§ 15-9-210 — Authorization of bonds; determination of costs; expenditure of proceeds

Wyoming § 15-9-210

• Jurisdiction: Wyoming
• Title 15: Cities and Towns
• Ch. 9: URBAN RENEWAL
• Art. 2: DOWNTOWN DEVELOPMENT AUTHORITY

Text

(a) By ordinance adopted by the governing body at a
regular or special meeting, by a vote of a majority of the
members of the governing body, the municipality may issue bonds,
payable solely from taxes pledged pursuant to W.S. 15-9-207, to
pay all or any part of the cost of any project or for furthering
any purpose of this article.
(b) The governing body, in determining such costs, may
include all costs and estimated costs of the issuance of the
bonds; all engineering, inspection, fiscal and legal expenses;
any discount on the sale of the bonds; the cost of any
financial, professional or other expert advice; contingencies;
any administrative, operating or other expenses of the
municipality incurred pursuant to the issuance of the bonds, as
may be determined by the governing body; all other expenses as
may be necessary or incident to the financing, acquisition,
improvement, equipment and completion of any development project
or for furthering any purpose of this article; sufficient
provision of reserves for working capital, operation,
maintenance or replacement expense, or for payment or security
of principal of or interest on any bonds during or after an
acquisition or improvement, and equipment, as the governing body
may determine; and reimbursements to any governmental agency or
instrumentality for any monies expended pursuant to agreement on
any project or for furthering any purpose of this article.
(c) In each project financed by the proceeds of bonds
issued under this article, the governing body shall determine
the costs of, and may budget a percentage of bond proceeds for,
operation and administration of the project.
(d) The proceeds of the bonds may be expended by the
municipality or, with the consent of the municipality, by the
authority as agent for, and on behalf of, the municipality. If
the proceeds of the bonds are applied for the acquisition of
real or personal properties, the governing body may:
(i) Retain title to the properties in its own name,
and lease or grant licenses or privileges in the properties to
the authority in order that the authority may, as principal or
agent, exercise its powers with respect to the properties; or
(ii) Convey title to the properties to the authority
for such consideration and subject to such terms and conditions
as the governing body may prescribe without regard to any
restriction, limitation or condition otherwise imposed by
statute on the sale or disposition of the properties by a
municipality.