(a)Prior to distribution to the public school foundation
program account under W.S. 9-4-601(a)(ii), sufficient revenues
for the purposes of this section shall be deducted therefrom and
credited to a bond repayment account pursuant to the terms of
the resolution, indenture or other appropriate proceeding
authorizing the issuance of revenue bonds under this section. To
the extent that sufficient revenues are not available to fully
fund the bond repayment account as provided by this subsection,
prior to any distribution to the highway fund under W.S.
9-4-601(a)(iii), sufficient additional revenues for the purpose
of this subsection shall be deducted therefrom and credited to
the bond repayment account. The revenues deducted shall be used
as provided by this section. The balance of the revenu
Free access — add to your briefcase to read the full text and ask questions with AI
(a) Prior to distribution to the public school foundation
program account under W.S. 9-4-601(a)(ii), sufficient revenues
for the purposes of this section shall be deducted therefrom and
credited to a bond repayment account pursuant to the terms of
the resolution, indenture or other appropriate proceeding
authorizing the issuance of revenue bonds under this section. To
the extent that sufficient revenues are not available to fully
fund the bond repayment account as provided by this subsection,
prior to any distribution to the highway fund under W.S.
9-4-601(a)(iii), sufficient additional revenues for the purpose
of this subsection shall be deducted therefrom and credited to
the bond repayment account. The revenues deducted shall be used
as provided by this section. The balance of the revenues shall
be credited to the public school foundation program account.
(b) The state loan and investment board may borrow money
in a principal amount not to exceed one hundred five million
dollars ($105,000,000.00) by the issuance from time to time of
one (1) or more series of revenue bonds and may encumber
revenues under subsection (a) of this section for bonds in total
amounts not to exceed one hundred five million dollars
($105,000,000.00) issued for capital construction projects under
subsection (f) of this section. Any bonds issued under this
section, together with any interest accruing thereon and any
prior redemption premiums due in connection therewith, are
payable and collectible solely out of revenues authorized under
subsection (a) of this section. The bondholders may not look to
any general or other fund for payment of the bonds except the
revenues pledged therefor. The bonds shall not constitute an
indebtedness or a debt within the meaning of any constitutional
or statutory provision or limitation. The bonds shall not be
considered or held to be general obligations of the state but
shall constitute its special obligations and the board shall not
pledge the state's full faith and credit for payment of the
bonds.
(c) Except as otherwise provided bonds issued under this
section shall be in a form, issued in a manner, at, above or
below par at a discount not exceeding ten percent (10%) of the
principal amount of the bonds, at public or private sale, and
issued with recitals, terms, covenants, conditions and other
provisions not contrary to other applicable statutes, as may be
provided by the board in a resolution authorizing their issuance
and in an indenture or other appropriate proceeding.
(d) Any bonds issued under this section:
(i) Shall be of denominations of five thousand
dollars ($5,000.00) or multiples thereof;
(ii) Shall be fully negotiable within the meaning of
and for all purposes of the Uniform Commercial Code, W.S.
34.1-1-101 through 34.1-10-104;
(iii) Shall mature at a time or times not exceeding
thirty (30) years from their date;
(iv) Shall bear interest payable annually,
semiannually or at other designated intervals, but the first
interest payment date may be for interest accruing for any
period not exceeding one (1) year;
(v) Shall be made payable in lawful money of the
United States at the office of the state treasurer or by a
trustee, registrar, paying agent, or transfer agent within or
without the state of Wyoming;
(vi) Shall be printed at a place the board
determines;
(vii) May be additionally secured as determined by
the state loan and investment board.
(e) The state loan and investment board may retain the
services of a financial advisor and sell the bonds to an
underwriter, either by competitive or negotiated bid. The terms
of any contract including fees to be paid shall be available for
public review and inspection.
(f) Proceeds of state revenue bonds under this section
shall be credited to the capital construction account and shall
be expended for capital construction projects authorized by the
legislature. Pending expenditure, the state treasurer shall
invest bond proceeds in a manner which complies with all
requirements of the internal revenue service to insure the bonds
will remain tax free investments.
(g) The board may issue refunding revenue bonds:
(i) To refund and discharge and extend or shorten the
maturities of all or any part of any outstanding bonds issued
under this section including any interest thereon in arrears or
about to become due;
(ii) For the purpose of reducing interest costs on
bonds issued under this section or effecting other economies; or
(iii) For the purpose of modifying or eliminating any
contractual limitations or provisions contained in any indenture
or other proceedings authorizing outstanding bonds issued under
this section.
(h) Any refunding permitted by subsection (g) of this
section shall be accomplished in the manner prescribed by W.S.
16-5-101 through 16-5-119, except any refunding revenue bonds
authorized by the board under this subsection shall not
constitute an indebtedness or a debt within the meaning of any
constitutional or statutory provision or limitation or be
considered general obligations of the state. The board shall not
pledge the state's full faith and credit to the payment of the
refunding revenue bonds. The refunding revenue bonds shall
constitute special obligations of the state and may be payable
only from sources authorized in this section for the payment of
the bonds refunded. The principal amount of any bonds which have
been refunded need not be taken into account in computing
compliance with the maximum amounts of bonds authorized to be
issued by subsection (b) of this section.
(j) Unless otherwise specifically prohibited by law, all
capital construction projects or acquisition of personal
property within the projects for which funds are appropriated by
the legislature may be constructed or acquired through the
issuance of revenue bonds under this section. To the extent
bonds are utilized, appropriations for those projects made by
the legislature shall be transferred to the common school
account provided by W.S. 9-4-310(a)(vii) and shall be invested
separate and apart from pooled investments. Notwithstanding the
provisions of W.S. 21-13-301, income and earnings from this
investment shall be periodically credited to the public school
foundation program account.