Wyo. Code R. 004-0004-3
Effective Date: 10/15/2025 to Current
Rule Type: Current Rules & Regulations
Reference Number: 004.0004.3.10152025
The purpose of these rules is to set forth procedures for the operation of a third local investment pool for investments in equities with longer-term redemption options than the local investment pools established under Wyoming Statute 9-1-416 and 9-4-831(a)(xxvii), pursuant to the provisions of Wyoming Statute W.S. 9-1-419 and 9-4-831(a)(xxviii).
These rules are adopted pursuant to W.S. 9-1-419 and W.S. 9-4-831(a)(xxviii).
(a) 'Early Withdrawal' means withdrawal of funds by the Pool Participant before the next Transaction Day or meeting the minimum investment term.
(b) 'Electronic Transfer' means an Automated Clearing House (ACH) Transfer.
(c) 'Holdback' means an amount up to 10% of the total value of a Pool Participant's withdrawal.
(d) 'Long-Term Local Investment Equities Pool' or 'Equities Pool' is a common fund with long-term redemption options maintained by the Pool Administrator consisting of deposits from Pool Participants.
(e) 'Notification Date' means the date five (5) business days before the Transaction Day on which a Participant expects to make a Transfer.
(f) 'Notification Time' means 5:00 pm Mountain Time on the Notification Date.
(g) 'Pool Administrator' is the Wyoming State Treasurer.
(h) 'Pool Participant' or 'Participant' shall be any county, municipality, school district, joint powers board or any other local governmental entity.
(i) 'Transaction Day' means the day or days each quarter that a Participant may make a transaction, which unless otherwise designated by the Pool Administrator, shall be the tenth (10th) day of February, May, August and November.
(j) 'Transfer' means a Pool Participant's deposit or a withdrawal.
(a) The Long-Term Local Investment Equities Pool shall have separate accounts maintained for each Pool Participant.
(b) Participants shall have a claim to the specific number of shares in their account.
(c) Participant funds shall only be invested through the Pool.
(d) Initial funds must be invested for a minimum term of five (5) years, unless otherwise designated in writing by the Pool Administrator. Early Withdrawal subjects the withdrawing Pool Participant to a penalty as provided in Section 12 of these rules.
(e) Participant accounts shall maintain a minimum balance of one million dollars ($1,000,000.00) unless otherwise designated in writing by the Pool Administrator.
(a) The initial minimum transfer amount for deposit to the Pool by any Participant shall be five million dollars ($5,000,000.00) unless otherwise designated in writing by the Pool Administrator.
(b) The minimum transfer amount for subsequent deposits to the Pool, and any withdrawals from the Pool, by any Participant shall be one million dollars ($1,000,000.00) unless otherwise designated in writing by the Pool Administrator.
(a) Transfers shall be made only by Electronic Transfer.
(i) Deposits are credited to the Participant on the day funds are available for investment.
(ii) Upon request by a Participant for return of funds, shares will be redeemed at the current market price, resulting in realized capital gains or losses. Withdrawals, except those amounts subject to a Holdback as determined by the Pool Administrator, are available on the effective date of the transaction. Any Holdback amount shall be held by the Pool Administrator until the completion of the reconciliation of all accounts at the end of the quarter immediately following the withdrawal, at which time an amount reflecting any adjustments due to fees as provided in Section 11 of this Chapter, penalties as provided in Section 12 of this Chapter, costs, valuation changes and/or other prudent accounting adjustments will be remitted to the Pool Participant.
(iii) Transfers shall be made only between the Participant and the Pool Administrator. Third-party transfers are prohibited.
(b) All costs of Electronic Transfers shall be borne by the Participant.
(c) Each Participant shall provide complete instructions for Transfers.
Pool Participants shall provide notice of any Transfer through the Pool Administrator's designated electronic portal by the Notification Time on the Notification Date.
All dividends earned on a Participant's shares, minus fees as provided in Section 11 of this Chapter of these rules, will be reinvested in the same security.
(a) Pool Participants shall have a means of confirming Transfers, cash balances and fund performance.
(b) The Pool Administrator shall respond to all Participant audit confirmations.
(a) Pool Participants acknowledge there is risk associated with investing in the Pool. The Pool does not have a guaranteed rate of return, and by virtue of participating in the Pool, Participants expose their investments to losses, as well as gains. All risks associated with the Pool are assumed by the Participant.
(b) Prior to making an initial Transfer, Pool Participants shall:
(i) Acknowledge in writing that the Participant understands investing in equities involves risk of loss of some or all of the amount invested;
(ii) Provide the Pool Administrator proof of authorization from the Participant's governing body allowing it to invest in equities; and
(iii) Provide the Pool Administrator its investment policy statement allowing for investment in equities.
(c) Nothing in these Rules shall be construed to require the State of Wyoming to reimburse Pool Participants for any losses that may occur on investments.
The Pool Administrator shall charge Pool Participants for the investment, banking and administrative fees which the Pool Administrator has incurred in providing the Long-Term Equities Investment Pool.
The Pool Administrator may impose a five percent (5%) penalty for Early Withdrawal.