§ 9-3-305 — Account; establishment; contents; account to be held separate; withdrawals; treasurer and custodian of account; appropriations to account

Wyoming § 9-3-305

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 3: COMPENSATION AND BENEFITS
• Art. 3: SOCIAL SECURITY

Text

(a) A separate account is established which shall consist
of and there shall be deposited in the account:
(i) All contributions, interest and penalties
collected under W.S. 9-3-304;
(ii) All monies appropriated thereto under this act;
(iii) Any property or securities and earnings thereof
acquired through the use of monies belonging to the account;
(iv) Interest earned upon any monies in the account;
and
(v) All sums recovered upon the bond of the custodian
or otherwise for losses sustained by the account, and, all other
monies received for the account from any other source. All
monies in the account shall be mingled and undivided. Subject to
the provisions of this act, the state treasurer is vested with
full power, authority and jurisdiction over the account,
including all monies and property or securities belonging
thereto, and may perform any and all acts whether or not
specifically designated, which are necessary to the
administration thereof and are consistent with the provisions of
this act.
(b) The account shall be established and held separate and
apart from any other funds or monies of the state and shall be
used and administered exclusively for the purpose of this act.
Withdrawals from the account shall be made for, and solely for:
(i) Payment of amounts required to be paid to the
secretary of the treasury pursuant to an agreement entered into
under W.S. 9-3-303(b);
(ii) Payment of refunds provided for in W.S.
9-3-304(c); and
(iii) Refunds of overpayments, not otherwise
adjustable, made by a political subdivision or instrumentality.
(c) From the account the custodian of the account shall
pay to the secretary of the treasury the amounts and at the
times as may be directed by the state treasurer of the state of
Wyoming, in accordance with an agreement entered into under W.S.
9-3-303 and the Social Security Act.
(d) The state treasurer is the treasurer and custodian of
the account and shall administer it in accordance with this act
and shall pay all warrants drawn upon it in accordance with this
section and with regulations prescribed pursuant to the
agreement between the state, acting through its state treasurer,
and the federal government [acting] through the social security
department.
(e) In addition to the contributions collected and paid
into the account under W.S. 9-3-304, to be available for the
purpose of W.S. 9-3-305(b) and (c) until expended, additional
sums may be appropriated annually to the account as necessary to
make the payments to the secretary of the treasury for which the
state of Wyoming is obligated pursuant to an agreement entered
into under W.S. 9-3-303. The funds necessary to support this
account shall be included in the budget request presented at
each legislative session.