§ 99-99-506 — Reconstruction and repair

Wyoming § 99-99-506

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

Text

(a) One million two hundred thousand dollars
($1,200,000.00) is appropriated from the water development
account for completion of reconstruction and repairs to correct
damage caused by embankment movement and to stabilize the
embankment against further displacement of the Park Reservoir
Dam. The department shall release funds it deems necessary for
reconstruction and repair to the district. Fifty-two and
one-half percent (52 1/2%) of any funds released by the
department shall be a direct appropriation in exchange for
public benefits received under W.S. 41-2-504. Forty-seven and
one-half percent (47 1/2%) of the funds released by the
department shall be a loan.
(b) Funds released by the department as a loan under
subsection (a) of this section shall be subject to the following
conditions:
(i) The district shall offer security deemed adequate
and acceptable by the attorney general; and
(ii) The department shall establish a repayment
schedule subject to the following conditions:
(A) Upon completion of the project, the total
amount of the loan shall be determined and the term of the loan
shall commence;
(B) The term of the loan shall be forty (40)
years at an annual interest rate of five percent (5%);
(C) No interest or principal shall be payable
during the first ten (10) years of the term. The loan shall be
amortized over the remaining thirty (30) years of the term;
(D) Any proceeds received by the district for
reimbursement of any contractual obligations of any third person
owed to the district shall be applied to repayment of the loan
authorized by W.S. 41-2-506(a), after payment of costs and fees
expended in connection therewith, as allowed by the district
court having jurisdiction over the district; and
(E) If the sale or transfer of ownership of
water is approved under W.S. 41-2-505, the balance of the loan
under this section associated with the sale or transfer is
immediately due and payable.
(c) The attorney general shall assist the district in
pursuing any claim based on a cause of action arising out of the
reconstruction or repair of the Park Reservoir Dam.
(Laws 1982, Ch. 17, § 1; Renumbered from 41-2-506 by Laws 2009,
Ch. 168, § 401.)