§ 99-1-504 — Project Financing

Wyoming § 99-1-504

• Jurisdiction: Wyoming
• Title 99: Water Projects
• Ch. 1: MISCELLANEOUS WATER PROJECTS
• Art. 5: GREEN RIVER/ROCK SPRINGS WATER TREATMENT PLANT

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(a) Unless the board elects to finance the project in
accordance with subsection (d) of this section before entering
into an agreement under this subsection, the state of Wyoming
shall loan to the board from the permanent Wyoming mineral trust
fund through the commission, for the design and construction of
the project, an amount not to exceed twenty-four million dollars
($24,000,000.00) or the total actual development costs,
whichever is less, for a term of forty-five (45) years from the
date the commission determines project benefits accrue to the
board, at an annual interest rate of eight percent (8%),
provided:
(i) 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 [§§
99-1-501 through 99-1-506];
(iii) The board establishes a sinking fund for repair
and maintenance of the project as deemed appropriate by the
commission;
(iv) Repayments of principal shall be deposited into
the permanent mineral trust fund and payments of interest shall
be deposited into the general fund.
(b) The board shall supervise construction of the project
and submit all requests for payment to the commission for
approval.
(c) The commission shall, upon review and approval of the
board's request, make payments directly to the board.
(d) If the board elects to finance the project under this
subsection, the state of Wyoming shall loan to the board from
the permanent Wyoming mineral trust fund through the commission,
for the design and construction of the project an amount not to
exceed seventeen million four hundred thousand dollars
($17,400,000.00) for a term of twenty-five (25) years from the
date the commission determines project benefits accrue to the
board at an annual rate of four percent (4%). The balance of
subsection (a) applies to this subsection. The loan under this
subsection shall be made only if Sweetwater county imposes a one
percent (1%) sales and use excise tax within the county as
authorized under W.S. 39-6-412(k) to fund the balance of the
project. Revenues from this tax shall be dedicated for the
project authorized under this act [§§ 99-1-501 through 99-1-506]
so that the balance of the amount necessary to fund the project
is available to the project within two (2) years of the
imposition of the tax or as soon thereafter as is practicable.
Notwithstanding W.S. 39-6-412(k)(iii), the proposition to impose
an excise tax solely to comply with this subsection and solely
to fund the project authorized under this act [§§ 99-1-501
through 99-1-506] may be submitted to the electors of Sweetwater
county if the county commissioners adopt a resolution for that
purpose. (Laws 1995, ch. 201, §§ 4a, 4b, 4c, 4d.)