99-99-222. Project financing.
201 words·~1 min read·
/wy/title-99-noncodified-statutes/chapter-99-9/99-99-222·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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shall loan to the district from the water development account through the department as authorized in W.S. 9-2-206 [repealed] a sum not to exceed ninety-five thousand dollars ($95,000.00) for a term of fifty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.)