§ 99-3-2505 — Sponsor's Contingency Funds

Wyoming § 99-3-2505

• Jurisdiction: Wyoming
• Title 99: Water Projects
• Ch. 3: AUTHORIZATION FOR WATER DEVELOPMENT CONSTRUCTION
• Art. 25: 2020 CONSTRUCTION PROJECTS

Text

(a) Project – Sponsor's Contingency Funds – Account III:
(i) Project sponsor: Any eligible sponsor;
(ii) Project purpose: Variable purpose water storage
projects;
(iii) Project description: The establishment of a
fund to provide supplemental funding for sponsors' existing
Level III, dam and reservoir construction projects where
construction budgets have been rendered insufficient due to
change in conditions, inflation, or an unexpected increase in
material cost, change in materials or increase in the quantities
of materials necessary to complete the project;
(iv) Total project budget: Fifty-five million dollars
($55,000,000.00);
(v) Project grant: The state of Wyoming shall grant
to the sponsor from water development account III through the
commission sufficient supplemental funds which may be used to
complete the projects up to an amount not to exceed the public
benefits as computed by the commission;
(vi) Project loan: The state of Wyoming shall loan to
the sponsor from water development account III through the
commission sufficient supplemental funds which may be used to
complete the project up to an amount not to exceed an amount
equal to the difference of the total project cost and the grant,
at an annual rate of four percent (4%);
(vii) Appropriation: There is appropriated from water
development account III to the commission fifty-five million
dollars ($55,000,000.00) or as much thereof as is necessary to
carry out the purpose of this subsection. Unexpended funds
appropriated under this subsection shall revert to water
development account III on July 1, 2030;
(viii) Special conditions: The commission is
authorized to consider and approve supplemental funding to
complete existing water development program Level III
construction projects anytime during the calendar year. Source
Notes for subsection (a): (Laws 2020, Ch. 113, § 1; 2022, Ch.
93, § 2; 2024, Ch. 99, § 2.)