§ 41-10-138 — Covenants in resolution authorizing issuance of bonds

Wyoming § 41-10-138

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

Text

(a) Any resolution authorizing the issuance of bonds under
this act may contain covenants (notwithstanding such covenants
may limit the exercise of powers conferred by this act) as to
any one (1) or more of the following:
(i) The tolls, fees, rates, rentals, charges, special
assessments, and general taxes to be fixed, charged or levied
and the collection, use and disposition thereof, including but
not limited to joint billing for and the discontinuance of
facilities, commodities or projects, the foreclosure of liens
for delinquencies and the collection of penalties;
(ii) The creation and maintenance of reserves or
sinking funds and the regulation, use and disposition thereof;
(iii) A fair and reasonable payment by the district
from its general fund or other available moneys to the account
of a designated project for the facilities or commodities
furnished or services rendered thereby to the district or any of
its departments, boards or agencies;
(iv) The purpose or purposes to which the proceeds of
the sale of bonds may be applied and the use and disposition
thereof;
(v) The issuance of other or additional bonds payable
from or constituting a charge against or lien upon any revenues
pledged for the payment of bonds and the creation of future
liens and encumbrances thereagainst;
(vi) The operation and maintenance of any project;
(vii) The insurance to be carried thereon and use and
disposition of insurance moneys;
(viii) Books of account and the inspection and audit
thereof;
(ix) Events of default, rights and liabilities
arising therefrom, and the rights, liabilities, powers and
duties arising upon the breach by the district of any covenants,
conditions, or obligations;
(x) The vesting in a trustee or trustees, and the
limitation of liabilities thereof, and as to the terms and
conditions upon which the holders of the bonds or any portion,
percentage or amount of them may enforce any covenants made
under this act or duties imposed thereby;
(xi) The terms and conditions upon which the holders
of the bonds or of a specified portion, percentage or amount
thereof, or any trustee therefor, shall be entitled to the
appointment of a receiver, which receiver may enter and take
possession of any project or service, operate and maintain the
same, prescribe tolls, fees, rates, rentals, charges and taxes,
and collect, receive and apply all revenues thereafter arising
therefrom in the same manner as the district itself might do;
(xii) A procedure by which the terms of any
resolution authorizing bonds, or any other contract with any
holders of bonds, including but not limited to an indenture of
trust or similar instrument, may be amended or abrogated, and as
to the amount of bonds the holders of which must consent thereto
and the manner in which such consent may be given;
(xiii) The terms and conditions upon which any or all
of the bonds shall become or may be declared due before
maturity, and as to the terms and conditions upon which such
declaration and its consequences may be waived; and
(xiv) All such acts and things as may be necessary or
convenient or desirable in order to secure the district's bonds,
or in the discretion of the board tend to make the bonds more
marketable, notwithstanding that such covenant, act or thing may
not be enumerated herein, it being the intention hereof to give
a district power to do all things in the issuance of bonds and
for their security except as herein specifically limited.