§ 99-3-104 — General conditions for Level III construction projects; rehabilitation

Wyoming § 99-3-104

• Jurisdiction: Wyoming
• Title 99: Water Projects
• Ch. 3: AUTHORIZATION FOR WATER DEVELOPMENT CONSTRUCTION
• Art. 1: GENERAL PROVISIONS

Text

(a) Except as otherwise specifically provided, each Level
III rehabilitation construction project identified in this
chapter shall be subject to the following general conditions:
(i) Each sponsor shall offer security for the project
loan as deemed adequate and acceptable to the attorney general;
(ii) The commission shall establish repayment
schedules for project loans in accordance with the conditions
prescribed in this section;
(iii) Each sponsor shall establish a sinking fund for
repair and maintenance of the project as deemed appropriate by
the commission;
(iv) Each sponsor shall supervise design and
construction of the project and submit all requests for payment
to the commission for approval;
(v) Sponsors shall not make construction funding
commitments until after the commission has reviewed and approved
construction budgets and construction plans;
(vi) The commission shall make payments directly to
the sponsor;
(vii) The sponsor shall be responsible for operation
and maintenance of the project;
(viii) The sponsor is responsible for all project
expenditures in excess of the total project appropriation;
(ix) If the commission determines that any sponsor
has, without good cause, abandoned completion of the project,
that sponsor, in addition to being required to repay the loan,
shall be obligated to immediately repay the full amount of all
grant funds actually expended plus interest as established by
the state auditor in an amount equal to the interest that would
have accrued on the expended grant funds in the water
development account from the date of expenditure;
(x) Principal and interest payments made in repayment
of loans shall be deposited in water development account II.
(Laws 1998, ch. 38, § 1.)