99-99-506. Reconstruction and repair.
359 words·~2 min read·
/wy/title-99-noncodified-statutes/chapter-99-9/99-99-506·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.)