§ 15-1-702 — Powers of municipalities and counties; limitations

Wyoming § 15-1-702

• Jurisdiction: Wyoming
• Title 15: Cities and Towns
• Ch. 1: GENERAL PROVISIONS
• Art. 7: INDUSTRIAL DEVELOPMENT PROJECTS

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(a) In addition to all other powers each municipality,
county, and multi-county joint powers board has without any
other authority the power to:
(i) Acquire one (1) or more projects located within
the territorial limits of the municipality or within the
territorial limits of the county wherein the municipality is
situated, if acquired by a municipality, or located within the
county, if acquired by a county, or located within multiple
counties if acquired by a joint powers board formed under W.S.
16-1-101 et seq.;
(ii) Lease any or all of its projects upon terms and
conditions fixed by the governing body and consistent with the
provisions of this article;
(iii) Issue revenue bonds to defray the cost of
acquiring or improving any project and secure the payment of the
bonds as provided in this article. Revenue bonds may be issued
in two (2) or more series or issues, if necessary, and each
series or issue may contain different maturity dates, interest
rates, priorities on revenues available for payment, priorities
on securities available for guaranteeing payment, and other
terms and conditions deemed necessary and consistent with the
provisions of this article; and
(iv) Sell and convey any property acquired under
paragraph (a)(i) of this section and make any order respecting
that property in the best interest of the municipality or
county. The governing body of the municipality or county may
establish terms and conditions as appear to be in the best
interest of the municipality or county, including the deferment
of payment of the purchase price for not to exceed ten (10)
years. If payment of the purchase price is deferred, the
municipality or county, at the time of completing the sale,
shall take or retain a security interest in the property sold.
The security interest, by vote of the governing body, may be
subordinated to an obligation incurred by the purchaser for the
construction of buildings or improvements on or in connection
with the property sold, but the subordination agreement shall
require that in the event of default by the purchaser in the
payment of the deferred sale price, the holder of the obligation
to which the payment of the deferred sale price is subordinated
shall pay any unpaid deferred balance. The sale or conveyance of
property is subject to the terms of any lease but free and clear
of any other encumbrance.
(b) No municipality or county may operate any project
referred to in this section as a business or in any manner
except as the lessor or holder of a security interest, nor
acquire any such project or any part thereof by condemnation.
(c) A municipality, county or joint powers board may
designate an energy improvements area and establish an energy
improvements program to make loans to owners of real property
within the area for cost-effective energy improvements to
existing residential, commercial or industrial buildings on the
property. Not less than thirty (30) days prior to the
designation under this subsection, the governing body shall
provide an explanation of the proposed program to any utility
which distributes electricity or natural gas in the area in
which the proposed program will operate. A governing body which
establishes an energy improvements program may secure a loan
under the program with a lien on the benefited property and
enforce the lien in the same manner as provided for special
assessments under W.S. 15-6-401 et seq. Additionally, the
governing body may require any other security for a loan it
deems reasonable and necessary. The designation may establish:
(i) A loan application process that includes an
energy audit of the building proposed to be improved and other
requirements to ensure that the loan will be used for energy
improvements which are cost effective and otherwise consistent
with the purpose of the program;
(ii) The loan terms, including interest rates;
(iii) The application and loan fees sufficient to pay
the administrative and financing costs of the program, included
costs associated with loan delinquencies; and
(iv) Any requirements and conditions to ensure timely
repayment of loans and fees imposed under the program.
(d) When issued for agricultural and agricultural-related
projects, a municipality, county or joint powers board shall
only issue bonds under this article to an entity that:
(i) Is headquartered in Wyoming and organized under
the laws of the state of Wyoming; and
(ii) Falls within the United States small business
administration small business size standards for its industry
classification code, effective August 19, 2019.