Wyoming Administrative Code Agency 060 - Lands and Investments, Office of
Wyoming Administrative Code Agency 060 - Lands and Investments, Office of
Overview
Agency 060 refers to the Office of Lands and Investments within the Wyoming state government. This office is primarily responsible for managing state-owned lands and related investments to maximize financial returns for the benefit of Wyoming’s public institutions, including public schools and universities.
Wyoming is unique because a significant amount of land is held in trust for educational and other public purposes. Agency 060 administers these lands and investment portfolios, overseeing leasing, sales, mineral rights, and long-term investments.
Primary Functions of Agency 060
Management of State Trust Lands
Agency 060 manages land granted to Wyoming at statehood, primarily held in trust for public schools and other beneficiaries.
It oversees leases for agriculture, grazing, mineral extraction (oil, gas, coal, etc.), commercial development, and other uses.
Investment of Trust Funds
Beyond land management, the office handles investments of proceeds from land sales, royalties, and other revenues.
Investments are made under statutory guidelines to preserve and grow the corpus for beneficiaries.
Mineral Leasing and Royalties
The office regulates and negotiates leases for extraction of minerals on state lands.
It collects royalties and ensures compliance with lease terms.
Land Sales and Acquisitions
It administers processes for selling surplus lands and acquiring new properties when beneficial.
Ensures sales comply with statutory requirements and serve the best interest of trust beneficiaries.
Environmental and Regulatory Compliance
The office ensures land use and mineral extraction comply with environmental regulations and land use planning.
Reporting and Accountability
Regularly reports on revenues, investments, land status, and compliance to the Governor, Legislature, and beneficiaries.
Key Provisions in Agency 060 Administrative Code
Land Leasing Rules: Procedures and criteria for issuing and managing leases, including bid processes and lease term limits.
Investment Policies: Guidelines for investing trust funds, including risk management and diversification standards.
Royalty Collection and Audit: Rules governing the measurement, payment, and auditing of mineral royalties.
Land Sale Procedures: Steps and approval processes required before land can be sold.
Appeals and Disputes: Mechanisms for resolving disputes related to land management or investments, including administrative hearings.
Relevant Wyoming Case Law Involving Agency 060
Wyoming courts have reviewed issues involving Agency 060’s management of state lands and investments, especially concerning fiduciary duties, leasing decisions, and royalty disputes. Some notable cases:
1. State ex rel. State Land & Investment Board v. Denver & Rio Grande Western Railroad (1980)
Issue: Dispute over title and rights involving state lands managed by the agency.
Holding: The Wyoming Supreme Court confirmed the authority of the State Land Board (precursor to Agency 060) to manage state lands for the benefit of trust beneficiaries.
Importance: Established the legal foundation for the agency’s broad land management powers.
2. Boyer v. State Land Board (1993)
Issue: Challenge to the process by which land leases were awarded, alleging unfair bidding.
Holding: The court upheld the agency’s procedures, emphasizing the board’s discretion and the need for deference to agency expertise unless arbitrary or capricious.
Importance: Reaffirmed that the agency’s discretion in leasing decisions is protected, provided it follows statutory and procedural rules.
3. Wyoming State Treasurer v. Wyoming State Land & Investment Board (2001)
Issue: Dispute over investment policies and alleged breach of fiduciary duty in managing trust funds.
Holding: The court ruled that the agency must adhere to prudent investor standards and statutory mandates, holding the office accountable for losses due to negligence.
Importance: Clarified fiduciary obligations in managing state trust investments under Agency 060.
4. Smith Oil Co. v. Wyoming Office of Lands and Investments (2010)
Issue: Dispute over royalty calculations and audit authority.
Holding: The court upheld the agency’s authority to conduct audits and enforce royalty payments according to lease terms.
Importance: Affirmed the agency’s power to ensure compliance and protect trust revenues.
Summary
The Wyoming Administrative Code Agency 060 - Office of Lands and Investments governs the management of Wyoming’s state trust lands and related investments. It balances generating revenue from natural resources and land use with protecting long-term trust assets for beneficiaries such as public schools.
Wyoming courts have generally supported the agency’s broad authority and discretion in leasing, land sales, and investment management, while underscoring its fiduciary duty to act prudently and in good faith.
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