§ 15-9-204 — Organizational procedure

(a) Upon petition of twenty-five percent (25%) of the
persons owning nonresidential property within the proposed
district and following a public hearing, if the governing body
of a municipality determines it is necessary to establish a
downtown development authority for the public health, safety,
prosperity, security and welfare and to carry out the purposes
of an authority as stated in W.S. 15-9-201, it may by ordinance
establish a downtown development authority. In the ordinance,
the governing body shall state the boundaries of the downtown
development district, as set forth in the original petition
requesting the establishment of a downtown development authority
within which the authority shall exercise its powers. Upon
request of the governing body, the petitioners may submit an
amended petition which modifies the boundaries of the district.
The boundaries of the downtown development authority shall be
certified to the county assessor of the county in which the
municipality is located within sixty (60) days after formation
of the district.
(b) Any ordinance creating a downtown development
authority shall provide that any ordinance or resolution by
which bonds are issued pursuant to this article shall specify
the maximum net effective interest rate of such bonds.