§ 37-5-603 — Authority revenue bonds; security; payments after retirement

Wyoming § 37-5-603

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

Text

(a) The principal and interest on any bonds that the
authority issues shall be secured by a pledge of revenues from
the operation of the pipeline or other transportation or
distribution system or energy transmission project financed, by
a first mortgage on the facilities, by guarantees and pledges of
the entity owning the project, pipeline or system, or of the
parent corporation owning said entity or by any combination
thereof or other security as the authority may determine to be
reasonable and prudent. The guarantees and pledges shall be no
less favorable to the authority than those granted other lenders
of the same class.
(b) The authority may require additional payments, as
negotiated, to bondholders to be made either in a lump sum at
the time of retirement of the bonds or annually from the time of
retirement of the bonds until project, pipeline or system use is
terminated or may require additional incentives from the owner
of the project or pipeline to prospective bondholders so long as
the incentives are not contrary to the Wyoming constitution.
(c) The authority may require such other security for
repayment of the bonds as it deems necessary.
(d) Each pledge, agreement, mortgage or other instrument
made for the benefit or security of any bonds of the authority
is valid and binding from the time when made. The revenues,
receipts, monies and assets pledged are immediately subject to
the lien of the pledge without delivery or further act. The lien
is valid and binding against persons having claims of any kind
against the authority whether or not the persons have actual
notice of the lien. The resolution or the indenture or other
instrument by which a pledge is created need not be recorded or
filed.