§ 37-5-602 — Authority revenue bonds; issuance; amount

Wyoming § 37-5-602

• Jurisdiction: Wyoming
• Title 37: Public Utilities
• Ch. 5: WYOMING PIPELINE AUTHORITY AND WYOMING
• Art. 6: FINANCING OF OTHER PROJECTS

Text

(a) Repealed by Laws 2020, ch. 49, § 2.
(b) The authority may issue and have outstanding bonds to
finance energy transmission facilities and related
infrastructure, pipeline and other transportation and
distribution projects consistent with the purposes of W.S. 37-5-
503(a), which may be located within or without the state of
Wyoming, in an amount not to exceed three billion dollars
($3,000,000,000.00). The financing of a pipeline or other
transportation and distribution projects under this article may
include or consist solely of the purchase of capacity by the
authority as authorized by subsection (m) of this section.
(c) The principal amount of any bonds that have been
retired, redeemed, defeased or refunded by the authority need
not be taken into account in computing compliance with the
maximum amounts of bonds authorized to be issued under
subsections (b) and (n) of this section.
(d) Subject to subsections (a) and (b) of this section,
the authority may issue bonds in principal amounts the authority
determines necessary to provide sufficient funds for achieving
its purposes under this article, including the reduction of
principal, the payment of interest, the establishment of
reserves, the costs of administration and for the purpose of
defraying all other associated costs. All bonds issued under
this article are negotiable instruments under the laws of this
state unless expressly provided to the contrary on the face of
the bonds. The authority may enter into contracts to insure the
payment of principal and interest, for interest rate exchange
contracts and for financial guarantees to lower the cost of its
borrowing.
(e) All bonds issued by the authority are payable solely
out of special funds consisting of all or part of its revenues,
receipts, monies and assets, as designated in the proceedings
under which the bonds are authorized. All bonds shall bear
interest at fixed or variable rates, be executed and delivered
at times and in denominations, be of terms and maturities, be in
registered form as to principal and interest or principal alone,
and bear manual or facsimile signatures and seals as the
authority determines. Bonds issued by the authority are not
general obligations of this state nor of any political
subdivision of this state. The bonds shall solely be the
obligation of the authority and shall recite on their face that
they do not constitute obligations of the state or any political
subdivisions of the state.
(f) Bonds may be payable in installments and may bear
maturities not exceeding forty (40) years from the date issued
as the authority determines.
(g) Bonds and interest may be payable at a time or place
whether within or outside the state, as the authority
determines. Bonds may contain other provisions not inconsistent
with this article.
(h) Any bonds that the authority issues may contain an
option to redeem all or any part as may be specified. The price
of redemption, the terms and conditions and the procedure of
notice shall be set forth by the authority and may appear on the
face of the bonds.
(j) Any bonds of the authority may be sold at, above or
below par value, at public or private sale, in a manner and from
time to time as determined by the authority. The authority may
pay legal fees, expenses, premiums and commissions that it finds
necessary or advantageous to this state in connection with the
issuance and sale.
(k) The authority may provide for the issuance of bonds to
refund any bonds of the authority then outstanding, including
for the payment of any redemption premium and any interest or
premium accrued or to accrue to, the earliest or subsequent date
of redemption, purchase or maturity of the bonds. The authority
may also refund bonds issued by the Wyoming pipeline authority
under W.S. 37-5-201 through 37-5-208 and the Wyoming
infrastructure authority under W.S. 37-5-401 through 37-5-408
before July 1, 2020. Refunding shall be accomplished in the
manner prescribed by W.S. 16-5-101 through 16-5-119 to the
extent it is not inconsistent with this article.
(m) The authority may acquire, purchase, make prepayments
for, finance, hold, use, lease, license, sell, transfer and
dispose of an undivided or other interest in or the right to
capacity in any pipeline or other transportation or distribution
system within or without the state of Wyoming. The authority may
acquire, purchase, make prepayments for proven developed
reserves, hold, use, lease, license, sell, transfer and dispose
of an undivided or other interest in natural resources
associated with energy, including royalties taken in kind. The
powers specified in this subsection may be exercised in order to
facilitate the production, transportation, distribution or
delivery of associated natural resources produced or developed
in this state. The authority is exempt from the provisions of
W.S. 37-5-503(g) when exercising the powers granted by this
article.
(n) Subject to subsection (b) of this section and
consistent with the purposes of W.S. 37-5-503(a), the authority
may issue and have outstanding bonds to finance facilities,
infrastructure and other transportation and distribution
projects related to the production, transportation, distribution
and utilization of rare earth minerals, critical materials,
trona and other minerals that are located in Wyoming.
(o) Subject to subsection (b) of this section and
consistent with the purposes of W.S. 37-5-503(a), the authority
may issue and have outstanding bonds to finance the construction
or expansion of oil and gas refineries in Wyoming.