§ 21-15-112 — Leasing of real property

Wyoming § 21-15-112

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 15: CAPITAL CONSTRUCTION PROJECTS

Text

(a) At the request of the school facilities commission,
any school district shall lease any land, building, or fixture
from the nonprofit corporation approved by the state building
commission pursuant to 1997 Wyoming session laws, chapter 94,
section 3, as amended by 1998 Wyoming session laws, chapter 35,
subject to the following conditions:
(i) The lease shall be terminable, without penalty,
at the sole option of the lessee;
(ii) Any option to purchase under the lease shall be
at the sole discretion of the lessee;
(iii) The financing for the land, building, or
fixture to be leased under the lease may only involve private
funds and may not involve the creation of any indebtedness or
debt within the meaning of any constitutional or statutory
provision or limitation;
(iv) The lessee shall not pledge the lessee's full
faith and credit for any payments under the lease or any
financing thereof;
(v) The obligations of the lessee under the lease
shall constitute a special obligation of the lessee and may be
paid only from sources authorized by the legislative body of the
lessee and may be terminated, without penalty or recourse
against the lessee, in the event that the legislative body of
the lessee fails to appropriate sufficient funds to meet the
financial obligations under the lease;
(vi) No bonds or other obligations of the lessor
shall constitute an indebtedness, legal, moral or otherwise,
result in a pecuniary obligation, legal, moral or otherwise, or
constitute a pledge of or charge, legal, moral or otherwise,
against the faith or credit of the lessor, the state, any
department, agency, board, commission or political subdivision
of the state, any instrumentality of any of the foregoing or any
public body corporate or other public body created by or
pursuant to the constitution or statutes of the state;
(vii) The obligations of the lessee to make any
payments due under the lease in any fiscal year shall be limited
to funds appropriated by the legislative body of the lessee for
that fiscal year and no appropriation by the legislative body of
the lessor of funds to make payments due under the lease for any
fiscal year shall constitute, or be construed to create, any
obligation, legal, moral or otherwise, by the lessee to
appropriate funds to make any payments due under the lease for
any other fiscal year or constitute an indebtedness, legal,
moral or otherwise, result in a pecuniary obligation, legal,
moral or otherwise, or constitute a pledge of or charge, legal,
moral or otherwise, against the faith or credit of the lessor,
the state, any department, agency, board, commission or
political subdivision of the state, any instrumentality of any
of the foregoing or any public body corporate or other public
body created by or pursuant to the constitution or statutes of
the state; and
(viii) The lease shall provide that all bonds or any
other obligations of the lessor relating to the land, building,
or fixture to be leased under the lease contain disclaimers
describing the limitations set forth in paragraphs (i) through
(vii) of this subsection.
(b) For purposes of this section, the legislative body:
(i) Of the state, any department, agency, board or
commission of the state or any instrumentality of any of the
foregoing is the state legislature;
(ii) Of any school district is the board of trustees
of such school district.