§ 11-34-202 — Revenue to be credited to an account; use thereof; disposition of excess

Wyoming § 11-34-202

• Jurisdiction: Wyoming
• Title 11: Agriculture, Livestock and Other Animals
• Ch. 34: STATE LOAN AND INVESTMENT BOARD
• Art. 2: ISSUANCE OF BONDS AND DISPOSITION OF REVENUES

Text

(a) Except as provided by subsection (e) of this section
or as otherwise provided by law, the state loan and investment
board shall transmit any revenue received to the state treasurer
to be credited to a separate account for the purposes specified
in W.S. 21-15-106(a).
(b) Repealed by Laws 1981, ch. 44, § 2.
(c) Repealed by Laws 1981, ch. 44, § 2.
(d) Following a general fund appropriation by the
legislature for administrative expenses, amounts expended
pursuant to the appropriation shall be transferred monthly from
the account provided by subsection (a) of this section to the
general fund as provided by W.S. 9-4-205(b) for the highway fund
and the special revenue fund in certain instances. Revenue
currently in the account formerly provided for by W.S.
11-34-202(a), (b) and (c), as those subsections existed prior to
the creation of this subsection, may be expended for purposes
formerly authorized until July 1, 1982 at which time the revenue
within the account shall be credited to the account provided by
subsection (a) of this section.
(e) Revenue and proceeds received by the board for deposit
in the loss reserve account pursuant to W.S. 11-34-118, 11-34-
120(h), 11-34-121 and 11-34-123(a) shall be transmitted to the
state treasurer for deposit to the credit of the loss reserve
account. These funds shall be used for the purposes specified in
subsection (f) of this section and W.S. 11-34-126 and to pay the
administrative and legal expenses of the board in making
collections and foreclosing mortgages. If at the end of any
fiscal year the amount accumulated in the loss reserve account
exceeds five percent (5%) of the total amount of permanent funds
of the state invested in farm or water development project
loans, the amount in excess of the five percent (5%) shall be
transferred and credited to the general fund.
(f) If, as a result of default in the payment of any farm
or water development project loan, there occurs a nonrecoverable
loss either to the corpus of, or interest due to, any permanent
fund of the state, the board shall restore the loss to the
permanent fund account entitled thereto using any funds
available in the loss reserve account created by subsection (e)
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.