§ 99-1-204 — Project Financing

Wyoming § 99-1-204

• Jurisdiction: Wyoming
• Title 99: Water Projects
• Ch. 1: MISCELLANEOUS WATER PROJECTS
• Art. 2: SHERIDAN AREA WATER SUPPLY PROJECT

Text

(a) The state of Wyoming shall make one (1) or more loans
to the board from water development account I through the
commission for the design, permit procurement, project land
procurement, construction engineering and construction of the
project for a total amount not to exceed nine million three
hundred one thousand five hundred dollars ($9,301,500.00) or
twenty-five percent (25%) of the actual development costs,
whichever is less, each loan being for a term of fifteen (15)
years at an annual interest rate of four percent (4%) provided:
(i) The board and each participating agency of the
board offers security as deemed adequate and acceptable to the
attorney general;
(ii) The commission establishes repayment schedules
in accordance with the conditions prescribed in this act [§§
99-1-201 through 99-1-206];
(iii) The board establishes a sinking fund for repair
and maintenance of the project as deemed appropriate by the
commission;
(iv) Payment of interest and principal and accrual of
interest on each loan shall be deferred until five (5) years
after substantial completion of each phase of the project as
determined by the commission. The total amount of the loan for
each phase of the project shall be determined by the commission
upon completion of that Phase. Each loan shall be amortized
over the remaining ten (10) years of the term; and
(v) Principal and interest payments made in repayment
of each loan shall be deposited in Wyoming water development
account I.
(b) The state of Wyoming shall grant to the board from
water development account I through the commission for the
design, permit procurement, project land procurement,
construction engineering and construction of the project an
amount not to exceed twenty-seven million nine hundred four
thousand five hundred dollars ($27,904,500.00) or seventy-five
percent (75%) of the actual development costs, whichever is
less. If the commission determines that the board has without
good cause, abandoned completion of the project, the board and
each participating agency of the board shall be obligated to
immediately repay the full amount of all grant funds actually
expended under this subsection plus interest as established by
the state auditor in an amount equal to the interest that would
have accrued on the expended grant funds in the water
development account from the date of expenditure.
(c) The board shall supervise design and construction of
the project and submit all requests for payment to the
commission for approval.
(d) The board shall not make construction funding
commitments until after the commission has reviewed and approved
construction budgets and construction plans.
(e) The commission shall make payments directly to the
board.
(f) The board is responsible for all project expenditures
in excess of the total project budget of thirty-seven million
two hundred six thousand dollars ($37,206,000.00). (Laws 1989,
ch. 131, §§ 4a, 4b, 4c, 4d, 4e, 4f; 1990, ch. 77, § 1; 1993, ch.
89, § 5; 1996, ch. 59, § 6.)