§ 35-2-424 — Securities for acquiring and improving hospitals and related facilities; issuance authorized; lines of credit and tax and revenue anticipation notes

Wyoming § 35-2-424

• Jurisdiction: Wyoming
• Title 35: Public Health and Safety
• Ch. 2: HOSPITALS, HEALTH CARE FACILITIES AND HEALTH
• Art. 4: HOSPITAL DISTRICTS

Text

(a) The trustees of a hospital district established
pursuant to W.S. 35-2-401, are hereby authorized to issue
revenue bonds, notes and warrants or other revenue securities,
hereinafter referred to as securities, for the purpose of
acquiring, erecting, constructing, reconstructing, improving,
remodeling, furnishing and equipping hospitals and related
facilities including any facilities for senior health care as
defined under W.S. 35-2-1201(b), and acquiring a site or sites
therefor, from time to time hereafter as the trustees may
determine.
(b) If there are no monies available to the trustees of a
hospital district before receipt of property taxes the trustees
may issue warrants in anticipation of the receipt of property
taxes for payment of operational expenses. The aggregate amount
of the warrants shall not exceed the total amount of taxes
levied. The warrants shall be payable solely from the collected
taxes.
(c) The trustees of a hospital district may obtain
financing for its operations by entering into agreements for
lines of credit with any financial institution as defined in
W.S. 13-1-101(a)(ix). The line of credit may either be
unsecured, or secured by a pledge of revenues anticipated to be
received during the current fiscal year.
(d) In addition to its authority to issue warrants under
this section, the trustees of a hospital district may issue tax
and revenue anticipation notes in amounts not to exceed eighty
percent (80%) of the total amount of taxes levied for operation
of the district for the fiscal year during which the notes are
issued when the board determines that insufficient funds are
available to meet the obligations of the hospital during any
fiscal year. A hospital district shall not enter into agreements
or issue instruments of the type allowed by this section for any
fiscal year until all debts financed by such agreements or
instruments for any prior fiscal year have been paid in full.
Tax and revenue anticipation notes issued under this subsection
are subject to the procedural requirements of W.S. 9-4-1103
through 9-4-1105 for state tax and revenue anticipation notes,
except:
(i) The authority of the state treasurer referenced
in W.S. 9-4-1103 through 9-4-1105 shall be exercised by the
board issuing the notes; and
(ii) Notwithstanding W.S. 9-4-1105(a), investments of
the proceeds of the notes by the board are limited to those
investments authorized under W.S. 9-4-831.