§ 37-7-126 — Commissioners may borrow for unpaid construction or lawful debts; issuance of notes or bonds; interest specified

Wyoming § 37-7-126

• Jurisdiction: Wyoming
• Title 37: Public Utilities
• Ch. 7: POWER DISTRICTS
• Art. 1: IN GENERAL

Text

The commissioners may borrow money, not exceeding the amount of
"assessment for construction" as herein provided, unpaid at the
time of borrowing for such purposes, or for the payment of any
indebtedness that may have been lawfully incurred, and may
secure the same by notes or bonds bearing interest at a rate not
to exceed seven percent (7%) per annum and not running beyond
one (1) year after the last installment of the assessment, on
the account of which the money is borrowed, shall fall due,
which said notes or bonds shall not be sold at less than ninety
percent (90%) of their face value, which said bonds shall be
transferable by delivery to the same extent as negotiable paper
of the highest character; and may deliver notes or bonds to the
United States to be held and when deemed desirable or when the
appraised value of the land in the district is double the bonded
indebtedness, sold by it, and the net proceeds received from the
notes or bonds applied to the liquidation of contract
indebtedness of the district, and said notes or bonds shall be
in such form, terms and denominations as may be fixed by the
court, but which notes or bonds shall not be held to make the
commissioners personally liable, but shall constitute a lien
upon the assessments for the repayment of the principal and
interest of such notes or bonds. In case any moneys derived from
bonds sold to pay for the construction, as herein provided, now
or hereafter, remains on hand after such work is completed and
paid for, and not raised for damages unpaid for, such residue
may be used in the maintenance and repair, as in this chapter
provided, before making assessment for such maintenance and
repair.