§ 18-12-120 — Bond elections; resolution for submission of proposition to voters

(a) By resolution of its board a district may submit to
its qualified voters, by mail ballot or at an election on a date
authorized under W.S. 22-21-103, as determined by the board of
county commissioners, the proposition of issuing bonds pursuant
to this act to provide funds for the acquisition, construction,
improving or financing of improvements as well as performing
services for the benefit of the residents of the district,
including any or all expenses incidental thereto or connected
therewith.
(b) Notwithstanding subsection (a) of this section and the
provisions of W.S. 22-21-101 through 22-21-112, any document
executed by the board of a district evidencing an agreement to
repay funds borrowed from the United States of America, the
state of Wyoming or from any subdivision, agency or department
of either the United States or the state of Wyoming, shall not
be considered a bond, and shall not require an election under
this chapter when:
(i) Repayment is to be made solely from revenues
generated by the service with which a financed improvement or
service is associated; and
(ii) Security for the loan or borrowed funds is
restricted to a claim on the revenues generated from the service
or to a claim on the assets of the improvement or service.