§ 41-14-103 — Issuance of bonds; purchase of bonds by state treasurer; interest rates; when bonds due and payable; disposition of proceeds of sale; use of revenues derived from furnishing water

(a) The board is hereby authorized to issue its
nonnegotiable debenture bonds in such numbers and amounts, not
exceeding nine hundred thousand dollars ($900,000.00), as may,
from time to time, be required by it to carry out the provisions
of this act. The state treasurer is hereby authorized and
directed, with the approval of the governor and the attorney
general, to purchase such bonds for investment of the permanent
funds of the state of Wyoming to the extent practicable. Such
bonds issued by the board will bear interest at the rate of
three percent (3%) per annum and will be payable on dates fixed
by the board but not more than ten (10) years from the date of
issue.
(b) The funds obtained from the sale of said bonds
provided for in subsection (a) of this section are hereby made
available to the board to be used for the purposes of this act
including, but not limited to the payment of any sums due to the
United States for the repayment of the cost of construction of
the space acquired by the board in the proposed Fontenelle
Reservoir; its share of operation and maintenance of said
reservoir and refunding of principal or interest of bonds issued
by it.
(c) All revenues derived from the furnishing of water for
industrial or municipal purposes pursuant to this act shall be
credited to a separate account. The board shall use any monies
in this account for the repayment to the United States of the
allocated cost of construction and operation and maintenance of
the board's acquired space in the Fontenelle Reservoir and for
payment of interest and principal on its obligations prior to
the use for such purposes of funds received by it from the sale
of its bonds. All monies in this account in excess of those
required for the board's current operations under this act shall
be applied to the retirement of the board's debenture bonds
purchased by the state treasurer.