§ 21-15-108 — Revenue bonds for grants and loans; refunding revenue bonds

(a) Before distribution to the public school foundation
program account under W.S. 9-4-305(b), sufficient revenues for
the purposes of this section shall be deducted therefrom and
credited to a bond repayment account pursuant to the terms of
the resolution, indenture or other appropriate proceeding
authorizing the issuance of revenue bonds under this section.
The revenues deducted shall be used as provided by this section.
The balance of the revenues shall be credited to the public
school foundation program account as provided under W.S. 9-4-
305(b). After available revenues under W.S. 9-4-305(b) have
been used, revenues under W.S. 21-13-301 shall also be credited,
as necessary, to the bond repayment account and shall be used as
provided by this section.
(b) The school facilities commission may borrow money in a
principal amount not to exceed one hundred million dollars
($100,000,000.00) by the issuance from time to time of one (1)
or more series of revenue bonds. The commission may encumber
revenues under subsection (a) of this section for bonds in total
amounts not to exceed one hundred million dollars
($100,000,000.00) issued for projects and assistance as
determined by the commission and approved by the legislature
under W.S. 21-15-119. Any bonds issued under this section,
together with any interest accruing thereon and any prior
redemption premiums due in connection therewith, are payable and
collectible solely out of revenues authorized under this
section. The bondholders may not look to any general or other
fund for payment of the bonds except the revenues pledged
therefore. The bonds shall not constitute an indebtedness or a
debt within the meaning of any constitutional or statutory
provision or limitation. The bonds shall not be considered or
held to be general obligations of the state but shall constitute
its special obligations and the commission shall not pledge the
state's full faith and credit for payment of the bonds.
(c) Bonds issued under this section shall be in a form,
issued in a manner, at, above or below par at a discount not
exceeding ten percent (10%) of the principal amount of the
bonds, at public or private sale, and issued with recitals,
terms, covenants, conditions and other provisions not contrary
to other applicable statutes, as may be provided by the
commission in a resolution authorizing their issuance and in an
indenture or other appropriate proceedings.
(d) Any bonds issued under this section shall:
(i) Be of denominations of five thousand dollars
($5,000.00) or multiples thereof;
(ii) Be fully negotiable within the meaning of and
for all purposes of the Uniform Commercial Code, W.S. 34.1-1-101
through 34.1-10-104;
(iii) Mature at a time or serially at times in
regular numerical order at annual or other designated intervals
in amounts designated and fixed by the commission, but not
exceeding thirty (30) years from their date;
(iv) Bear interest payable annually, semiannually or
at other designated intervals, but the first interest payment
date may be for interest accruing for any period not exceeding
one (1) year;
(v) Be made payable in lawful money of the United
States at the office of the state treasurer or any commercial
bank or commercial banks;
(vi) Repealed By Laws 2002, Ch. 99, § 3.
(vii) Be additionally secured by a reserve fund
created from revenues deposited within the public school
foundation program account under W.S. 9-4-305(b) or from the
proceeds of the bonds, or both, in an amount determined by the
commission but not to exceed an amount equal to ten percent
(10%) of the revenue bonds outstanding.
(e) Before any contract is entered into by the commission
to retain the services of a financial advisor or to sell the
bonds to an underwriter, whether by competitive or negotiated
bid, a full disclosure of the terms of the contract including
fees to be paid shall be submitted to the management council
through the legislative service office.
(f) The commission may issue refunding revenue bonds:
(i) To refund and discharge and extend or shorten the
maturities of all or any part of any outstanding bonds issued
under this section including any interest thereon in arrears or
about to become due;
(ii) For the purpose of reducing interest costs on
bonds issued under this section or effecting other economics; or
(iii) For the purpose of modifying or eliminating any
contractual limitations or provisions contained in any indenture
or other proceedings authorizing outstanding bonds issued under
this section.
(g) Any refunding permitted by this subsection shall be
accomplished in the manner prescribed by W.S. 16-5-101 through
16-5-119, except any refunding revenue bonds authorized by the
commission under this subsection shall not constitute an
indebtedness or a debt within the meaning of any constitutional
or statutory provision or limitation or be considered general
obligations of the state. The commission shall not pledge the
state's full faith and credit to the payment of the refunding
revenue bonds. The refunding revenue bonds shall constitute
special obligations of the state and may be payable only from
the sources authorized in this section for the payment of the
bonds refunded. The principal amount of any bonds which have
been refunded need not be taken into account in computing
compliance with the maximum amounts of bonds authorized to be
issued under this section.