Wyoming § 15-10-108 Financing; borrowing; obligations authorized;
security; debt provisions inapplicable; tax exemption

Wyoming Statutes

§ 15-10-108 — Financing; borrowing; obligations authorized; security; debt provisions inapplicable; tax exemption

Wyoming·Title 15 Cities and Towns·Ch. 10 HOUSING PROJECTS

(a)A municipality or county may borrow funds and issue any types of obligations it determines are necessary for the purpose of financing housing for persons of low income, including obligations on which the principal and interest are payable exclusively from the income and revenues:

(i)Of the project financed with the proceeds of the obligations; or

(ii)Of certain designated projects whether or not they are financed in whole or in part with the proceeds of the obligations.

(b)The obligations specified in subsection (a) of this section may be additionally secured by a pledge of any loan, grant or contributions, or parts thereof, from the federal government or other source or a pledge of any income or revenues connected with a housing project.

(c)Neither the governing body nor any perso

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(a) A municipality or county may borrow funds and issue
any types of obligations it determines are necessary for the
purpose of financing housing for persons of low income,
including obligations on which the principal and interest are
payable exclusively from the income and revenues:
(i) Of the project financed with the proceeds of the
obligations; or
(ii) Of certain designated projects whether or not
they are financed in whole or in part with the proceeds of the
obligations.
(b) The obligations specified in subsection (a) of this
section may be additionally secured by a pledge of any loan,
grant or contributions, or parts thereof, from the federal
government or other source or a pledge of any income or revenues
connected with a housing project.
(c) Neither the governing body nor any person executing an
obligation as specified in subsection (a) of this section is
liable personally thereon by reason of the issuance thereof. The
obligations issued under this chapter are payable solely from
the sources provided in this section and do not constitute an
indebtedness of the municipality or county within the meaning of
any constitutional or statutory debt limitation or restriction
and are not general obligations of the municipality or county.
The obligations are declared to be issued for an essential
public and governmental purpose and to be public
instrumentalities and, together with interest thereon and income
therefrom, are exempt from taxes. The tax exemption provisions
of this chapter are considered part of the contract for the
security of the obligations authorized by this chapter and need
not be restated in the obligations.

Wyoming § 15-10-108 (Financing; borrowing; obligations authorized; security; debt provisions inapplicable; tax exemption) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.