§ 41-8-114 — Board of directors; issuance of bonds

Wyoming § 41-8-114

• Jurisdiction: Wyoming
• Title 41: Water
• Ch. 8: WATERSHED IMPROVEMENT DISTRICTS

Text

(a) Bonds authorized by W.S. 41-8-113 shall not be issued
until proposed by order or resolution of the board of directors
specifying the purpose for which the funds are to be used, the
rate of interest the bonds are to bear, the amount of the
proposed bond issue, terms of the bonds, and the proposed method
of payment and redemption of the bonds prior to maturity. A copy
of the order or resolution shall be certified to the board of
supervisors.
(b) The board of directors shall conduct a hearing on such
proposal after due notice of such hearing has been given. If it
appears that the proposal is within the scope and purpose of
this act and meets all other requirements of the law, the
proposal shall be submitted to the landowners of the watershed
improvement district by a referendum held under the supervision
of the board of supervisors.
(c) The provisions of W.S. 41-8-107 through 41-8-110, as
to notice and manner of holding a referendum in organizing a
watershed improvement district shall be applicable to the
referendum held under this section. Any referendum held under
this section shall be held by mail ballot or on an election date
authorized under W.S. 22-21-103.
(d) If two-thirds (2/3) of the votes cast, which votes
represent a majority of the acreage contained in the watershed
improvement district, are in favor of the proposed bond issue,
such bonds shall be authorized and may be issued.
(e) Bonds authorized and issued shall bear interest
payable annually, and shall be due and payable not more than
fifty (50) years from their dates. The form, terms and
provisions of the bonds, provision for their payment and
provisions for their retirement and calling not inconsistent
with law, shall be determined by the board of supervisors. The
bonds are exempt from all state, county, municipal, school and
other taxes imposed by a taxing authority of this state.