§ 21-17-450 — 21-17-405. Securities redeemable out of pledged revenue; board's liability; earnings test; schedule of payments; calculations of university treasurer

(a) Any bonds or other securities issued under this act,
together with any interest accruing thereon and any prior
redemption premiums due in connection therewith, are payable and
collectible solely out of net pledged revenues. The bond or
security holders may not look to any general or other fund for
payment of the securities, except the net revenues pledged
therefor. The securities shall not constitute an indebtedness
or a debt within the meaning of any constitutional or statutory
provision or limitation, if any limitation appertains thereto.
The bonds or other securities shall not be considered or held to
be general obligations of the board but shall constitute its
special obligations and the board shall not pledge its full
faith and credit for payment of the bonds or securities.
(b) None of the covenants, agreements, representations and
warranties contained in any resolution authorizing the issuance
of bonds or other securities under this act or in any other
instrument appertaining thereto, in the absence of any breach
thereof, shall ever impose or shall be construed as imposing any
liability, obligation, or charge against the board, except the
special funds pledged therefor, or against its general credit,
payable out of its general fund, or out of any funds derived
from taxation.
(c) Before any securities are actually issued payable from
any net pledged revenues, except for any securities issued
solely for the purpose of funding or refunding or both funding
and refunding outstanding securities, any net pledged revenues
for the next preceding twelve (12) months, for the next
preceding calendar year, or for the next preceding fiscal year,
as defined and otherwise determined by the board, shall be
sufficient to pay an amount representing one hundred ten percent
(110%) of the combined maximum annual principal and interest
requirements to be paid during the twelve (12) months, calendar
year or fiscal year of any outstanding securities payable from
and constituting a lien upon the net pledged revenues and the
securities proposed to be issued excluding any reserves therefor
except as otherwise expressly provided in this section.
(d) In any determination of whether or not any proposed
securities meet the earnings test limiting their issuance as
provided in subsection (c) of this section:
(i) There shall be deducted from or added to any
gross pledged revenues any estimated decrease or increase in the
revenues resulting from any decreased or increased or additional
fees, rates or charges fixed by the board, whether or not
appertaining to any additional facilities for which the proposed
securities are authorized to be issued; and
(ii) There shall be deducted from or added to any
operation and maintenance expenses any estimated decrease or
increase in the expenses, whether or not resulting from any
additional facilities for which the proposed securities are
authorized to be issued.
(e) The respective annual principal and interest
requirements including as an interest requirement the amount of
any prior redemption premiums due on any prior redemption date
as of which any outstanding securities have been called or have
been ordered by the board to be called for prior redemption
shall be reduced to the extent the requirements are scheduled to
be paid with any monies held in trust or escrow for that purpose
in any trust bank subject to any limitations appertaining
thereto in section 7, article 15, Wyoming constitution,
including without limitation the known minimum yield from any
investment or reinvestment of the money under W.S. 21-17-426.
(f) The estimates and adjustments provided in subsections
(d) and (e) of this section and the calculations required by
subsection (c) of this section shall be made by the treasurer of
the university which shall be conclusively presumed to be
accurate. This section does not prohibit the issuance of
securities merely because there were no pledged revenues nor
operation and maintenance expenses, in the absence of such
adjustments, in the next preceding twelve (12) months, calendar
year, or fiscal year, as the case may be.
(g) This section does not prevent the board from providing
an earnings test in any resolution authorizing the issuance of
securities or in any other proceedings appertaining thereto
which test limits the issuance of any additional securities.