§ 41-7-815 — Sale or mortgage of irrigation works

Any project created under the provisions of this act shall not
be sold to private interests. No irrigation works, power plant,
or system owned by the district shall be sold, alienated or
mortgaged by the district, except under the following
circumstances, to wit: if, in order to borrow money from the
federal government or from any of its agencies or from the state
of Wyoming, it shall become necessary that the district mortgage
or otherwise hypothecate any or all its said property or assets
to secure the payment of a loan or loans made to it by or from
such source or sources, the district is hereby authorized and
empowered to mortgage or hypothecate such property and assets
for such purpose. Nothing in this section contained shall
prevent the district from assigning, pledging, or otherwise
hypothecating its revenues, incomes, receipts or profits to
secure the payment of indebtedness to the federal government or
any agency thereof, or the state of Wyoming, provided, that the
state of Wyoming shall never pledge its credit or funds, or any
part thereof, for the payment or settlement of any indebtedness
or obligation whatsoever of any district created under the
provisions of this act; and provided further, that if any
district created under this act shall execute and deliver a
mortgage or trust deed to secure the payment of any moneys
borrowed by it for the purposes herein authorized, it may be
provided in such mortgage or trust deed that the same may be
foreclosed upon default and that a receiver may be appointed by
any court of competent jurisdiction with such authority as may
be provided for in such mortgage or trust deed.