§ 9-7-109 — Community development authority; revenue bonds; security therefor

Wyoming § 9-7-109

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

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(a) The principal and interest on any bonds issued by the
authority may be secured by a pledge of any revenues and
receipts of the authority or assignment of mortgage loans or
other assets purchased and may be secured by a mortgage or other
instrument covering all or any part of a project or economic
development project, including any additions, improvements,
extensions to or enlargements of any project or economic
development project later made, or assignment, pledge or any
loan or loan participation.
(b) Bonds issued for the purchase, acquisition,
construction, reconstruction or improvement of a project or
economic development project may also be secured by an
assignment of any lease of or mortgage on the project or
economic development project and by an assignment of the
revenues and receipts derived by the authority from the lease or
mortgage of the project or economic development project.
(c) The resolution under which the bonds are authorized
and any mortgage, lease or other instrument may contain
agreements and provisions for the maintenance of the projects or
economic development projects covered, the fixing and collection
of rents or other revenues, including monies received in
repayment of mortgage loans and interest, the creation and
maintenance of special funds from rents or other revenues and
the rights and remedies available in the event of default.
(d) Each pledge, agreement, mortgage or other instrument
made for the benefit or security of any bonds of the authority
is valid and binding from the time when made. The revenues,
receipts, monies and assets pledged are immediately subject to
the lien of the pledge without delivery or further act. The lien
is valid and binding against persons having claims of any kind
against the authority whether or not the persons have actual
notice of the lien. Neither the resolution nor the indenture or
other instrument by which a pledge is created need be recorded
or filed.
(e) The authority may provide in the proceedings under
which bonds are authorized that any part or all of any project
or economic development project may be purchased, constructed,
reconstructed or improved by the authority, any municipality or
any lessee or designee of the authority, and may also provide
for the time and manner of and requisites for disbursements to
be made for the cost of construction and for all the
certificates and approvals of construction and disbursements as
the authority considers necessary.
(f) Any resolution or trust indenture under which bonds of
the authority are authorized may contain provisions for vesting
in a trustee the properties, rights, powers and duties in trust
as the authority determines. This may include any or all of the
rights, powers and duties of the trustee appointed by the
holders of any issue of bonds pursuant to W.S. 9-7-115, in which
event the provisions of W.S. 9-7-115 authorizing the appointment
of a trustee by the holders of bonds shall not apply.