2011 Wyoming Statutes
TITLE 21 - EDUCATION
CHAPTER 15 - CAPITAL CONSTRUCTION PROJECTS
21-15-105. Bonded indebtedness mill levy supplement.

(a) On or before June 15 of each year, any school district may apply to the department of education to receive a mill levy supplement as calculated under subsections (c) and (d) of this section. The mill levy supplement shall not apply to the first two (2) mills levied by a district for payment of outstanding bonds. The amount of mill levy supplement to be received shall be certified by the department of education to the district and the board of county commissioners of the county or counties in which the district is located on or before July 15. Subject to limitations imposed by this section, the mill levy necessary to make scheduled payments under outstanding general obligation bonds of the school district for the current year shall be decreased accordingly. The mill levy supplement shall be paid to each district applying on or before January 1 and shall be credited to the debt service fund of the school district. Any mill levy supplement revenues not used to reduce the current mill levy as provided in this section shall be rebated to the state treasurer.

(b) This section only applies to bonds issued on or before February 23, 2001, the original term of which was for at least ten (10) years. Effective commencing school year 2010-2011 and each school year thereafter, this section shall not apply to the refunding of any bond issues initially qualifying under this section if the refunding occurs on or after April 1, 2010.

(c) The amount of mill levy supplement for a school district shall be computed as follows:

(i) Subtract the assessed valuation per average daily membership of the school district from one hundred fifty percent (150%) of the statewide assessed valuation per average daily membership and divide the amount determined by one hundred fifty percent (150%) of the statewide assessed valuation per average daily membership;

(ii) Multiply the number obtained under paragraph (i) of this subsection times the amount required to be paid on the bonds of the applying school for the current year by a school district mill levy.

(d) The mill levy supplement determined under subsection (c) of this section shall be decreased by subtracting the product of two (2) mills times the assessed value of the school district for the preceding year from the amount calculated under subsection (c) of this section. Following certification of the amounts and if the amount calculated under subsection (c) of this section is greater than the amount determined under this subsection, the department of education shall pay the difference to the school district under subsection (a) of this section.

(e) The department of education shall develop forms containing such information as may be required to implement this section. The forms shall be completed and submitted to the department of education by any school district applying under this section. The department of education shall adopt rules and regulations to implement this section. The mill levy supplement shall be computed using the assessed valuation for the state and district for the preceding year.

(f) Repealed by Laws 1988, ch. 82, 2.

(g) In addition to any payments provided under subsections (a) through (e) of this section, a district shall receive a grant annually not later than September 1 as provided in this subsection from the school capital construction account if the district finances school capital facilities through capital leasing, and the district is required to make lease payments in order to use the facilities. Payments to school districts under this subsection shall be used by the district solely for the purpose of making capital lease payments for facilities for which agreements to lease the facilities have been executed prior to January 1, 1999 and payments due during the school year for which the grant is to be made. For the purposes of this section, "capital leasing" means the lease of facilities by a school district from a nonprofit corporation or a joint powers board which corporation or board used the proceeds from revenue bonds or certificates of participation to fund construction of the facilities. The payments under this subsection shall be subject to the following:

(i) For the purpose of computations under this subsection, bonded indebtedness shall include both district general obligation bonds and revenue bonds or certificates of participation issued by any joint powers board or nonprofit corporation the proceeds from which were used to fund construction or acquisition of the facility which the district is leasing;

(ii) The grant shall:

(A) Be an amount equal to the lease payment times the proportion determined under W.S. 21-15-105 as if it applied to all general obligation and revenue bonds for the purposes of this subsection;

(B) Provided that subsection (d) of this section shall not apply to the determination of the proportion of bonded indebtedness used in computing the grant amount under subparagraph (g)(ii)(A) of this section.