§ 21-13-502 — Conduct of election; levy of tax; custody and investment of funds raised

(a) The election in connection with the question under
W.S. 21-13-501 shall be held on a date and in the manner
prescribed for elections on the issuance of school bonds, except
that the ballots must contain the words "building fund, yes" and
"building fund, no" or "levy against the property of the
district to pay off existing refunding bonds, yes" and "levy
against the property of the district to pay off existing
refunding bonds, no". If the majority of the votes at the
elections are "building fund, yes" or "levy against the property
of the district to pay off existing refunding bonds, yes", the
clerk of the district shall immediately notify the board of
county commissioners and the county treasurer, and the board of
county commissioners shall thereafter levy annually the tax
necessary to raise the fund in the number of years specified.
The funds as raised shall be kept in the custody of the county
treasurer until sufficient funds have been raised to commence
the building or to commence the payoff of the existing refunding
bonds contemplated by the school district. The board of
trustees may require the county treasurer to invest the funds
raised under this section as permitted by law and the interest
accruing from the investment shall be retained in the building
fund and to make payments as directed by the board of trustees.
(b) The authority for levies to pay off existing refunding
bonds as specifically authorized by this section is only
effective for school districts receiving voter approval on or
before September 15, 1982.