§ 99-99-202 — Authorization for expenditures from permanent Wyoming mineral trust fund

Wyoming § 99-99-202

• Jurisdiction: Wyoming
• Title 99: Water Projects
• Ch. 99: 9

Text

The state loan and investment board, with the advice of the
director of the department of commerce is authorized to loan not
to exceed fifteen million dollars ($15,000,000.00) from the
permanent Wyoming mineral trust fund, to be advanced to the city
of Gillette as deemed necessary by the department of commerce to
design and construct a water well supply and water transmission
project. The loan shall not be advanced by the state loan and
investment board until the qualified electors of the city of
Gillette approve creation of the debt and approve the pledging
of the revenue from the operation of the water project as the
primary source of repayment of the loan and the pledging of the
city's share of state excise taxes and other unrestricted
revenue of the city as a secondary source of repayment of the
loan. The term and conditions of the loan will be as set forth
in W.S. 11-34-302. Principal, but not interest, payments on the
loan may be deferred until the department of commerce determines
and certifies to the state loan and investment board that the
water system can generate sufficient revenue to commence
repaying the loan and still allow revenues to maintain and
operate the system. Principal payments shall be credited to the
permanent Wyoming mineral trust fund and the interest payments
shall be deposited into the general fund.
(Laws 1978, Ch. 28, § 1; 1998, Ch. 13, § 1; Renumbered from
41-2-202 by Laws 2009, Ch. 168, § 401.)