99-99-202. Authorization for expenditures from permanent
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Wyoming mineral trust fund.
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.)