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Wyoming Statutes Title 99. Noncodified Statutes § 99-99-222. Project financing

Current as of January 01, 2024 | Updated by Findlaw Staff

(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shall loan to the district from the water development account through the department as authorized in W.S. 9-2-206 [repealed] a sum not to exceed ninety-five thousand dollars ($95,000.00) for a term of fifty (50) years at an annual interest rate of six percent (6%) provided [that]: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 [§§ 41-2-219 through 41-2-222].

(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.

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Cite this article: FindLaw.com - Wyoming Statutes Title 99. Noncodified Statutes § 99-99-222. Project financing - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-99-noncodified-statutes/wy-st-sect-99-99-222/

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