LegalFix
Sign In

Section 15-7-504 - Refunding Revenue Bonds; Purpose; Required Procedure; Exceptions Thereto.

WY Stat § 15-7-504 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

15-7-504. Refunding revenue bonds; purpose; required procedure; exceptions thereto.

(a) Any city or town may issue refunding revenue bonds:

(i) To refund and discharge or extend or shorten the maturities of all or any part of the outstanding bonds of any one (1) or more issues, including any interest thereon in arrears or about to become due;

(ii) For the purpose of reducing interest costs or effecting other economies; or

(iii) For the purpose of modifying or eliminating restrictive contractual limitations as pertained to the issues of additional bonds, otherwise concerning the outstanding bonds or to any facilities as pertained thereto.

(b) Any refunding specified in subsection (a) of this section shall be accomplished in the manner prescribed by W.S. 16-5-102 through 16-5-119, as from time to time amended, except that refunding revenue bonds so authorized do not constitute a debt of the city or town within the meaning of any constitutional or statutory limitation, nor shall any tax be levied or other revenue be pledged for the payment thereof, except for the special funds authorized under this article.

Previous Section
Section 15-7-503 - Ordinance for Construction; Required and Authorized Provisions; Existing Bonds Validated.
Next Section
Section 15-7-505 - Repealed by Laws 1981, Ch. 62, § 2.