§ 16-5-407 — Security; sources of payment

Wyoming § 16-5-407

• Jurisdiction: Wyoming
• Title 16: City, County, State and Local Powers
• Ch. 5: PUBLIC SECURITIES
• Art. 4: BOND ANTICIPATION NOTES

Text

(a) Whenever the bonds in anticipation of which notes are
issued are to be payable from ad valorem taxes and constitute
full general obligations of the municipality, the bond
anticipation notes and the interest on them shall be secured by
a pledge of the full faith and credit of the municipality in the
manner provided in the statutes of the state authorizing their
issuance and shall also be made payable from funds derived from
the sale of the bonds in anticipation of which the notes are
issued.
(b) Whenever the bonds in anticipation of which the
anticipation notes are to be issued are to be payable solely
from revenues pledged for payment of revenue bonds, as provided
in the statutes authorizing their issuance, such anticipation
notes and the interest on them shall be secured by a pledge of
the income and revenues pledged for payment of the revenue bonds
and shall also be made payable from funds derived from the sale
of the revenue bonds in anticipation of which the notes are
issued.