§ 41-7-816 — Keeping funds; fixing prices, rates and charges

Wyoming § 41-7-816

• Jurisdiction: Wyoming
• Title 41: Water
• Ch. 7: IRRIGATION DISTRICTS
• Art. 8: PUBLIC IRRIGATION AND POWER DISTRICTS

Text

(a) The board shall create three (3) separate funds, one
(1) fund to be known as the construction fund, another fund to
be known as the water fund, and another fund to be known as the
sinking fund, each such fund to be identified by the same series
letter or letters as the bonds, warrants, notes, debentures, or
other evidences of indebtedness of such series. A separate
account shall be kept of each construction fund and of each
water fund and of each sinking fund for each project.
(b) The proceeds of the sale of the bonds and other
evidences of indebtedness of each series issued under the
provisions of this act shall be placed to the credit of the
appropriate construction fund, which fund shall at all times be
kept segregated and set apart from all other funds. There shall
also be credited to the appropriate construction fund the
interest received upon the deposits of moneys in such fund and
moneys received by way of gift or grant from the United States
or from any other source for the construction of the works. The
moneys in each construction fund shall be paid out or disbursed
in such manner as may be determined by the board, subject to the
provisions of this act, to pay the cost of the works as
hereinabove defined. Any surplus which may remain in any
construction fund after providing for the payment of the cost of
the works shall be added to and become a part of the appropriate
sinking fund hereinafter provided for.
(c)(i) The board is hereby authorized and empowered,
subject to the provisions of this act, to fix and establish the
prices, rates and charges at which any and all the resources and
facilities made available under the provisions of this act shall
be sold and disposed of; to enter into any and all contracts and
agreements, and to do any and all things which in its judgment
are necessary, convenient or expedient for the accomplishment of
any and all the purposes and objects of this act, under such
general regulations and upon such terms, limitations and
conditions as it shall prescribe; and it is and shall be the
duty of the board to enter into such contracts and fix and
establish such prices, rates and charges so at to provide at all
times funds which will be sufficient to pay all costs of
operation and maintenance of any and all of the works authorized
by this act, together with necessary repairs thereto, and which
will provide at all times sufficient funds to meet and pay the
principal and interest of all bonds, warrants, notes, debentures
and other evidences of indebtedness as they severally become due
and payable; provided, that nothing contained in this act shall
authorize any change, alteration or revision of any such rates,
prices or charges as established by any contract entered into
under authority of this act except as provided by any such
contract;
(ii) Every contract made by the board for the sale,
conveyance and distribution of water, use of water, water
storage, electric power or other service, or for the sale of any
property or facilities, shall provide that in the event of any
failure or default in the payment of any moneys specified in
such contract to be paid to the board, the board may, upon such
notice as shall be prescribed in such contract, terminate such
contract and all obligations thereunder. The act of the board in
ceasing on any such default to furnish or deliver water, use of
water, water storage, electric power or other service under such
contract shall not deprive the board of, or limit any remedy
provided by such contract or by law for the recovery of any and
all moneys due or which become due under such contract;
(iii) All income or profit and revenue of the works
and all moneys received from the sale, conveyance, distribution
or disposal of water, use of water, water storage, electric
power or other service, and from the operation, lease, sale or
other disposition of the works, property and facilities acquired
under the provisions of this act shall be paid to the credit of
the appropriate water fund.
(d) The board shall provide in the proceedings authorizing
the issuance of each series of bonds, warrants, notes,
debentures, or other evidences of indebtedness or in the trust
indenture securing the same, for paying into the appropriate
sinking fund at stated intervals all moneys then remaining in
the water fund, after paying all costs of operation, maintenance
and repairs of the works. All moneys in each sinking fund shall
be pledged for the payment of and used for the purpose of paying
the interest, principal, and the necessary fiscal agency charges
upon the bonds, warrants, notes, debentures or other evidences
of indebtedness as the same shall fall due.