9-4-604(k)(i) or to fund bonds the proceeds of which will be

9-4-604(k)(i) or to fund bonds the proceeds of which will be used under W.S. 9-4-604(g);

(B) One-fourth (1/4) to the highway fund.  (ii) Repealed By Laws 2001, Ch. 209, § 3.

(iii) Repealed By Laws 1998, ch. 5, § 4.

(iv) And:

(A) Ten percent (10%) but not to exceed one million six hundred thousand dollars ($1,600,000.00) per year, to a separate account which may be expended by the community college commission in accordance with and in addition to appropriations available under W.S. 21-18-205(c). Any amount in excess of one million six hundred thousand dollars ($1,600,000.00) together with any unexpended revenues within the account at the end of any biennial budget period shall be credited to the public school foundation program account;

(B) Forty percent (40%) to be deposited to the public school foundation program account.

(v) Repealed By Laws 2010, Ch. 69, § 204.

(c) Repealed by Laws 2000, Ch. 97, § 4.

(d) Except as provided in subsections (k), (m), (n) and (o) of this section, any revenue received under subsection (a) of this section in excess of two hundred million dollars ($200,000,000.00) shall be distributed as follows:

Note: Effective 7/1/2026 this subsection will read as:

(d) Except as provided in subsection (o) of this section, any revenue received under subsection (a) of this section in excess of two hundred million dollars ($200,000,000.00) shall be distributed as follows:

(i) Repealed by Laws 2000, Ch. 97, § 4.

(ii) Repealed by Laws 2000, Ch. 97, § 4.

(iii) Subject to paragraphs (v), (vi) and (viii) of this subsection, one-third (1/3) to the public school foundation program account;

(iv) Subject to paragraphs (vii) and (ix) of this subsection, two-thirds (2/3) to the budget reserve account;

Note: Effective 7/1/2026 this paragraph will read as:  (iv) Subject to paragraphs (vii) and (ix) of this subsection, two-thirds (2/3) to the general fund;

(v) From the amounts which would otherwise be distributed to the public school foundation program account under paragraph (iii) of this subsection, amounts shall be deposited to the excellence in higher education endowment fund and the Hathaway student scholarship endowment fund created by W.S. 9-4-204(u)(vi) and (vii) in accordance with and subject to the requirements of this paragraph. The amounts specified in this paragraph shall be reduced as the state treasurer determines necessary to ensure that as of July 1 of each fiscal year, there is an unobligated, unencumbered balance of one hundred million dollars ($100,000,000.00) within the public school foundation program account. Distributions under this paragraph shall be as follows:

(A) Seventy-nine percent (79%) to the Hathaway student scholarship endowment fund, until that account balance equals four hundred million dollars ($400,000,000.00);

(B) Twenty-one percent (21%) to the excellence in higher education endowment fund until distributions to that fund under this subparagraph equal one hundred five million dollars ($105,000,000.00);

(C) After the amounts specified in subparagraphs (A) and (B) of this paragraph are deposited to the appropriate fund, remaining funds shall be deposited pursuant to paragraph (vi) of this subsection and then to the public school foundation program account as provided in paragraph (iii) of this subsection.

(vi) From the amounts which would otherwise be distributed to the public school foundation program account under paragraph (iii) of this subsection and paragraphs (k)(i), (m)(i), (n)(i) and (o)(i) of this section, there is annually appropriated to the common school permanent fund reserve account the amount determined under W.S. 9-4-719(g). The appropriation shall be credited to the account as provided in W.S. 9-4-719(g);

(vii) From the amounts that would otherwise be distributed to the budget reserve account under paragraph (iv) of this subsection and paragraphs (k)(ii), (m)(ii), (n)(ii) and (o)(ii) of this section, amounts necessary to make the required revenue bond payments as provided by W.S. 9-4-1003(d), but in no event more than eighteen million dollars ($18,000,000.00) annually;

Note: Effective 7/1/2026 this paragraph will read as:

(vii) From the amounts that would otherwise be distributed to the general fund under paragraph (iv) of this subsection amounts necessary to make the required revenue bond payments as provided by W.S. 9-4-1003(d), but in no event more than eighteen million dollars ($18,000,000.00) annually;

(viii) Repealed by Laws 2017, ch. 205, § 2; ch. 206, § 2.

(ix) For the period beginning July 1, 2019 and ending June 30, 2049, from the amounts that would otherwise be distributed to the budget reserve account under paragraph (iv) of this subsection, the first eight million dollars ($8,000,000.00) shall be distributed to a separate account for the University of Wyoming. These funds are continuously appropriated to the university upon deposit to the account. The University of Wyoming shall reduce its standard budget request for the 2021-2022 biennium by an amount equal to the maximum amount of funds authorized to be deposited under this paragraph. The University of Wyoming shall acknowledge this reduction of its 2021-2022 budget request pursuant to this paragraph in each standard budget request submitted to the governor's office through June 30, 2048.

Note: Effective 7/1/2026 this paragraph will read as:

(ix) For the period beginning July 1, 2019 and ending June 30, 2049, from the amounts that would otherwise be distributed to the general fund under paragraph (iv) of this subsection, the first eight million dollars ($8,000,000.00) shall be distributed to a separate account for the University of Wyoming. These funds are continuously appropriated to the university upon deposit to the account. The University of Wyoming shall reduce its standard budget request for the 2021- 2022 biennium by an amount equal to the maximum amount of funds authorized to be deposited under this paragraph. The University of Wyoming shall acknowledge this reduction of its 2021-2022 budget request pursuant to this paragraph in each standard budget request submitted to the governor's office through June 30, 2048.

(e) Repealed By Laws 1998, ch. 5, § 4.  (f) Repealed by Laws 2000, Ch. 97, § 4.

(g) The state, should federal law not proscribe such action, is authorized and empowered to receive its gross percentage share of federal mineral royalties from the production of oil and gas which is due under the provisions of the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191) as amended, in the form of the actual production from federal mineral leases covered under that act of congress. If directed by the governor, the production shall be taken by the state in lieu of royalty receipts. The production shall be taken in the same percentage of volume as the gross percentage of royalty proceeds allowed by the act of congress. Any sale or disposal of the production shall be administered by the director of the office of state lands and investments or his designee. The director, subject to criteria established by the governor, shall sell or dispose of any production taken by the state from federal mineral leases. Prior to receipt of any royalties, the director shall promulgate necessary rules and regulations to carry out this subsection.

(h) Repealed by Laws 2002, Ch. 45, § 2, Ch. 62, § 2.

(j) The state, should federal law not proscribe such action, is authorized and empowered to receive its gross percentage share of federal mineral royalties from the production of solid minerals which is due under the provisions of the act of congress of February 25, 1920 (41 Stat. 437, 450; 30 U.S.C. §§ 181, 191) as amended, in the form of a direct cash payment to the state from the lessee or authorized mine operator. If directed by the governor, such payment shall be taken by the state in lieu of royalty payments from the federal government. Prior to exercising this option, the director of the office of state lands and investments shall promulgate necessary rules and regulations to implement this program which shall include defining the appropriate reporting requirements to ensure proper payment. To the extent possible, the rules and regulations shall rely on current reporting programs and avoid duplicative or additional administrative requirements. The state shall exercise such option for a minimum period of one (1) year and with no less than ninety (90) days notice to the lessee or authorized mine operator.

(k) For the period beginning March 15, 2018 for fiscal years 2018, 2019 and 2020, any revenue received under subsection (a) of this section in excess of five hundred million dollars ($500,000,000.00) shall be distributed as follows:

(i) For fiscal years 2018 and 2019, two-thirds (2/3) and for fiscal year 2020 one-half (1/2) to the public school foundation program account; and

(ii) For fiscal years 2018 and 2019, one-third (1/3) and for fiscal year 2020 one-half (1/2) to the budget reserve account.

Note: this subsection is repealed by Laws 2025, ch. 63, § 2. effective 7/1/2026.

(m) For fiscal year 2021, any revenue received under subsection (a) of this section in excess of four hundred eighty- five million five hundred thousand dollars ($485,500,000.00) and for fiscal year 2022, any revenue received under subsection (a) of this section in excess of five hundred million eight hundred thousand dollars ($500,800,000.00) shall be distributed as follows:

(i) One-half (1/2) to the public school foundation program account; and

(ii) One-half (1/2) to the budget reserve account.

Note: this subsection is repealed by Laws 2025, ch. 63, § 2. effective 7/1/2026.

(n) For fiscal year 2023, any revenue received under subsection (a) of this section in excess of four hundred fifty- nine million dollars ($459,000,000.00) and for fiscal year 2024, any revenue received under subsection (a) of this section in excess of four hundred twenty-nine million two hundred thousand dollars ($429,200,000.00) shall be distributed as follows:

(i) Forty percent (40%) to the public school foundation program account; and

(ii) Sixty percent (60%) to the budget reserve account.

Note: this subsection is repealed by Laws 2025, ch. 63, § 2. effective 7/1/2026.  (o) For fiscal year 2025, any revenue received under subsection (a) of this section in excess of five hundred forty- nine million four hundred thousand dollars ($549,400,000.00) and for fiscal year 2026, any revenue received under subsection (a) of this section in excess of five hundred thirty million two hundred thousand dollars ($530,200,000.00) shall be distributed as follows:

(i) Forty percent (40%) to the public school foundation program account; and

(ii) Sixty percent (60%) to the budget reserve account.

9-4-602. Distribution and use; state treasurer's duty.

(a) Except as hereafter provided, distribution under W.S.