§ 15-4-303 — Finances; issuance and sale of bonds generally; purposes; amounts; limitations; exception

Wyoming § 15-4-303

• Jurisdiction: Wyoming
• Title 15: Cities and Towns
• Ch. 4: ALTERNATIVE FORMS OF GOVERNMENT
• Art. 3: PROPERTY, FINANCIAL AFFAIRS, CONTRACTS, STREETS,

Text

(a) The city or town may by ordinance issue and sell bonds
or certificates of indebtedness as follows:
(i) To pay, fund or refund any of its debts;
(ii) To purchase, construct, extend, improve and
maintain public utility plants named in the ordinance
authorizing the issue of the bonds or certificates of
indebtedness;
(iii) Not to exceed a total outstanding issue of one
hundred fifty thousand dollars ($150,000.00) for the benefit of
the permanent improvement revolving fund;
(iv) For defraying the cost of making local
improvements:
(A) In intersections of streets and alleys; and
(B) In front of property exempt by law from
special assessments, and property owned by the city or town.
(v) For defraying the cost of establishing and
maintaining a general system of sewers and of maintaining,
altering, relaying and extending existing systems of sewers;
(vi) For the purchase, erection and improvement of
necessary public buildings;
(vii) For establishing garbage crematories or other
means of garbage disposal, hospitals, schools, libraries,
museums and art galleries;
(viii) For changing, controlling or bridging streams
or ravines and constructing and repairing bridges within the
corporate limits;
(ix) Not to exceed forty thousand dollars
($40,000.00), to run not longer than ten (10) years, for the
benefit of the general fund in case of a failure of the
anticipated revenue from sources other than taxation;
(x) To purchase real property for future public use,
if the acquisition of the land in the opinion of the governing
body is necessary to conform to a master plan adopted and
certified for the physical development of the municipality under
W.S. 15-1-501 through 15-1-512.
(b) No bonds except those specified in paragraph (a)(i) of
this section may be issued or sold unless the governing body is
first authorized to do so by a majority of the electors of the
city or town voting thereon at an election called, conducted,
canvassed and returned in the manner provided for bond elections
by the Political Subdivision Bond Election Law, W.S. 22-21-101
through 22-21-112.
(c) Bonds issued and sold under this section shall not be
sold for less than par value and shall bear interest at a rate
established by ordinance.
(d) The funded indebtedness other than that provided in
subsection (a)(v) of this section shall not exceed four percent
(4%) of the assessed value of the taxable property of the city.
When determining indebtedness for the purpose of fixing that
limit, bonds issued for the purpose of supplying water shall not
be counted. Bonds issued under subsection (a)(v) of this
section shall not exceed four percent (4%) of the assessed value
of the taxable property of the city or town.
(e) The limitations expressed in this section have no
application to refunding public securities issued pursuant to
the General Obligation Public Securities Refunding Law except as
otherwise provided in that act.