§ 41-10-131 — Principal and interest to be paid solely from net revenues; pledging surplus and unpledged revenues as additional security; bonds not issued payable from revenues or special assessments to be general obligations of district

Wyoming § 41-10-131

• Jurisdiction: Wyoming
• Title 41: Water
• Ch. 10: WATER AND SEWER DISTRICT LAW

Text

The principal of and interest on revenue bonds herein authorized
to be issued, and any prior redemption premium or premiums,
shall be payable solely from the net revenues derived from the
operation of the project for the acquisition or improvement of
which the bonds are issued, including, without limiting the
generality of the foregoing, revenues of a prior existing
project which is improved by the expenditure of the bond
proceeds, and revenues of improvements theretofore or thereafter
acquired to such project which are not acquired by the
expenditure of such bond proceeds; and the principal of and
interest on special assessment bonds herein authorized to be
issued, and any prior redemption premium or premiums, shall be
payable solely out of moneys collected on account of the
assessments, principal, interest and any penalties, levied for
the project for the acquisition or improvement of which the
bonds are issued; provided, however, that the payment of such
special assessment bonds may at the board's option be
additionally secured as herein provided. The board may ascertain
and determine in a resolution authorizing the issuance of the
bonds that the district has, or will have during the term of the
bonds, or has and so will have, designated surplus and unpledged
revenues derived from the operation of any income-producing
project, or special assessments or excise tax or taxes which the
district is herein authorized to levy, fix or charge, or from
any combination thereof, and the board in said resolution may
pledge all or a portion of such surplus and unpledged revenues
as additional security for such payment of said bonds, and at
its option may deposit such revenues in a fund created to pay
the bonds or created to secure additionally their payment. Any
such revenue pledged directly or as additional security for the
payment of bonds of any one issue or series which revenues are
not exclusively pledged therefor, may subsequently be pledged
directly or as additional security for the payment of the bonds
of one or more issues or series subsequently authorized. All
bonds of the same issue or series shall, subject to the prior
and superior rights of outstanding bonds, claims and other
obligations, have a prior, paramount and superior lien on the
revenues pledged for the payment of the bonds over and ahead of
any other claims or obligations thereagainst subsequently
incurred; provided, however, the resolution authorizing the
issuance of any bonds may provide for the subsequent
authorization of bonds or other obligations the lien for the
payment of which on such revenues is on a parity with the lien
thereon of the bonds therein authorized upon such conditions and
subject to such limitations as said resolution may provide. All
bonds not issued payable solely from such revenues or special
assessments (with or without such additional security) shall be
the general obligations of the district, and the full faith and
credit of the district shall be pledged for the payment thereof.
All bonds of the same issue or series shall be equally and
ratably secured without priority by reason of number, date of
maturity, date of bonds, of sale, of execution, or of delivery,
by a lien on said revenues in accordance with the provisions of
this act and the resolution authorizing said bonds, except to
the extent such resolution shall otherwise specifically provide.