§ 41-9-503 — Securing of district indebtedness due to contract

The commissioners may secure the indebtedness incurred by the
district in such contract as provided for in W.S. 41-9-502, by
issuing bonds of the district in such form, terms and
denominations as may be fixed by the secretary of the interior
in carrying out the provisions of any act of congress heretofore
or hereafter enacted providing for or permitting such a contract
on the part of the United States and the acceptance and deposit
or sale of bonds of the district by the United States; said
bonds may be delivered to the United States and held by it or,
when deemed desirable or when the appraised value of the land in
the district is double the bonded indebtedness, sold by the
United States, and the net proceeds received from the sale of
said bonds applied to the liquidation of the contract
indebtedness of the district to the United States.