§ 11-34-201 — Authority to issue nonnegotiable debentures; acceptance by treasurer; number; amount; interest; security; terms

(a) The board may issue its nonnegotiable debenture bonds
in such numbers and amounts as necessary to be deposited with
the state treasurer. The state treasurer shall accept the bonds
in lieu of the promissory notes and mortgages held by the board
as security for the investment of permanent funds of Wyoming in
mortgages upon real estate.
(b) One (1) bond shall be issued for each note, in the
amount of the balance due upon the principal of each note to be
deposited with the state treasurer. The bond shall bear interest
at the same rate as the underlying note and be secured by the
original security pledged for the payment to the state of the
note for which the bond is issued or substituted, or by any
security or property taken by the board in addition to or in
lieu of the original security. Each bond is due and payable on
the date when the note for which the bond was issued or
substituted is due and payable.