2002

State of Wyoming

02LSO-0200.C4

 

 

 

HOUSE BILL NO.       

 

 

Capital construction financing.

 

Sponsored by:

 

 

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 other state entities; combining certain state bonding authority provisions; repealing, increasing and amending certain existing state bonding authority provisions; amending certain mineral royalty revenue distributions; authorizing the pledge of certain revenues for bonds for school and other capital construction projects; specifying use of bond proceeds; making conforming amendments; providing an appropriation; authorizing positions; and providing for effective dates.

 

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

 

Section 1.  W.S. 9-5-109 and 9-5-401 through 9-5-411 are 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.

 

ARTICLE 4

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 capital financing commission created by W.S. 9-5-402;

 

(iii)  "Project" means the repair, renovation, construction or lease of a state building or facility identified by the commission for funding pursuant to W.S. 9-5-107 through 9-5-109 and 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 9-5-411.

 

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 six (6) members appointed by the governor with the advice and consent of the senate, and the state treasurer or his designee. Appointed members may be removed by the governor as provided in W.S. 9-1-202. Not more than four (4) appointed members shall be of the same political party. Appointments are for a term of four (4) years. Three (3) 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)  Appointed 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 report to the select committee on capital financing and investments as provided by W.S. 28-11-201;

 

(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)  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 under this act, together with any interest accruing thereon and any prior redemption premiums due in connection therewith are payable and collectible 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 thirty (30) 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 a discount not exceeding ten percent (10%) of the principal amount of the bonds, 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. Before any contract is entered into by the 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.

 

(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. The commission may provide for the refunding of bonds issued by the state loan and investment board pursuant to W.S. 9-4-605 in accordance with the provisions of this subsection.

 

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. 9-4-601(m)(iii) and 9-5-107 through 9-5-109, in an aggregate amount of up to one hundred fifty million dollars ($150,000,000.00). The amount of any unpaid bonds issued by the state loan and investment board pursuant to W.S. 9-4-605 shall be deducted from the aggregate amount authorized under this subsection. Sufficient revenues to fund payment of principal and interest on bonds for facility projects specified by the legislature to be funded under this subsection shall be deducted from revenue specified for that purpose under W.S. 9-4-601(m)(iii). Revenue so deducted shall be 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 subsection.  The revenues deducted shall be used as provided by this subsection subject to the provisions of W.S. 9-4-601(m)(iii).

 

(b)  In addition to the amount authorized by any other subsection of this section, the commission may issue and have outstanding revenue bonds for purposes of loans and grants to incorporated cities and towns and counties under W.S. 9-4-604 in an aggregate amount of up to sixty million dollars ($60,000,000.00) as provided by W.S. 9-4-604(b). Bonds issued pursuant to this subsection shall be subject to the provisions of W.S. 9-4-604.

 

(c)  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 five hundred thirty-two million dollars ($532,000,000.00) as provided by W.S. 21-15-108. Bonds issued pursuant to this subsection shall be subject to the provisions of W.S. 21-15-108.

 

(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 W.S. 41-2-301.

 

(e)  To the extent the provisions of W.S. 9-4-604, 21-15-108 or 41-2-301 conflict with this act, the specified provisions shall control.  Only revenues as authorized under subsection (a) of this section and under W.S. 9-4-604(b), 21-15-108(b) and 41-2-301 may be pledged or used for bonds issued pursuant to those sections and no revenues authorized under those sections shall be pledged or used for other bonds of the commission.

 

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

 

(a)  The principal and interest on any bonds issued by the commission under this act 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.

 

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 ensure 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.

 

Section 2.  W.S. 9-2-1013(d)(i), 9-2-1016(b)(viii), (xix)(intro), (xx) and by creating a new paragraph (xxiii), 9-2-1704(d) by creating a new paragraph (xv), 9-4-601(a)(intro), (iii), (vii), (d)(intro) and by creating new subsections (k) and (m), 9-4-602(a) by creating a new paragraph (iv), 9-4-604(b), (g)(intro), (h)(intro) and (j), 9-4-605(a) and by creating a new subsection (k), 9-4-607(a)(intro), 9-4-901, 9-4-902(b), 9-4-903, 9-4-1001(a), (b)(intro), (c) and (d)(iii)(C), 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(a), (b) and (d), 9-5-107(a), (b), (c), (d)(intro), (e), (f) and by creating a new subsection (g), 9-5-108 by creating a new subsection (f), 21-15-108(a) and (b), 21-15-111(a)(i), 21-15-112(a)(intro), 24-2-109(b)(iii), 28-11-201(b)(iii), (v), by creating new paragraphs (vi) through (viii), by creating a new subsection (d) and by amending and renumbering subsection (d) as (e), 36-8-207 and 36-8-209 are amended to read:

 

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 capital financing commission under W.S. 21-15-108, a total appropriation for school capital construction purposes for both fiscal years. The state budget shall include the governor's recommendations for appropriations for state capital construction and additional bonding authority based upon recommendations of the capital financing commission under W.S. 9-5-109 and 21-15-108 for both fiscal years;

 

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 commission loan and investment board approve or supervise the disposition of land by the state transportation commission;

 

(xix)  Lease all real property for the state in accordance with rules of the state building capital financing commission. Leasing of real 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 for real property may be entered into by noncompetitive negotiation only if:

 

(xx)  Maintain, repair and replace all state property other than real property in accordance with rules of the state building commission department;

 

(xxiii)  Replace all state real property in accordance with rules of the state capital financing commission.

 

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.

 

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, then distributions under subsection (m) of this section shall be made and thereafter 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 the two hundred million dollars ($200,000,000.00) in revenues shall be credited to the general fund as an administrative fee, and subject to subsection (k) of this section the remainder shall be distributed as follows:

 

(iii)  Except as provided by W.S. 9-4-605(a), twenty-six and one-quarter percent (26 1/4%) 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;

 

(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;

 

(d)  Any revenue received under subsection (a) of this section in excess of two hundred million dollars ($200,000,000.00) plus the distributions required under subsection (m) of this section shall be distributed as follows:

 

(k)  To the extent that sufficient revenues are not available to fully fund the bond repayment account as provided by W.S. 21-15-108, prior to any distribution to any fund, program or account under subsection (d) of this section or paragraph (i), (ii), (iii), (vi), (ix) or (x) of subsection (a) of this section, sufficient additional revenues for the purposes of W.S. 21-15-108 shall be deducted from each distribution and credited to the bond repayment account under W.S. 21-15-108 as necessary. The revenues deducted shall be used as provided by W.S. 21-15-108. The deductions required under this subsection shall be made first from revenues under subsection (d) of this section, then from revenues under the specified paragraphs of subsection (a) of this section pro rata, based upon the percentage distributions provided under subsection (a) of this section. The balance of the revenues shall be credited to the appropriate account, program or fund as provided under subsections (a) and (d) of this section.

 

(m)  Subject to the provisions of W.S. 9-4-602(a)(iv), the following distributions of federal mineral royalties shall be made before distributions under paragraphs (a)(i) through (x) of this section in the following priority:

 

(i)  Distributions required to make payments on bonds issued under W.S. 9-4-605(b) funded by revenues specified under W.S. 9-4-605(a). Any distributions made under this paragraph shall be deducted from distributions otherwise required to be made under paragraphs (a)(ii) and (iii) in accordance with W.S. 9-4-605(a). The allocations and distributions required by paragraphs (ii) and (iii) of this subsection and subsection (k) of this section shall be subject first to any other allocation for bond payments otherwise specifically provided for in this section for bonds issued prior to July 1, 2002;

 

(ii)  Thirty-two million dollars ($32,000,000.00) to the school capital construction account established under W.S. 21-15-111(a), subject to W.S. 21-15-108;

 

(iii)  Four million dollars ($4,000,000.00) to a bond repayment account, to the extent necessary to make payments on bonds issued under W.S. 9-5-405(a) and designated by the legislature to be funded with revenue specified under W.S. 9-5-405(a).

 

9-4-602.  Distribution and use; state treasurer's duty.

 

(a)  Except as hereafter provided, distribution under W.S. 9-4-601 shall be made by the state treasurer within thirty (30) days after the receipt of the government royalty funds for the preceding period. Federal mineral royalties received by the state on a continuing monthly basis shall be distributed under W.S. 9-4-601 by the state treasurer, subject to the following and except as otherwise provided by law for fiscal year 1994:

 

(iv)  Federal mineral royalties to be distributed pursuant to W.S. 9-4-601(m)(ii) and (iii) shall be distributed quarterly in equal amounts.

 

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

 

(b)  At the request of the state loan and investment board the state capital financing commission shall borrow money in a principal amount not to exceed sixty million dollars ($60,000,000.00) by the issuance from time to time of one (1) or more series of revenue bonds. The board commission may encumber revenues under W.S. 9-4-601(a)(vi) and (b)(i). 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. The bond holders 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 special obligations of the state and the board shall not pledge the state's full faith and credit for payment of the bonds. Any bonds issued under this section shall be:

 

(i)  Additionally secured by a reserve fund created from revenues received under W.S. 9-4-601(a)(vi) and (b)(i) or from the proceeds of the bonds, or both, in an amount determined by the commission but not to exceed an amount equal to ten percent (10%) of the revenue bonds outstanding;

 

(ii)  Issued in accordance with W.S. 9-5-401 through 9-5-411.

 

(g)  Not to exceed forty million dollars ($40,000,000.00) forty-five million dollars ($45,000,000.00) 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 shall be made only under the following conditions:

 

(h)  Not to exceed twenty million dollars ($20,000,000.00) fifteen million dollars ($15,000,000.00) 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 capital financing commission 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.

 

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), 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 and the highway fund as provided by W.S. 9-4-601.

 

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

 

9-4-607.  Wyoming transportation enterprise program.

 

(a)  Prior to distribution under W.S. 9-4-601(a)(iii), and subject to W.S. 9-4-601(k) and (m) and 9-4-605, the following amounts shall be deposited into the transportation enterprise fund under W.S. 9-4-204(a)(xiv) and the transportation trust fund under W.S. 9-4-204(a)(xv):

 

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, state 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.

 

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

 

(a)  The state loan and investment board capital financing commission 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. 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.

 

(b)  A school district that seeks the guarantee of bonds under this program shall apply to the board commission on forms prescribed by the board commission. The board commission shall review the application, investigate the applicant district and determine whether to approve the application based upon:

 

(c)  The board commission may determine to guarantee bonds under this section and may impose terms, conditions and limits on that guarantee as it finds, in its discretion, are necessary to protect state funds and ensure the viability of the program. A decision by the board commission not to guarantee bonds under this section is not subject to judicial review under the Wyoming Administrative Procedure Act (W.S. 16-3-101 through 16-3-115).

 

(d)  As a condition of participating in the bond guarantee program under this section, a school district shall enter into agreements necessary to provide that:

 

(iii)  If the district fails to comply with paragraph (ii) of this subsection:

 

(C)  The state loan and investment board capital financing commission may require the district to modify its fiscal practices and its general operations if the board commission determines that there is a substantial likelihood that the district will not be able to make future payments required under paragraph (ii) of this subsection.

 

9-5-101.  State loan and investment board; capital financing commission; conflicts of interest.

 

(b)  The state building commission loan 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 commission loan 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 commissiondepartment of administration and information, through the general services division.

 

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 department of administration and information, 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 department of administration and information, 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 commission department 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.

 

(a)  Before purchasing any land for any state purpose, the state agency or board shall, in accordance with rules of the state building capital 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 may, in accordance with rules of the state building 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 department of administration and information regarding to the operation, management and use of the building unless the agency adopts rules different than those of the commission department in accordance with the provisions of W.S. 9-5-106.

 

9-5-106.  Department of administration and information; powers relative to use of state buildings; rules authorized; exceptions.

 

(a)  The state building commission department of administration and information 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 department.

 

(b)  The secretary to the commission under W.S. 9-2-1016(b)(xxi) administrator of the general services division shall administratively implement any rules of the state building commission department 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 commission department under subsection (a) of this section grounds for disciplinary action for any state employee violating the rules. of the state building commission regarding operation, management or use of state buildings.

 

(d)  No rule promulgated under W.S. 9-5-101 through 9-5-108 9-5-106 shall apply to facilities occupied by:

 

9-5-107.  Capital financing commission; 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 and capital 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.

 

(c)  On or before December 1 October 1, of each year, the commission shall provide copies of the needs assessment, and statewide construction and renovation priorities established under this section, proposed program construction schedule under W.S. 9-5-108 and proposed financing developed pursuant to W.S. 9-5-109 to members of the legislature the select committee on capital financing and investments.

 

(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 select committee on capital financing and investments. 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 state capital financing commission established under 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.

 

(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.

 

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 (m)(ii), then revenues under 21-13-301 and then revenues under W.S. 9-4-601(k) 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 appropriate account, program or fund as provided under W.S. 9-4-305(b), 9-4-601(a)(vii), (k) and (m)(ii) and 21-13-301.

 

(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) five hundred thirty-two million dollars ($532,000,000.00) 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) five hundred thirty-two million dollars ($532,000,000.00) issued for state capital construction assistance under W.S. 21-15-111. The state loan and investment board 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 shall not pledge the state's full faith and credit for payment of the bonds. Any bonds issued under this section shall be:

 

(i)  Additionally secured by a reserve fund created from revenues received deposited within the capital construction account under W.S. 9-4-305(b), 9-4-601(a)(vii) and (m)(ii) or from the proceeds of the bonds, or both, in an amount determined by the commission but not to exceed an amount equal to ten percent (10%) of the revenue bonds outstanding;

 

(ii)  Issued in accordance with W.S. 9-5-401 through 9-5-411.

 

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), (b)(i) and (iv) and (m)(ii), 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;

 

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 commission loan and investment board, state capital financing commission and any other state entity charged with capital financing;

 

(v)  Develop knowledge and expertise among its members regarding issues related to investment of public funds and capital financing;.

 

(vi)  Monitor state capital financing commission progress with regard to all projects as defined in W.S. 9-5-401 and other projects specified by law;

 

(vii)  Prepare and submit to the governor and joint appropriations interim committee not later than November 15 of each year a report detailing the state capital financing commission's progress and the activities of the select committee, specifying any select committee recommendations;

 

(viii)  Review the budgets of all projects of the state capital financing commission and make recommendations.

 

(d)  The state capital financing commission shall:

 

(i)  Provide the select committee with notice of all commission meetings. The select committee and the commission may hold joint meetings;

 

(ii)  Not enter into any contract or contract amendment involving the expenditure of more than five thousand dollars ($5,000.00) of any funds authorized for any project as defined under W.S. 9-5-401, until thirty (30) days after the contract or contract amendment has been submitted to the legislative service office for distribution to members of the select committee for review and recommendation;

 

(iii)  Provide information to the select committee upon request to assist the select committee to monitor progress.

 

(d)(e)  The select committee may:

 

(i)  Secure consulting services, if necessary, to provide technical assistance regarding state investment policy or in inspecting and reviewing capital financing project budgets or other issues related to the capital financing projects approved by the legislature;

 

(ii)  Review budgets and expenditures related to any aspect of state investment policy and its implementation;

 

(iii)  Inspect any construction on approved capital construction projects and review budgets and expenditures related to any aspect of state capital financing policy and its implementation.

 

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.

 

Section 3.  W.S. 9-2-1016(b)(xxi), 9-2-1704(d)(iii), 9-4-604(c) through (e), (m) and (n), 9-4-606, 9-5-101(a), 9-5-108(e), 21-15-108(c) through (g), 36-8-231 through 36-8-238 are repealed.

 

Section 4.  Any assessment of state buildings and facilities maintained by the state building commission under W.S. 9-5-107, 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 state capital financing commission created by this act. All rules and regulations promulgated by the state building commission pursuant to W.S. 9-5-107 and 9-5-108 shall remain in effect unaltered as rules and regulations of the capital financing commission until amended or repealed by the capital financing commission. All rules and regulations of the state building commission pertaining to the use of state buildings or other functions transferred to the department of administration and information under this act shall remain in effect unaltered as rules and regulations of the department until amended or repealed by the department.

 

Section 5.

 

(a)  Two hundred thousanddollars ($200,000.00) is appropriated from the general fund to the governor to fund initial expenses of the establishment and operation of the capital 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.

 

(b)  Three (3) full-time positions are authorized for staff of the capital financing commission established under this act.

 

Section 6.

 

(a)  Except as provided in subsection (b) of this section, this act is effective July 1, 2002.

 

(b)  Section 5 of this act and W.S. 9-5-402 and 9-5-403 created under section 1 of this act are effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

 

(END)