§ 15-7-503 — Ordinance for construction; required and authorized provisions; existing bonds validated

(a) If the governing body determines to construct,
reconstruct, acquire, improve or extend a sewerage system and to
issue bonds under the provisions of this article to pay the
costs, it shall adopt an ordinance generally describing the
contemplated project and refer to its plans and specifications
which are open for public inspection. The ordinance shall:
(i) Set out the estimated cost of the project;
(ii) Determine the period of its usefulness;
(iii) Fix the:
(A) Amount of revenue bonds proposed to be
issued;
(B) Maturity or maturities;
(C) Interest rate; and
(D) Other details in connection with the bonds.
(iv) Pledge the revenues derived from the operation
of the sewerage system to:
(A) Pay the cost of operation and maintenance of
the system;
(B) Provide an adequate depreciation fund; and
(C) Pay the principal and interest of the bonds.
(b) The ordinance may:
(i) Provide that the bonds, or those specified, to
the extent and in the manner prescribed, shall be subordinated
to any other bonds payable from the revenues of the sewerage
system as are specified in the ordinance;
(ii) Contain any covenants and restrictions upon the
issuance of additional revenue bonds, which share equally from
the revenues of the system, as may be necessary or advisable to
assure the payment of the bonds authorized;
(iii) Provide that the revenue bonds or any part
thereof may be sold to the state of Wyoming or the United States
of America or any agency or instrumentality thereof at a private
sale, without advertisement, for not less than par and accrued
interest;
(iv) Provide that the bonds are redeemable with or
without premium at the time or place the governing body
provides;
(v) Provide that the governing body may discontinue
the water supply of any person for nonpayment of the sewer
service charge.
(c) All revenue bonds issued pursuant to this article,
which are outstanding on the effective date of this act, the
right to the payment of which has not been barred by any
pertinent statute of limitations, and all acts and proceedings
heretofore had or taken, or purportedly had or taken by or on
behalf of any city or town under law or under color of law
preliminary to and in the authorization, execution, sale,
issuance and payment (or any combination thereof) of those
revenue bonds, are validated, including but not necessarily
limited to the terms, provisions, conditions and covenants of
any resolution or ordinance appertaining thereto. Those
outstanding revenue bonds are binding and enforceable
obligations of the city or town issuing them in accordance with
their terms and their authorizing proceedings.