§ 16-1-110 — Loss reserve account created; deposits; disposition of funds

(a) Revenues received by the state loan and investment
board for deposit in the loss reserve account pursuant to W.S.
16-1-109(a) shall be transmitted to the state treasurer for
deposit to the credit of the loss reserve account. Funds in the
account shall be used for the purposes specified in subsection
(b) of this section and to pay the administrative and legal
expenses of the board in making collections and foreclosing on
loans made pursuant to W.S. 16-1-109. If at the end of any
fiscal year, the amount in the loss reserve account exceeds five
percent (5%) of the total amount of permanent funds invested by
the state in loans pursuant to W.S. 16-1-109, the amount in
excess of the five percent (5%) shall be transferred and
credited to the general fund.
(b) If, as a result of default in the payment of any loan
made pursuant to W.S. 16-1-109, there occurs a nonrecoverable
loss either to the corpus of, or interest due to, any permanent
fund of the state, the state loan and investment board shall
restore the loss to the permanent fund account entitled thereto
using any funds available in the loss reserve account created by
subsection (a) of this section. If the funds in the loss reserve
account are insufficient to restore the full amount of the loss,
the board shall submit a detailed report of the loss to the
legislature and shall request an appropriation to restore the
balance of the loss to the permanent fund account entitled
thereto.