Wyoming § 15-1-704 Bonds; sources of security and limitations;
mortgage provisions and limitations

Wyoming Statutes

§ 15-1-704 — Bonds; sources of security and limitations; mortgage provisions and limitations

Wyoming § 15-1-704

Title 15Cities and Towns

Ch. 1GENERAL PROVISIONS

Art. 7INDUSTRIAL DEVELOPMENT PROJECTS

This text of Wyoming § 15-1-704 (Bonds; sources of security and limitations; mortgage provisions and limitations) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 15-1-704 (2026).

Text

(a)The principal and interest on any bonds issued under this article shall be secured by a pledge of the revenues of the project for which the bonds were issued and may be secured by a mortgage covering all or any part of the project by a pledge of the lease of the project, or by other security devices deemed advantageous that do not constitute a general obligation of the municipality or county. A municipality or county shall not obligate itself except with respect to the project and the application of its revenues, and shall not incur a pecuniary liability or a charge upon its general credit or against its taxing power.

(b)Any mortgage given to secure the bonds may contain any agreement and provisions customarily contained in instruments securing bonds, including provisions respecting t

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(a) The principal and interest on any bonds issued under
this article shall be secured by a pledge of the revenues of the
project for which the bonds were issued and may be secured by a
mortgage covering all or any part of the project by a pledge of
the lease of the project, or by other security devices deemed
advantageous that do not constitute a general obligation of the
municipality or county. A municipality or county shall not
obligate itself except with respect to the project and the
application of its revenues, and shall not incur a pecuniary
liability or a charge upon its general credit or against its
taxing power.
(b) Any mortgage given to secure the bonds may contain any
agreement and provisions customarily contained in instruments
securing bonds, including provisions respecting the fixing and
collection of rents for any project covered, the terms of the
lease of the project, the maintenance and insurance of the
project, the creation and maintenance of special funds from the
revenues of the project and the rights and remedies available in
the event of a default to the bondholders or to the trustee
under a mortgage.
(c) Any mortgage securing the bonds may provide that:
(i) In the event of a default in the payment of the
principal or interest or in the performance of any of the terms
of the agreement or mortgage, payment and performance may be
enforced by mandamus or by the appointment of a receiver with
power to charge and collect rents and to apply the revenues from
the project in accordance with the agreement or mortgage;
(ii) In the event of a default in the payment or the
violation of any agreement contained in the mortgage, the
mortgage may be foreclosed and sold in any manner permitted by
law;
(iii) Any trustee under the mortgage or the holder of
any of the bonds secured thereby may become the purchaser at any
foreclosure sale.
(d) No breach of any agreement specified in this section
may impose any pecuniary liability upon a municipality or county
or any charge upon their general credit or against their taxing
powers.