space requirements.  Through the identification of building conditions and needs, the assessment shall enable the evaluation of capital construction and renovation requirements for all state buildings.  The needs assessment shall be revised annually on or before October 1 of each year.  The needs assessment shall specify construction and renovation requirements for the remainder of the current fiscal year and the succeeding four (4) fiscal years. 

(b)  On or before November 1 of each year and based upon the statewide needs assessment of state buildings performed under subsection (a) of this section, the state building commission shall establish and prioritize construction and renovation needs for state buildings. The listing shall specifically identify and prioritize those buildings in need of building construction or renovation and the estimated costs of required construction or renovation during the current fiscal year and during the succeeding four (4) fiscal years.  The listing shall include information on building needs of the University of Wyoming and community college districts submitted pursuant to subsection (e) of this section. Building needs of the University and community college districts may be included within the commission's recommendations for funding under this section, but nothing in this section shall limit the University or community college districts from prioritizing and funding building needs independently from this section. The listing shall contain a budget recommendation to implement this section and to fulfill the needs on the list, through any combination of the following financing alternatives:

(i)  Appropriations to directly pay project expenses;

(ii)  Proceeds from state revenue bonds issued under W.S. 9-5-405(a) for payment of project expenses;

(iii)  Capital leasing in accordance with W.S. 9-5-109.

(d)  The state building commission shall adopt rules implementing policies for the management of state buildings.  The rules shall establish:

(e)  Except as otherwise provided, rules and procedures adopted under this section by the state building commission shall be applicable to all state owned buildings.unless the operation, management and use of the building has been assigned by statute to a specific state agency.  The agency responsible for the operation and management of a state building exempted by the provisions of this subsection,Community college districts and the University of Wyoming shall not be subject to rules and procedures of the commission adopted under this section but shall provide the assessment required by subsections (a) through (c) of this section to the state building commission for inclusion in the commission's report to the legislature.  The rules adopted by the commission under subsection (d) of this section shall be used as guidelines for the management of state buildings assigned by statute to other state agencies including the University of Wyoming,and community college districts., department of transportation, game and fish commission and state institutions.

(f)  The state building commission shall meet at least quarterly and shall promulgate rules specifying procedures under which public comment may be received regarding any actions of the commission, excluding promulgation of rules to which the Wyoming Administrative Procedure Act is applicable.

(g)  As used in this section, W.S. 9-5-108 and 9-5-109:

(i) "Commission" means the Wyoming capital financing commission established pursuant to W.S. 9-5-402;

(ii)  "Building" or "project" includes any state project as defined in W.S. 9-5-401.

9-5-108.  Development of building projects; rehabilitation of building projects.

(e)  As used in this section, "project" means any public building and all works and facilities necessary for the planning, construction and utilization of a state owned public building, including the improvement of any feature, facility, function or portion of a project.  "Project" does not include those projects for which the operation, management and use of the building, works or the facility has been assigned by law to a specific state agency 

(f)  Projects of the University of Wyoming and community college districts shall not be subject to the provisions of this section, unless the governing body of the University or community college district requests and the commission agrees to include the project in the construction program under this section.

***  STAFF COMMENTS ***

The following new section specifies financing recommendations and requirements for any leasing of capital assets by the capital financing commission. The requirements for lease provisions are taken from the prison leasing arrangement requirements.  The governor's budget is to contain recommendations for school capcon financing and state capcon financing based upon recommendations of the new commission.

Section 2.  W.S. 9-5-109 is created to read:

9-5-109.  Financing recommendations.

(a)  In making recommendations for financing pursuant to W.S. 9-5-107(b), the commission shall specify the amount of appropriation or bonding authority required for each recommended project.  If additional bonding authority is required under a recommendation, the type and amount of authority shall be specified.  If capital leasing is recommended, the term of the lease, approximate amount of lease payments, purchase option and other payments shall be specified.  Any recommended lease shall be in accordance with the following:

(i)  The lessor shall be a nonprofit corporation formed under the Wyoming Nonprofit Corporation Act, that is separate from the state;

(ii)  The commission or the state loan and investment board shall have the right to approve the articles of incorporation of the lessor and the members of the board of directors of the lessor;

(iii)  The lease shall be terminable, without penalty, at the sole option of the lessee;

(iv)  Any option to purchase under the lease shall be at the sole discretion of the lessee;

(v)  The financing for the land, building, equipment or other capital asset to be leased under the lease may only involve private funds and may not involve the creation of any indebtedness or debt within the meaning of any constitutional or statutory provision or limitation;

(vi)  The lessee shall not pledge the lessee's full faith and credit for any payments under the lease or any financing thereof;

(vii)  The obligations of the lessee under the lease shall constitute a special obligation of the lessee and may be paid only from sources authorized by the legislature and may be terminated, without penalty or recourse against the lessee, in the event that the legislature fails to appropriate sufficient funds to meet the financial obligations under the lease;

(viii)  No bonds or other obligations of the lessor shall constitute an indebtedness, legal, moral or otherwise, result in a pecuniary obligation, legal, moral or otherwise, or constitute a pledge of or charge, legal, moral or otherwise, against the faith or credit of the lessor, the state, any department, agency, board, commission or political subdivision of the state, any instrumentality of any of the foregoing or any public body corporate or other public body created by or pursuant to the constitution or statutes of the state;

(ix)  The obligations of the lessee to make any payments due under the lease in any fiscal year shall be limited to funds appropriated by the legislature for that fiscal year and no appropriation by the legislature of funds to make payments due under the lease for any fiscal year shall constitute, or be construed to create, any obligation, legal, moral or otherwise, by the lessee to appropriate funds to make any payments due under the lease for any other fiscal year or constitute an indebtedness, legal, moral or otherwise, result in a pecuniary obligation, legal, moral or otherwise, or constitute a pledge of or charge, legal, moral or otherwise, against the faith or credit of the lessor, the state, any department, agency, board, commission or political subdivision of the state, any instrumentality of any of the foregoing or any public body corporate or other public body created by or pursuant to the constitution or statutes of the state; and

(x)  The lease shall provide that all bonds or any other obligations of the lessor relating to the land, building, equipment or other capital asset to be leased under the lease contain disclaimers describing the limitations set forth in paragraphs (iii) through (ix) of this subsection.

9-2-1013.  State budget; distribution of copies to legislators; copies and reports of authorizations.

(d)  In addition to the items contained in subsection (a) of this section and notwithstanding any other recommendations made by the governor, the state budget shall also include the governor's recommendations for appropriations for the ensuing two (2) years, or if a supplemental budget request, the remainder of the budget period, subject to the following:

(i)  The state budget shall include the governor's recommendations for a total appropriation from the school foundation program account and based upon recommendations of the state capital financing commission under W.S. 21-15-108, a total appropriation for school capital construction purposes for both fiscal years;

(vi)  The state budget shall include the governor's recommendations for a total appropriation from the state capital construction account established 9-5-412 and appropriations or additional bonding authority based upon recommendations of the state capital financing commission under W.S. 21-15-108 and W.S. 9-5-109 for both fiscal years;

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The remaining provisions in this section contain conforming/name change amendments.

9-2-1704.  Reorganization plan; structure; time frame.

(d)  The entities of state government specified in this subsection are designated as separate operating agencies, which are separate and distinct from the departments and offices specified in subsection (a) of this section because of their quasi-judicial responsibility or because of their unique, specialized function which precludes their inclusion in another department. This act does not otherwise apply to separate operating agencies. Separate operating agencies are as follows:

(xv)  State capital financing commission established under W.S. 9-5-402.

21-15-112.  Leasing of capital assets.

(a)  The state superintendent of public instruction, solely for the purpose of ensuring adequate facilities are available to school districts, and any school district, may lease any land, building, equipment or other capital asset from the nonprofit corporation approved by the state building commission pursuant to 1997 Wyoming session laws, chapter 94, section 3, as amended by 1998 Wyoming session laws, chapter 35, or approved by the capital financing commission or state loan and investment board pursuant to W.S. 9-5-109 subject to the following conditions:

24-2-109.  Designation of state highways; vesting of county interest in state; commission authorized to acquire severed portions of land; land to be sold.

(b)  Pursuant to W.S. 24-2-102:

(iii)  Any parcel of land acquired pursuant to paragraph (b)(ii) of this section and not otherwise used for highway purposes or traded for land used for highway purposes shall be offered for sale within two (2) years from the date of the completion of the project for which it was acquired. After written notice to the state building capital financing commission and state loan and investment board, the sale or disposition of this land shall be in accordance with rules and regulations adopted by the transportation commission.

28-11-201.  Appointment of members; powers and duties.

(b)  The select committee shall:

(iii)  Monitor the establishment and implementation of state capital financing policy by the state building commissionloan and investment board, Wyoming capital financing commission and any other state entity charged with capital financing;

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The next sections contain reference changes relating to the consolidation of bonding authority under the commission. 

9-4-601.  Distribution and use; funds, accounts, cities and towns benefited; exception for bonus payments.

(a)  All monies received by the state of Wyoming from the secretary of the treasury of the United States under the provisions of the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191), as amended, or from lessees or authorized mine operators and all monies received by the state from its sale of production from federal mineral leases subject to the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191) as amended, except as provided by subsection (b) of this section, shall be deposited in the trust and agency fund and the first two hundred million dollars ($200,000,000.00) of revenues received in any fiscal year shall be distributed by the state treasurer as provided in this subsection. One percent (1%) of these revenues shall be credited to the general fund as an administrative fee, and the remainder shall be distributed as follows:

(vi)  Except as provided in subsection (e) of this section, three and seventy-five hundredths percent (3.75%) to the capital construction account to be expended as provided by W.S. 9-4-604(k)(i) or to fund bonds the proceeds of which will be used under W.S. 9-4-604(g) and twenty-five hundredths percent (1.25%) to the highway fund;

(b)  The state treasurer shall ascertain and withhold all bonus payments received from the federal government attributable to coal, oil shale or geothermal leases of federal land within Wyoming and shall distribute it as follows:

(i)  Fifty percent (50%), the first seven million five hundred thousand dollars ($7,500,000.00) of which shall be distributed as follows, but any amount in excess of seven million five hundred thousand dollars ($7,500,000.00) per year shall be deposited into the school capital construction account established under W.S. 21-15-111(a)(i):

(A)  Three-fourths (3/4) shall be credited to the capital construction account for the purposes specified in W.S. 9-4-604(k)(i);or to fund bonds the proceeds of which will be used under W.S. 9-4-604(g);

9-4-604.  Distribution and use; capital construction projects and bonds; municipal, county and special district purposes.

(a)  Revenues received under W.S. 9-4-601(a)(vi) and (b)(i) shall be credited to a capital construction account. No money shall be expended from the account until the money has been appropriated by the legislature to the state loan and investment board through the normal budget process to be used in the board's discretion for any purpose authorized by this section. The revenues shall be used to finance state revenue bonds as provided by this section.  The balance shall be used for the making of loans or grants to incorporated cities and towns, counties and special districts as provided in this section.  No loan or grant shall be made by the state loan and investment board under the provisions of this section until the loan or grant application has been referred by the board to a state agency for review as determined by the board.  The state agency shall provide the board with a written review of any loan or grant application referred to the agency and any other assistance requested by the board.  No grant shall be made by the state loan and investment board under this section to any county unless the county imposes at least eleven (11) or ninety-one and sixty-seven one-hundredths percent (91.67%) of the available mills authorized by article 15, section 5 of the Wyoming constitution, or unless the county is imposing the optional sales tax authorized under W.S. 39-15-204(a)(i) or (iii).  No grant shall be made by the state loan and investment board under this section to any municipality unless the municipality imposes at least seven (7) or eighty-seven and five-tenths percent (87.5%) of the available mills authorized by article 15, section 6 of the Wyoming constitution.  No grant shall be made by the state loan and investment board under this section to any special district or other lawful entity which imposes less than eighty percent (80%) of any authorized mill levy.  The state loan and investment board may waive the taxation requirements imposed by this subsection for good cause shown such as other funding sources, but in no case shall the state loan and investment board authorize any grant to any municipality under this section which does not impose at least two (2) or twenty-five percent (25%) of the available mills authorized by article 15, section 6 of the Wyoming constitution.  The state loan and investment board shall grant money as authorized by this section only when the board finds the grant is necessary to:

(f)  Proceeds of state revenue bonds shall be credited to an account within the earmarked revenue fund and may be loaned or granted to local governmental entities as hereafter provided. In determining which local governmental entities receive loans or grants, the state loan and investment board shall give priority to projects in those subdivisions of the state socially or economically impacted directly or indirectly by the development of minerals leased under 30 U.S.C. § 181 et seq. Pending distribution the state treasurer shall invest bond proceeds in a manner which complies with all requirements of the internal revenue service to insure the bonds will remain tax free investments.

(g)  Not to exceed forty million dollars ($40,000,000.00) of the total proceeds of all bonds issued under subsection (b) of this section may be loaned or granted to incorporated cities and towns. Loans or grants  to incorporated cities and towns shall be made only under the following conditions:

(h)  Not to exceed twenty million dollars ($20,000,000.00) of the total proceeds of all bonds issued under subsection (b) of this section may be loaned or granted to counties or special districts. As used in this subsection "special districts" means hospital districts, fire protection districts, sanitary and improvement districts, solid waste disposal districts, service and improvement districts and water and sewer districts. Notwithstanding any other provision of law, no special district, either standing alone or as a member of a joint powers board, shall receive any grant or loan under this section until the special district's grant or loan application has received a written review from the board of county commissioners in any county in which the special district is located.  The board of county commissioners shall review:  (1) the ability of the special district to fund the project through bonds, (2) whether the project is adverse to the needs, plans or general welfare of the county, (3) whether the special district has utilized local funding resources, and (4) whether the special district has met county standards.  If any part of the special district lies within five (5) miles of the corporate limits of any city or town, the special district's grant or loan application shall also receive a written review from the governing body of the city or town.   The written review shall be submitted to the state loan and investment board by the special district with its grant or loan application. Loans or grants shall be made only under the following conditions:

(j)  After any principal payment date for the bonds issued under subsection (b) of this section, The board shall deposit all revenues received pursuant to W.S. 9-4-601(a)(vi) and (b)(i) which are not required to be otherwise deposited or expended pursuant to the resolution or resolutions authorizing the issuance of bonds in an account in the earmarked revenue fund.

(k)  All revenues received under W.S. 9-4-601(a)(vi) and (b)(i) prior to the issuance of bonds under subsection (b) of this section and all revenues in excess of those required to be otherwise expended or retained pursuant to subsection (j) of this section or pursuant to the resolution or resolutions authorizing the issuance of bonds under subsection (b) of this section shall be used or distributed as follows:

(i)  Not more than seventy-five percent (75%) may be used by the board to make grants and loans to cities and towns under subsection (g) of this section; in the same manner as the proceeds of the bonds are to be used;

(ii)  Not more than twenty-five percent (25%) may be granted or loaned by the state loan and investment board to special districts and counties in the state of Wyoming under subsection (h) of this section in the same manner as the proceeds of the bonds are to be used but no revenue shall be distributed to any county which did not levy at least eleven (11) mills for the operation of the county during the preceding fiscal year;

9-4-605.  Distribution and use; capital construction projects and bonds; purposes.

(k)  No bonds may be issued pursuant to this section after June 30, 2002.

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The provisions through 9-4-903 deal with refunding state bonds.  The changes are to make the capital financing commission with approval of the governor, treasurer and attorney general, rather than the governor (with approval of the treasurer and attorney general) the issuing authority.  The commission is given the authority to set terms for the refunding bonds.

9-4-901.  Issuance; principal amount.

Whenever the state of Wyoming has outstanding bonds which are redeemable by their terms or which may be redeemed with the consent of the holders thereof, the governor, Wyoming capital financing commission with the approval of the governor, state treasurer and attorney general, may issue refunding bonds of the state of Wyoming to be designated "State of Wyoming Refunding Bonds, Series (year)", in a principal amount not exceeding the principal amount of the bonds to be refunded.

9-4-902.  Interest rate; maturity; form; record.

(b)  State refunding bonds shall mature serially, either annually or semiannually, in amounts determined by the governor, state treasurer capital financing commission and attorney general. The first maturity shall be not later than three (3) years and the last maturity not later than fifteen (15) years after the date of the bonds. Principal and interest shall be payable in lawful money of the United States of America at the office of the state treasurer and at other places designated in the bonds. Bonds shall be issued in the denomination of one thousand dollars ($1,000.00) or some multiple thereof and shall be signed by the governor, attested by the secretary of state under the seal of the state, and countersigned by the state treasurer. Semiannual interest coupons to be attached to the bonds shall bear the facsimile signature of the state treasurer. The proceedings for the issuance and the form of the bonds shall be approved by the attorney general, and each bond shall have endorsed thereon a certificate signed by the auditor and secretary of state that the bond is issued pursuant to law and is within the debt limit. Refunding bonds shall be numbered from one (1) upward, and shall be paid in that order. The state treasurer shall keep a record of all bonds issued hereunder in a book to be kept in his office for that purpose.

9-4-903.  Sale or exchange; price; application of proceeds.

The governor and state treasurer capital financing commission may sell refunding bonds at a price not less than the par value thereof and shall apply the proceeds thereof solely to the payment of a like amount of the bonds to be refunded or refunding bonds may be exchanged for a like amount of outstanding bonds. Refunding bonds may be sold or exchanged all at one time, or singly, or in blocks from time to time as determined by the governor and state treasurer commission, but they shall not be issued unless and until a like amount of outstanding bonds can be paid, redeemed and cancelled.

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The next section changes the authority to issue worker's compensation revenue bonds from the SLIB to the new capital financing commission.

27-14-704.  Worker's compensation revenue bonds; department determination; issuance by state loan and investment board; bonding procedure, terms and conditions.

(a)  The department may upon determining that the issuance of revenue bonds would be financially beneficial to the worker's compensation account and that bond issuance would not negatively impact employer contribution rates to the account, request the state loan and investment board capital financing commission to issue worker's compensation revenue bonds to fund awards and claims, program and administrative expenses and program reserves. Upon receipt of a request under this subsection, the state loan and investment board commission shall review the department's determination and if it concurs with the determination, the board commission may issue worker's compensation revenue bonds in one (1) or more series not to exceed an aggregate amount of two hundred million dollars ($200,000,000.00). The net proceeds from the sale of the bonds shall after payment of issuance costs, be deposited into the worker's compensation claims payment account established under W.S. 27-14-701(f).

(b)  Revenue bonds issued pursuant to this section are limited obligations payable solely from and secured by funds deposited within the worker's compensation account as created under W.S. 27-14-701(a) and the worker's compensation claims payment account.  The bondholders may not look to any general or other fund for payment of the bonds except for revenues pledged therefor.  The revenue bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation.  The bonds shall not be considered or held to be general obligations of the state but shall constitute limited obligations of the state and the board commission shall not pledge the state's full faith and credit for payment of the bonds.  Each series of bonds may be issued by the board commission at public or private sale, in denominations and registered form, with such provision for conversion or exchange, for establishing interest rates or methods of determining rates on a variable or fixed rate basis, for establishing maturities and redemption provisions, as determined by the board commission. The bonds shall be payable at the office of the state treasurer or at the office of a  fiscal agent designated by the board commission. The state loan and investment board commission shall not issue any revenue bonds under this section unless the sale results in an economic benefit to the worker's compensation program as determined by the board commission. In all other respects, the board commission may prescribe the form and terms of the revenue bonds and shall do whatever is lawful and necessary for their issuance and payment.  Action taken by the board commission under this section shall be approved by a majority of its members.

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The next two sections repeal the authority of the Yellowstone Park commission to issue revenue bonds.

36-8-207.  Commission to maintain and operate program.

In order to maintain and operate a recreational area and facilities program in Yellowstone National Park, the Wyoming Yellowstone Park commission (hereinbefore created) is hereby authorized and empowered to acquire, lease, license, improve, extend, reconstruct, maintain, repair and operate said project (as herein defined)., and to issue revenue bonds of the commission payable solely from revenues and funds of the commission, to pay the cost of the project.

36-8-209.  Revolving fund.

There is hereby appropriated and credited to a special revolving fund to be set up in the state treasury, to be known as the "Wyoming Yellowstone Park commission revolving fund", the sum of fifty thousand dollars ($50,000.00). Moneys shall be released from said fund to the commission for the purpose of studying the feasibility of acquiring and leasing the project and the retaining of necessary consulting engineers, financial consultants, attorneys, appraisers, and other services deemed necessary to complete the study of the project and to determine its feasibility from an economic and financial standpoint. Any sums so advanced out of said revolving fund for such purposes shall be repaid to said fund without interest to the extent of such advance upon the sale of bonds for the project and the amount of any advances from said fund shall be included as a part of the cost of the project.

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Sections 24-8-201 through 24-8-207 deal with "GARVEE" bonding authority for highways. The provisions are taken from Arizona's "GARVEE" bonding statutes, with some additional language from Wyoming bonding provisions in other situations.  The highway  bonds will be supported by future federal highway funds, they could also be supported by remaining 14 1/8% FMRs (plus coal lease bonus distributions to the highway fund)(2 ¼% FMRs to the highway fund which are required to be used for county roads are not affected nor included within this figure of remaining "FMRs").  Section 9-4-608 authorizes bonding by the transportation commission for airports. Those bond proceeds would be used to fund airport grant and loan moneys as approved by the aeronautics commission to the local entities. The airport bonds would be supported by the "remaining FMRs" to the highway fund and coal lease bonus distributions, if the transportation commission determines to so use those funds.

Section 1.  W.S. 24-8-201 through 24-8-207 and 9-4-608 are created to read:

24-8-201. Definitions

(a)  As used in this article, unless the context otherwise requires:

(i)  "Commission" means the state transportation commission;

(ii) "Grant agreement" means a written agreement between the commission and the United States of America or any of its departments or agencies by which the commission will receive a grant to construct a project or to reimburse the commission for monies spent with respect to the project;

(iii) "Grant anticipation bonds" means bonds authorized by this article;

(iv) "Grant revenues" means any revenues the commission will receive under a grant agreement, proceeds of grant anticipation bonds and income and gain from the investment of these revenues and proceeds.

24-8-202. Grant anticipation bonds; authorized; requirements.

(a)  After the commission has entered into one (1) or more grant agreements, it may issue and sell grant anticipation bonds. The principal, premium, if any, and interest on the bonds shall be paid solely from any of the following:

(i) The grant revenues;

(ii) If provided by the commission at the time of authorizing the issuance of the grant anticipation bonds, other monies, lawfully available for application to that purpose. Prior to distribution to the highway fund under W.S. 9-4-601(a)(iii), (vi), (ix), (x) and (b)(i)(B) sufficient revenues for the purposes of this paragraph shall be deducted therefrom and credited to the grant anticipation bond account within the earmarked revenue fund.  No state tax revenues shall be pledged for or used to pay any grant anticipation bonds.

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Other monies, would include remaining FMRs and coal lease bonus payments under this bill.

(b)  Except as otherwise provided, bonds issued under this section shall be in a form, issued in a manner, at, above or below par at a discount not exceeding ten percent (10%) of the principal amount of the bonds, at public or private sale, and issued with recitals, terms, covenants, conditions and other provisions not contrary to other applicable statutes, as may be provided by the commission in a resolution authorizing their issuance and in an indenture or other appropriate proceeding.

(c)  Any bonds issued under this article:

(i)  Shall be of denominations of five thousand dollars ($5,000.00) or multiples thereof;

(ii)  Shall be fully negotiable within the meaning of and for all purposes of the Uniform Commercial Code, W.S. 34.1-1-101 through 34.1-10-104;

(iii)  Shall mature at a time or times not exceeding thirty (30) years from their date;

(iv)  Shall bear interest payable annually, semiannually or at other designated intervals, but the first interest payment date may be for interest accruing for any period not exceeding one (1) year;

(v)  Shall be made payable in lawful money of the United States at the office of the state treasurer or by a trustee, registrar, paying agent, or transfer agent within or without the state of Wyoming;

(vi)  May be additionally secured as determined by the transportation commission.

(d)  The commission may request advice and assistance from the state capital financing commission in issuing bonds and may retain the services of a financial advisor and sell the bonds to an underwriter, either by competitive or negotiated bid. The terms of any contract including fees to be paid shall be available for public review and inspection.

24-8-203. Refunding.

(a)  The commission may issue grant anticipation bonds to refund grant anticipation bonds previously issued:

(i)  To refund and discharge and extend or shorten the maturities of all or any part of any outstanding bonds issued under this article including any interest thereon in arrears or about to become due;

(ii)  For the purpose of reducing interest costs on bonds issued under this article or effecting other economies; or

(iii)  For the purpose of modifying or eliminating any contractual limitations or provisions contained in any indenture or other proceedings authorizing outstanding bonds issued under this article. Any refunding permitted by this section shall be accomplished in the manner prescribed by W.S. 16-5-101 through 16-5-119, except any refunding grant anticipation bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation or be considered general obligations of the state.

24-8-204. Limitations.

(a)  The amount of grant anticipation bonds issued pursuant to this article shall not exceed six hundred million dollars ($600,000,000.00).

24-8-205. Application of grant revenues; grant anticipation bond fund; payment of bonds.

(a) On the issuance of any grant anticipation bonds, the grant revenues to be received by the commission pursuant to the applicable grant agreement shall be collected and, as provided by the commission at the time of authorizing the issuance of the grant anticipation bonds, used for any of the following:

(i) Paid into a special account within the earmarked revenue fund to be known as the grant anticipation bond account;

(ii) Held for application to the payment of the costs of the project to which the grant agreement relates;

(iii)  Applied to reimburse the commission for monies previously spent with respect to the project.

(b) As long as any grant anticipation bonds are outstanding, monies paid into the grant anticipation bond account pursuant to subsection (a) of this section shall be used only to pay principal and interest on the grant anticipation bonds. Pending expenditure, the state treasurer shall invest bond proceeds in a manner which complies with all requirements of the internal revenue service and the bond indenture to insure the bonds will remain tax free investments.

(c) Notwithstanding any other law, this article authorizes the payment when due or redemption in advance of maturity, if the bonds so provide, of all principal and interest and redemption premiums on the bonds from the monies in the grant anticipation bond account.

24-8-206. Use of proceeds.

(a) The proceeds from the sale of the bonds shall be used by the commission for payment of any of the following:

(i) Costs and expenses incurred in the construction or acquisition of the project for which the grant or grants are being made;

(ii) Legal and financial costs and expenses incurred in issuing and administering the bonds;

(iii)  Costs for which the commission will be entitled to receive reimbursement pursuant to the grant agreement;

(iv) If authorized by the commission, payment of interest to accrue on the bonds during their life;

(v) Payment of the principal, premium or interest on other obligations, all or a portion of the proceeds of which were or are to be applied to the financing of the project to which the grant agreement relates.

24-8-207. Nature of grant anticipation bonds; limited obligation.

(a) Any bonds issued under this article, together with any interest accruing thereon and any prior redemption premiums due in connection therewith, are payable and collectible solely out of revenues authorized. The bondholders may not look to any general or other fund for payment of the bonds except the revenues pledged therefor. The bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The bonds shall not be considered or held to be general obligations of the state but shall constitute its special obligations and the commission shall not pledge the state's full faith and credit for payment of the bonds.

(b)  A holder of a grant anticipation bond may not compel the payment of grant revenues to the commission.

9-4-608.  Bonds for airport construction and development projects;  purposes; limitations; requirements.

(a)  Prior to distribution to the highway fund under W.S. 9-4-601(a)(iii), (vi), (ix), (x) and (b)(i)(B) sufficient revenues for the purposes of this section shall be deducted therefrom and credited to an airport bond repayment account within the earmarked revenue fund pursuant to the terms of the resolution, indenture or other appropriate proceeding authorizing the issuance of revenue bonds under this section. The revenues deducted shall be used as provided by this section.

(b)  The state transportation commission may borrow money in a principal amount not to exceed x hundred million dollars ($x) by the issuance from time to time of one (1) or more series of revenue bonds and may encumber revenues under subsection (a) of this section for bonds in total amounts not to exceed x hundred million dollars ($x) issued to provide grants-in-aid or loans approved by the aeronautics commission for airport construction and development projects under W.S. 10-3-401(a) or 10-3-403(a). Any bonds issued under this section, together with any interest accruing thereon and any prior redemption premiums due in connection therewith, are payable and collectible solely out of revenues authorized under subsection (a) of this section. The bondholders may not look to any general or other fund for payment of the bonds except the revenues pledged therefor. The bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The bonds shall not be considered or held to be general obligations of the state but shall constitute its special obligations and the transportation commission shall not pledge the state's full faith and credit for payment of the bonds.

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The amount available to support the bonds would be 14 1/8% of FMR's (up to $198 million) and coal lease bonus funds of up to $1.875 million.

(c)  Except as otherwise provided, bonds issued under this section shall be in a form, issued in a manner, at, above or below par at a discount not exceeding ten percent (10%) of the principal amount of the bonds, at public or private sale, and issued with recitals, terms, covenants, conditions and other provisions not contrary to other applicable statutes, as may be provided by the transportation commission in a resolution authorizing their issuance and in an indenture or other appropriate proceeding.

(d)  Any bonds issued under this section:

(i)  Shall be of denominations of five thousand dollars ($5,000.00) or multiples thereof;

(ii)  Shall be fully negotiable within the meaning of and for all purposes of the Uniform Commercial Code, W.S. 34.1-1-101 through 34.1-10-104;

(iii)  Shall mature at a time or times not exceeding thirty (30) years from their date;

(iv)  Shall bear interest payable annually, semiannually or at other designated intervals, but the first interest payment date may be for interest accruing for any period not exceeding one (1) year;

(v)  Shall be made payable in lawful money of the United States at the office of the state treasurer or by a trustee, registrar, paying agent, or transfer agent within or without the state of Wyoming;

(vi)  May be additionally secured as determined by the transportation commission.

(e)  The transportation commission may request advice and assistance from the state capital financing commission in issuing bonds and may retain the services of a financial advisor and sell the bonds to an underwriter, either by competitive or negotiated bid. The terms of any contract including fees to be paid shall be available for public review and inspection.

(f)  Proceeds of state revenue bonds under this section shall be credited to an airport capital construction account within the highway fund and shall be expended as authorized by the transportation commission for grants and loans for airport construction and development projects approved by the aeronautics commission. Pending expenditure, the state treasurer shall invest bond proceeds in a manner which complies with all requirements of the bond indenture and the internal revenue service to insure the bonds will remain tax free investments.

(g)  The transportation commission may issue refunding revenue bonds:

(i)  To refund and discharge and extend or shorten the maturities of all or any part of any outstanding bonds issued under this section including any interest thereon in arrears or about to become due;

(ii)  For the purpose of reducing interest costs on bonds issued under this section or effecting other economies; or

(iii)  For the purpose of modifying or eliminating any contractual limitations or provisions contained in any indenture or other proceedings authorizing outstanding bonds issued under this section.

(h)  Any refunding permitted by subsection (g) of this section shall be accomplished in the manner prescribed by W.S. 16-5-101 through 16-5-119, except any refunding revenue bonds authorized by the transportation commission under this section shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation or be considered general obligations of the state. The commission shall not pledge the state's full faith and credit to the payment of the refunding revenue bonds. The refunding revenue bonds shall constitute special obligations of the state and may be payable only from sources authorized in this section for the payment of the bonds refunded. The principal amount of any bonds which have been refunded need not be taken into account in computing compliance with the maximum amounts of bonds authorized to be issued by subsection (b) of this section.

Section 1.  W.S. 9-4-601….,  are amended to read:

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The amendments to title 9 below take 16.25% of the FMRs flowing to the highway fund and redirect them to the school capital construction account.  Before they are deposited in that account, amounts necessary for outstanding bonds (under current law), and for bonds to be issued for state obligations under the school capcon program would be deposited in bond repayment accounts.

The amendment to 9-4-601(b) also changes coal lease bonus distributions from the school capital construction account to a separate state capital construction account.  The capital financing commission can recommend using those funds for the building needs assessment and for funding building needs.

The amendments to the remaining provisions for FMRs flowing to the highway fund, provide for allocations to the GARVEE and airport bonding accounts authorized under 24-8-201 et.seq. and 9-4-608 above. 

The amendments to title 21 below, recognize the increased flow of FMRs and authorize additional bonding for the state obligation for school capcon.

9-4-601.  Distribution and use; funds, accounts, cities and towns benefited; exception for bonus payments.

(a)  All monies received by the state of Wyoming from the secretary of the treasury of the United States under the provisions of the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191), as amended, or from lessees or authorized mine operators and all monies received by the state from its sale of production from federal mineral leases subject to the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191) as amended, except as provided by subsection (b) of this section, shall be deposited in the trust and agency fund and the first two hundred million dollars ($200,000,000.00) of revenues received in any fiscal year shall be distributed by the state treasurer as provided in this subsection. One percent (1%) of these revenues shall be credited to the general fund as an administrative fee, and the remainder shall be distributed as follows:

(ii)  Forty-four and eight-tenths percent (44.8%) to the public school foundation program account subject to allocations under W.S. 9-4-605 first, then subject to allocations under W.S. 9-5-407(c);

(iii)  Except as provided by W.S. 9-4-605(a), twenty-six and one-quarter percent (26 1/4%)the following percentages to the highway fund subject to allocations under W.S. 9-4-606 and 9-4-607 first and then subject to allocations required under subsection (h) of this section W.S. 24-8-202(a)(ii) and 9-4-608:

(A) Twenty two percent (22%) for the fiscal year beginning July 1, 2002;

(B) Eighteen percent (18%) for the fiscal year beginning July 1, 2003;

(C) Fourteen percent (14%) for the fiscal year beginning July 1, 2004;

(D) Ten percent (10%) for the fiscal year beginning July 1, 2005 and each fiscal year thereafter.

***  STAFF COMMENTS ***

These FMRs are allocated to accounts for the GARVEE bonds and airport bonds (after existing allocations to fund the transportation enterprise program).  That program currently calls for annual distributions of $7 million plus to end January 1, 2002.  If funds are not used for bonds, they would flow to the highway fund. 

(vi)  Except as provided in subsection (e) of this section, three and seventy-five hundredths percent (3.75%) to the capital construction account to be expended as provided by W.S. 9-4-604(k)(i) or to fund bonds the proceeds of which will be used under W.S. 9-4-604(g) and one and twenty-five hundredths percent (1.25%) to the highway fund, subject to W.S. 24-8-202(a)(ii) and 9-4-608;

(vii)  Two and seven-tenths percent (2.7%) to the public school capital construction account created by W.S. 21-15-111(a)(i), subject to W.S. 21-15-108;

(ix)  Two and twenty-five one-hundredths percent (2.25%), to the highway fund, subject to subsection (h) of this section W.S. 24-8-202(a)(ii) and 9-4-608;

(x)  Five-eighths percent (.625%) to the highway fund, subject to subsection (h) of this section W.S. 24-8-202(a)(ii) and 9-4-608;

(xi)  The following percentages to the public school capital construction account created by W.S. 21-15-111(a)(i), subject to W.S. 9-4-605(a) and 21-15-108:

(A) Four and one-quarter percent (4.25%) for the fiscal year beginning July 1, 2002;

(B) Eight and one-quarter percent (8.25%) for the fiscal year beginning July 1, 2003;

(C) Twelve and one-quarter percent (12.25%) for the fiscal year beginning July 1, 2004;

(D) Sixteen and one-quarter percent (16.25%) for the fiscal year beginning July 1, 2005 and each fiscal year thereafter.

(b)  The state treasurer shall ascertain and withhold all bonus payments received from the federal government attributable to coal, oil shale or geothermal leases of federal land within Wyoming and shall distribute it as follows:

(i)  Fifty percent (50%), the first seven million five hundred thousand dollars ($7,500,000.00) of which shall be distributed as follows, but any amount in excess of seven million five hundred thousand dollars ($7,500,000.00) per year shall be deposited into the school state capital construction account established under W.S. 21-15-111(a)(i) W.S. 9-5-412:

(A)  Three-fourths (3/4) shall be credited to the capital construction account for the purposes specified in W.S. 9-4-604(k)(i);or to fund bonds the proceeds of which will be used under W.S. 9-4-604(g);

(B)  One-fourth (1/4) to the highway fund, subject to W.S. 24-8-202(a)(ii) and 9-4-608.

(iv)  For the fiscal year commencing July 1, 1994, and for each fiscal year thereafter:

(A)  Ten percent (10%) but not to exceed one million six hundred thousand dollars ($1,600,000.00) per year, to an earmarked revenue fund account which may be expended by the community college commission in accordance with and in addition to appropriations available under W.S. 21-18-205(c). Any amount in excess of one million six hundred thousand dollars ($1,600,000.00) together with any unexpended revenues within the account at the end of any biennial budget period shall be credited to the school state capital construction account established under W.S. 21-15-111(a)(i)W.S. 9-5-412;

(B)  Forty percent (40%) to the school state capital construction account established under W.S. 21-15-111(a)(i) W.S. 9-5-412.

9-4-605.  Distribution and use; capital construction projects and bonds; purposes.

(a)  Prior to distribution to the public school foundation program account under W.S. 9-4-601(a)(ii), sufficient revenues for the purposes of this section shall be deducted therefrom and credited to a bond repayment account pursuant to the terms of the resolution, indenture or other appropriate proceeding authorizing the issuance of revenue bonds under this section. To the extent that sufficient revenues are not available to fully fund the bond repayment account as provided by this subsection, prior to any distribution to the highway fund under W.S. 9-4-601(a)(iii) or any distribution to the public school capital construction account under W.S. 9-4-601(a)(xi), sufficient additional revenues for the purpose of this subsection shall be deducted therefrom and credited to the bond repayment account under this subsection. The revenues deducted shall be used as provided by this section. The balance of the revenues shall be credited to the public school foundation program account, the highway fund and the public school capital construction account as provided by W.S. 9-4-601.

21-15-108.  Revenue bonds for grants and loans; refunding revenue bonds.

(a)  Before distribution to the public school capital construction account under W.S. 9-4-305(b), sufficient revenues for the purposes of this section shall be deducted therefrom and credited to a bond repayment account pursuant to the terms of the resolution, indenture or other appropriate proceeding authorizing the issuance of revenue bonds under this section.  The revenues deducted shall be used as provided by this section.  The balance of the revenues shall be credited to the public school capital construction account as provided under W.S. 9-4-305(b).  After available revenues under W.S. 9-4-305(b) have been used, revenues under W.S. 9-4-601(a)(vii) and (xi) and then revenues under 21-13-301 shall also be credited, as necessary, to the bond repayment account and shall be used as provided by this section.  The balance of the revenues shall be credited to the public school capital construction account and the school foundation program as provided under W.S. 9-4-305(b), 9-4-601(a)(vii) and (xi) and 21-13-301.

***  STAFF COMMENTS ***

9-4-305(b) is $8 million from state mineral royalties.  9-4-601(a)(vii) is 2.7% FMRs; (xi) is 16¼% FMRs which were flowing to highways. (Total amount approximately $45.5 million.)  W.S. 21-13-301 is earnings from the common school account within the permanent land income fund (currently about $60 million). 

(b)  The state loan and investment board capital financing commission may borrow money in a principal amount not to exceed one hundred million dollars ($100,000,000.00) seven hundred eight million dollars ($708,000,000.00) by the issuance from time to time of one (1) or more series of revenue bonds. The board commission may encumber revenues under subsection (a) of this section for bonds in total amounts not to exceed one hundred million dollars ($100,000,000.00) seven hundred eight million dollars ($708,000,000.00) issued for state capital construction assistance under W.S. 21-15-111. The state loan and investment board capital financing commission may issue these bonds only to provide funding for school capital construction projects in accordance with a budget recommendation submitted by the state superintendent under W.S. 21-15-111. Any bonds issued under this section, together with any interest accruing thereon and any prior redemption premiums due in connection therewith, are payable and collectible solely out of revenues authorized under this section. The bondholders may not look to any general or other fund for payment of the bonds except the revenues pledged therefor. The bonds shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation. The bonds shall not be considered or held to be general obligations of the state but shall constitute its special obligations and the board commission shall not pledge the state's full faith and credit for payment of the bonds.

***  STAFF COMMENTS ***

The school capcon committee is working on a bill to change the bonding commission from the SLIB to a separate commission.  The recommendations would also come from that separate commission rather than the state superintendent.  This bill places the bonding decision with the capital financing commission created under this bill.  The Committees, and ultimately the legislature will need to decide who should bond for school capcon.

Changes to the school capital construction program such as requiring local bonding to 90% will also need to be made to conform with the Campbell opinions.  Those changes are not incorporated in this bill draft.

(c)  Bonds issued under this section shall be in a form, issued in a manner, at, above or below par at a discount not exceeding ten percent (10%) of the principal amount of the bonds, at public or private sale, and issued with recitals, terms, covenants, conditions and other provisions not contrary to other applicable statutes, as may be provided by the board capital financing commission in a resolution authorizing their issuance and in an indenture or other appropriate proceedings.

(d)  Any bonds issued under this section shall:

(iii)  Mature at a time or serially at times in regular numerical order at annual or other designated intervals in amounts designated and fixed by the board capital financing commission, but not exceeding thirty (30) years from their date;

(vi)  Be printed at a place the board capital financing commission determines;

(vii)  Be additionally secured by a reserve fund created from revenues deposited within the capital construction account under W.S. 9-4-305(b), 9-4-601(a)(vii) or (xi) or from the proceeds of the bonds, or both, in an amount determined by the state loan and investment board capital financing commission but not to exceed an amount equal to ten percent (10%) of the revenue bonds outstanding.

(e)  Before any contract is entered into by the state loan and investment board capital financing commission to retain the services of a financial advisor or to sell the bonds to an underwriter, whether by competitive or negotiated bid, a full disclosure of the terms of the contract including fees to be paid shall be submitted to the management council through the legislative service office.

(f)  The board capital financing commission may issue refunding revenue bonds:

(g)  Any refunding permitted by this subsection shall be accomplished in the manner prescribed by W.S. 16-5-101 through 16-5-119, except any refunding revenue bonds authorized by the board commission under this subsection shall not constitute an indebtedness or a debt within the meaning of any constitutional or statutory provision or limitation or be considered general obligations of the state.  The board commission shall not pledge the state's full faith and credit to the payment of the refunding revenue bonds. The refunding revenue bonds shall constitute special obligations of the state and may be payable only from the sources authorized in this section for the payment of the bonds refunded. The principal amount of any bonds which have been refunded need not be taken into account in computing compliance with the maximum amounts of bonds authorized to be issued under this section.

21-15-111.  State capital construction assistance.

(a)  As used in this act:

(i)  "Capital construction account" or "public school capital construction account" means the account within the earmarked revenue fund into which revenues are deposited pursuant to W.S. 9-4-305(b) and 9-4-601(a)(vii) and (xi), (b)(i) and (iv), into which the proceeds from any revenue bonds are credited under W.S. 21-15-108, and into which and in addition to any other funds appropriated to the account for purposes of this act. Funds within the account shall be expended only for purposes of and in the manner prescribed by this act;

***  STAFF COMMENTS ***

The school capcon account will have revenue streams of 2.7% FMRs, 16.25% FMRs (eventually), $8 million in state royalties and loan repayments of about $550,000 through FY 03.  Before the FMR and state royalty streams reach the school capcon account however, any amounts necessary for the bond program are directed to the bond repayment account.

24-1-119.  State highway fund created; income and expenditure.

(a)  There is created a fund known as the state highway fund, to the credit of which the state treasurer, who is designated as the state official to receive all amounts paid by the United States under the act of congress approved July 11, 1916, shall place all monies previously received for the fund, all money subsequently received from the United States, under cooperative agreements as authorized, all money derived from taxes levied for such purpose or appropriated for the fund, all monies received from the sale of state bonds for highway construction or improvement, all money received from the counties under cooperative agreements as hereinbefore authorized, and all other monies received from donations or bequests, which may be accepted by the commission on behalf of the state of Wyoming, or from any source designated by law for that purpose. All monies in the fund shall be available for the purpose of this act without further appropriation and no warrant shall be drawn on the fund excepting on a voucher approved by the director of the department of transportation or an assistant authorized by the director and approved by the transportation commission. It is provided that seventy-five percent (75%) of the amount of any bond issue subsequently issued by the state of Wyoming for the construction or improvement of state highways, after the payment of overhead expense, shall be apportioned to and spent in each county in the proportion which the assessed valuation of each county by the last general assessment bears to the total assessment of the state.

(b)  Notwithstanding the provisions of subsection (a) of this section, grant funds received and necessary for the repayment of bonds pursuant to W.S. 24-8-201 through 24-8-207 and federal mineral royalties received pursuant to W.S. 9-4-601(a)(iii), (vi), (ix), (x) or (b)(i)(B) and necessary for the repayment of bonds pursuant to W.S. 24-8-201 through 24-8-207 or 9-4-608 shall be deposited in the appropriate bond repayment account within the earmarked revenue fund as provided by W.S. 24-8-205 and 9-4-608.

***  STAFF COMMENTS ***

The following amendments to title 39 sections increase the gasoline and diesel fuels taxes by $.05 per gallon.  This increase is with "exemptions on".  The full amount of the additional tax flows to the highway fund, with no distribution to local government.

Section 1.  W.S. 39-17-104 by creating a new subsection (e), 39-17-105(a) and (c), 39-17-111 by creating a new subsection (j), 39-17-204 by creating new subsection (e), 39-17-205 and 39-17-211 by creating a new subsection (g) are amended to read:

39-17-104.  Taxation rate.

(e)  In addition to the taxes collected pursuant to subsections (a) through (d) of this section, there is levied and shall be collected a license tax of five cents ($.05) per gallon on all gasoline used, sold or distributed for sale or use in this state except for those fuels exempted under W.S. 39-17-105.

39-17-105.  Exemptions.

(a)  Gasoline exported or sold at a Wyoming terminal rack and directly exported outside the state, other than in the fuel supply tank of a motor vehicle, by a person licensed only as an exporter in this state is exempt from the license tax imposed under W.S. 39-17-104(a) through (c) and (e). The exempt sales shall be reported on or before the last business day of the month on forms provided by the department. The sales reports are invalid if not submitted to the department within one (1) year following date of sale. Gasoline directly exported, other than in the fuel supply tank of a motor vehicle, by a Wyoming licensed supplier, is exempt from the additional license tax imposed under W.S. 39-17-104(c) and (e). Exchanges and sales of gasoline between suppliers are exempt from the license tax under this section.

(c)  There is granted a credit to the purchaser and user of gasoline used for agricultural purposes and purchased from a Wyoming licensed distributor or importer an amount equal to seventy percent (70%) of the gasoline license taxes imposed by W.S. 39-17-104(a),(b) and (b) (e) on bulk gasoline purchased for agricultural purposes.  A Wyoming licensed distributor or importer shall collect the gasoline license tax on bulk gasoline sales less the amount of the credit granted under this section at the time of invoice on the bulk gasoline.

39-17-111.  Distribution.

(j)  Revenue from gasoline taxes under W.S. 39-17-104(e) shall be transferred to the state treasurer who shall deposit them only into the state highway fund.  The provisions of subsections (c) and (d) of this section shall not apply to the tax imposed by W.S. 39-17-104(e).

39-17-204.  Taxation rate.

(e)  In addition to the taxes collected under subsections (a) through (c) of this section, there is levied and shall be collected a license tax of five cents ($.05) per gallon on all diesel fuel used, sold or distributed for sale or use in this state except for those fuels exempted under W.S. 39-17-205.

39-17-205.  Exemptions.

(b)  Diesel fuel sold at a Wyoming terminal rack and directly exported, other than in the fuel supply tank of a motor vehicle, by a person licensed only as an exporter in this state is exempt from the license tax imposed under W.S. 39-17-204(a), (b) and (b)(e).  The exempt sales shall be reported on or before the last business day of the month on forms provided by the department. The sales reports are invalid if not submitted to the department within one (1) year following the date of sale.

(c)  Exchanges or sales of diesel fuel between suppliers are exempt from the license tax under W.S. 39-17-204(a) and (e). Diesel fuel directly exported, other than in the fuel supply tank of a motor vehicle, by a supplier is exempt from the license tax under W.S. 39-17-204(a) and (e).

(d)  Dyed diesel fuel as defined in W.S. 39-17-201(a)(ix) is exempt from the license tax under W.S. 39-17-204(a) and (e).

(e)  Diesel fuel directly exported, other than in the fuel supply tank of a motor vehicle, by a Wyoming licensed supplier is exempt from the additional license tax taxes imposed under W.S. 39-17-204(b) and (e).

39-17-211.  Distribution.

(g)  Revenues from diesel fuel taxes under W.S. 39-17-204(e) shall be transferred to the state treasurer who shall deposit them only into the state highway fund.  The provisions of subsection (d) of this section shall not apply to the tax imposed by W.S. 39-17-204(e).

Section 2.  W.S. 9-4-601(h) and 39-14-211(h) are repealed.

***  STAFF COMMENTS ***

These repealed provisions relate to a gas tax swap for the school foundation program, which became ineffective once $20 million was collected.  That cap has been reached.  A second gas tax swap is to expire June 30, 2002.

***  STAFF COMMENTS ***

The next issue relates to state support of local school bonding.  The bond guarantee program and mill levy supplement program are limited to supporting bonds issued prior to the decision in Campbell II.

Section 1.  W.S. 9-4-1001(a) and 21-15-105(b) are amended to read:

9-4-1001.  Guarantee program for school district bonds.

(a)  The state loan and investment board shall administer a school district bond guarantee program in accordance with this section and may promulgate rules to implement it.  This program applies to bonds issued by school districts under W.S. 21-13-701 through 21-13-721 prior to July 1, 2002, only.  The program is intended to benefit school districts by guaranteeing payment of bonded indebtedness of creditworthy districts by reducing the interest rate at which the bonds may be issued.

21-15-105.  Bonded indebtedness mill levy supplement.

(b)  This section only applies to bonds issued on or before July 1, 2002, the original term of which was for at least ten (10) years. If a bond has been refunded, the term of the bonds may be for a period less than or greater than ten (10) years if the original term of the refunded bond was at least ten (10) years.

 Section 2.  W.S. 9-2-1016(b)(xxi), 9-2-1704(d)(iii), 9-5-101(a), 9-4-604(b) through (d), (m) and (n),  9-4-606, 24-8-101 through 24-8-106, 36-8-231 through 36-8-238 are repealed.

***  STAFF COMMENTS ***

9-2-1016(b)(xxi) designates the secretary of the building commission.  9-2-1704(d)(iii) designates the state building commission as a separate operating agency.  9-5-101(a) designates the five elected officials as the building commission.  9-4-604 deals with the local government capital construction grant and loan program.  The repealed subsections concern bonding for that program, which is repealed.  9-4-606 is $35 million Lovell prison bonding commission which is supported by FMRs to the highway account.  24-8-101 through 106 existing highway bonding commission.  36-8-231 through 238 deal with bonding commission of the Yellowstone park commission. 

Section 3.   Any assessment of state buildings and facilities maintained by the state building commission under W.S. 9-4-507, together with all official records and other information related thereto and powers and duties exercised thereunder, shall be transferred from the state building commission to the Wyoming capital financing commission created by this act.  All rules and regulations promulgated by the state building commission pursuant to W.S. 9-4-507 and 9-4-508 shall remain in effect unaltered as rules and regulations of the capital financing commission until amended or repealed by the capital financing commission.

Section 4.XXXXX dollars ($X.XX) is appropriated from XXXXXX to the governor to fund initial expenses of the establishment and operation of the state financing commission through the fiscal period ending June 30, 2003, including necessary consulting expertise and staff expenses.  The commission shall on or before December 31, 2002, report expenditures of amounts appropriated under this subsection to the joint appropriations committee.

Section 5.  This act is effective July 1, 2002.

(END)