Wyoming § 15-7-209 Sale of power plant; disposition of monies
received

Wyoming Statutes

§ 15-7-209 — Sale of power plant; disposition of monies received

Wyoming·Title 15 Cities and Towns·Ch. 7 PUBLIC IMPROVEMENTS·Art. 2 ELECTRIC CURRENT

All monies received from the sale of property under this article
shall be kept in a separate fund and be first used as necessary
to pay current bills and unsecured obligations outstanding on
account of the operation of the plant until it is turned over to
the purchaser. The remainder of the proceeds of the sale shall
be used for redemption of any bonds issued by the city or town
for the purchase or erection and construction of the works or
plant. The money shall not be expended or mixed with other
funds of the city or town but shall be applied wholly towards
the redemption of the bonds, together with the accumulated
interest. If the property sold brings an amount in excess of
the current bills, unsecured obligations and the outstanding
bonds, the excess shall be placed in a sinking fund to

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All monies received from the sale of property under this article
shall be kept in a separate fund and be first used as necessary
to pay current bills and unsecured obligations outstanding on
account of the operation of the plant until it is turned over to
the purchaser. The remainder of the proceeds of the sale shall
be used for redemption of any bonds issued by the city or town
for the purchase or erection and construction of the works or
plant. The money shall not be expended or mixed with other
funds of the city or town but shall be applied wholly towards
the redemption of the bonds, together with the accumulated
interest. If the property sold brings an amount in excess of
the current bills, unsecured obligations and the outstanding
bonds, the excess shall be placed in a sinking fund to retire
any existing bonded indebtedness of the municipality. If there
is no existing bonded indebtedness, the excess shall be placed
in the municipal general fund and expended for general municipal
purposes.

Wyoming § 15-7-209 (Sale of power plant; disposition of monies received) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.