§ 99-1-304 — Project Financing

Wyoming § 99-1-304

• Jurisdiction: Wyoming
• Title 99: Water Projects
• Ch. 1: MISCELLANEOUS WATER PROJECTS
• Art. 3: ROCK SPRINGS/GREEN RIVER AREA WATER SUPPLY PROJECT

Text

(a) The state of Wyoming shall loan 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 eight million nine hundred ten thousand
dollars ($8,910,000.00) or thirty-three percent (33%) of the
actual development costs, whichever is less, for a term of forty
(40) years from the date the commission determines benefits
accrue to the board 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 a repayment schedule
in accordance with the conditions prescribed in this act;
(iii) The board establishes a sinking fund for repair
and maintenance of the project as deemed appropriate by the
commission; and
(iv) Principal and interest payments made in
repayment of the loan shall be deposited in 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 eighteen million ninety thousand dollars
($18,090,000.00) or sixty-seven percent (67%) 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 twenty-seven million
dollars ($27,000,000.00).
(g) The board shall be responsible for operation and
maintenance of the project. (Laws 1990, ch. 83, §§ 4(a)(intro),
(i), (ii), (iii), (iv), 4b, 4c, 4d, 4e, 4f, 4g; 1994, Ch. 28, §
11.)