§ 99-99-222 — Project financing

(a) The state of Wyoming shall loan to the district from
the water development account through the department as
authorized in W.S. 9-2-206 [repealed] a sum not to exceed
ninety-five thousand dollars ($95,000.00) for a term of fifty
(50) years at an annual interest rate of six percent (6%)
provided [that]:
(i) The district offers security as deemed adequate
and acceptable to the attorney general;
(ii) No principal or interest is due and payable
during the first five (5) years of the term of the loan;
(iii) Interest shall not accrue on the principal
during the first five (5) years of the term of the loan;
(iv) The district shall establish a sinking fund for
repair and maintenance from an annual assessment of one dollar
($1.00) per acre for each acre to which a water right is
attached;
(v) The department establishes a repayment schedule
in accordance with the conditions prescribed in this act.
(b) The state of Wyoming shall grant the district not to
exceed ninety-five thousand dollars ($95,000.00) for
construction of the project. The department shall release grant
funds as it deems necessary.
(Laws 1983, Ch. 163, § 1; Renumbered from 41-2-222 by Laws 2009,
Ch. 168, § 401.)