§ 99-1-205 — Terms; management plan; restriction on sale of water and the project; loan acceleration

Wyoming § 99-1-205

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

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(a) There shall be no lease, sale, assignment or transfer
of ownership of water from the project for purposes other than
the board's municipal or domestic use without written prior
approval of the commission and the state engineer or board of
control. If such a transaction is approved, the revenues
generated by the lease, sale, assignment or transfer of
ownership of water from the project shall be utilized to retire
principal on the loans described in Section 4(a) of this act [§
99-1-204(a)]. After the loans are paid in full the board shall
receive twenty-five percent (25%) of the revenues generated by
the lease, sale, assignment or transfer of ownership of water
from the project and the state of Wyoming shall receive
seventy-five percent (75%) of the revenues generated by the
lease, sale, assignment or transfer of ownership of water from
the project.
(b) There shall be no lease, sale, assignment or transfer
of ownership of the project until the loans described in Section
4(a) [§ 99-1-204(a)] are paid in full, and until prior written
approval is obtained from the commission. If these conditions
are met, the board shall receive twenty-five percent (25%) and
the state of Wyoming shall receive seventy-five percent (75%) of
the revenues generated by the lease, sale, assignment or
transfer of ownership of the project. Before the board may
lease, sell, assign or transfer ownership of the project, the
state of Wyoming shall be given a one (1) year first right of
refusal option to purchase the board's interest in the project
for an amount equal to the principal, interest, maintenance and
replacement costs incurred by the board at the date the option
is exercised.
(c) After the loans described in Section 4(a) of this act
[§ 99-1-204(a)] are paid in full, the board may purchase the
position of the state of Wyoming, as described in subsections
(a) and (b) of this section, for the amount of the grant
described in Section 4(b) of this act [§ 99-1-204(b)] plus the
interest that would have accrued on the grant amount in the
water development account from the date the project was
substantially completed as defined by the commission. The
interest that would have accrued on the grant amount shall be
established by the state auditor.
(d) Any revenues generated by the state from the lease,
sale, assignment or transfer of ownership of project water or
the project itself shall be deposited in Wyoming water
development account I.
(e) The board shall be responsible for operation and
maintenance of the project. (Laws 1989, ch. 131, §§ 5a, 5b, 5c,
5d, 5e; 1990, ch. 77, § 1.)