§ 21-16-1302 — Hathaway scholarship expenditure account created; reserve account created; use and appropriation of funds

Wyoming § 21-16-1302

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 16: HIGHER EDUCATION GENERALLY
• Art. 13: HATHAWAY SCHOLARSHIP PROGRAM

Text

(a) The Hathaway scholarship expenditure account is
created to consist of earnings from the Hathaway student
scholarship endowment fund created by W.S. 9-4-204(u)(vii) and
such other funds appropriated by the legislature to the
expenditure account. Eighty percent (80%) of all monies
deposited to the expenditure account under this section shall be
available for scholarships under W.S. 21-16-1304 and 21-16-1305.
Twenty percent (20%) of all monies deposited to the expenditure
account under this section shall be available for scholarships
under W.S. 21-16-1306. Monies within the expenditure account
are continuously appropriated to the state treasurer for
distribution to eligible institutions based on scholarships
awarded under this article. Except as otherwise provided in this
subsection, all unexpended and unencumbered monies within the
expenditure account at the end of each fiscal year shall be
deposited by the state treasurer to the Hathaway student
scholarship reserve account. For calendar year 2023 and each
calendar year thereafter, all unexpended and unencumbered monies
within the expenditure account on October 15 shall be deposited
by the state treasurer to the Hathaway student scholarship
reserve account on October 15.
(b) There is created the Hathaway student scholarship
reserve account. The reserve account shall consist of those
monies deposited to the account pursuant to subsection (a) of
this section and such other funds appropriated by the
legislature to the reserve account. Interest and other earnings
on funds within the reserve account shall be credited to the
reserve account. Except for funds specified by the legislature
that guarantee the scholarship obligations of the Hathaway
scholarship expenditure account and funds to be transferred into
the Hathaway student scholarship endowment fund, funds deposited
into the reserve account created by this subsection are intended
to be inviolate and constitute a permanent or perpetual trust
fund. To the extent funds within the Hathaway scholarship
expenditure account are insufficient in any fiscal year to fully
fund scholarships awarded under this article, monies within the
reserve account shall be deposited by the state treasurer to the
expenditure account for distribution to eligible institutions to
fund those scholarships. As soon as possible after the end of
each of the fiscal years beginning on and after July 1, 2007,
the state treasurer shall transfer monies from this reserve
account to the Hathaway student scholarship endowment fund to
the extent monies within the reserve account are in excess of
the greater of forty-seven million dollars ($47,000,000.00) or
an amount equal to eight percent (8%) of the previous five (5)
year average market value of the Hathaway student scholarship
endowment fund, calculated from the first day of the fiscal
year. The state treasurer shall report not later than November
1, of each year to the joint education interim committee and the
select committee on capital financing and investments the amount
of funds within the reserve account at the end of the previous
fiscal year and as of July 1, of the current fiscal year.