§ 9-7-107 — Community development authority; revenue bonds; issuance

Wyoming § 9-7-107

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 7: COMMUNITY DEVELOPMENT, AND SCIENCE, TECHNOLOGY
• Art. 1: COMMUNITY DEVELOPMENT AUTHORITY

Text

(a) Subject to W.S. 9-7-108, the authority may issue bonds
in principal amounts the authority determines necessary to
provide sufficient funds for achieving any of its purposes,
including the payment of interest, the establishment of reserves
and for the purpose of defraying all other project and economic
development project costs. All bonds issued under this act are
negotiable instruments under the laws of the state unless
expressly provided to the contrary on the face of the bonds.
(b) All bonds issued by the authority are payable solely
out of special funds consisting of all or part of its revenues,
receipts, monies and assets, as designated in the proceedings
under which the bonds are authorized. The bonds shall bear
interest at the rates, be executed and delivered at times and in
denominations, be of terms and maturities, be in bearer form or
in registered form as to principal and interest or principal
alone, and bear manual or facsimile signatures and seals as
determined by the authority.
(c) Bonds may be payable in installments and may bear
maturities not exceeding forty-five (45) years from the date
issued as determined by the authority.
(d) As determined by the authority, bonds and interest may
be payable at a time or place whether within or without the
state. Bonds may contain other provisions not inconsistent with
this act.
(e) Any bonds issued by the authority may contain an
option to redeem all or any part as may be specified. The price
of redemption, the terms and conditions and the procedure of
notice shall be set forth in the proceedings of the authority
and may appear on the face of the bonds.
(f) Any bonds of the authority may be sold at, above or
below par value, at public or private sale, in a manner and from
time to time as determined by the authority. The authority may
pay legal fees, expenses, premiums and commissions which it
finds necessary or advantageous in connection with the issuance
and sale.
(g) Additional bonds for a particular purpose may be
issued provided the later issues shall recognize and protect any
prior pledge or mortgage made for any prior issue. Bonds may be
issued providing that any later issues for the same project or
economic development project may be on a parity with the earlier
bonds.
(h) The authority may provide for the issuance of its
bonds to refund any bonds of the authority then outstanding,
including the payment of any redemption premium and any interest
or premium accrued or to accrue to, the earliest or subsequent
date of redemption, purchase or maturity of the bonds and, if
determined advisable by the authority, for the purpose of paying
any part of the cost of acquiring, purchasing, constructing,
reconstructing or improving any project or economic development
project or for making any loan on any project or economic
development project. Refunding shall be accomplished in the
manner prescribed by W.S. 16-5-101 through 16-5-119 to the
extent it is not inconsistent with this act.