§ 15-1-710 — Alternative procedures authorized; other provisions applicable; form of transaction; exceptions

(a) Pursuant to this section and as an alternative to the
procedures set forth in W.S. 15-1-701 through 15-1-708, a
municipality or county may issue revenue bonds to defray the
cost of acquiring, constructing or improving any project
regardless of whether or not the municipality or county acquires
any ownership interest in the project. The municipality or
county may authorize the user of the project, or an agent of the
user or a trustee, to disburse the proceeds of the revenue bonds
to pay only those costs of the project specified in W.S.
15-1-707 and only upon the conditions that the user agrees to
complete the acquisition or construction of the project and pay
to the municipality or county an amount sufficient to pay, when
due, the principal, interest and premium, if any, on the revenue
bonds, and any other expenses incurred by the municipality or
county in connection therewith. The revenue bonds are payable
solely from the revenues derived from payments to the
municipality or county by the user of the project. These
revenues may be pledged and assigned to a trustee for the
benefit of the bondholders. The revenues are not deemed to be
revenues of any project.
(b) If the project is financed pursuant to this section,
the provisions of W.S. 15-1-701 through 15-1-708 apply. However,
the procedures shall contemplate and authorize a transaction in
the form provided in this section rather than a transaction in
the form of a lease or sale of a project, except that:
(i) The revenue bonds issued pursuant to this section
are not subject to the provisions of W.S. 15-1-704(a), but shall
be secured by a pledge of the agreement of the user enterprise
to pay principal, interest and premium, if any, on the bonds and
any and all other expenses in connection with the bonds, and may
be secured by any other agreement or obligation of the user
enterprise or any other person;
(ii) The governing body of the municipality or county
shall make similar determinations and findings as and where
required by W.S. 15-1-705 before issuing bonds under this
section;
(iii) Title to or in the project may at all times
remain in the user or in any other person; and
(iv) The agreement or contract of the user with the
municipality or county may include provisions the municipality
or county deems appropriate to effect the financing of the
proposed undertaking.