2010 Wyoming Statutes
Title 24 - Highways
Chapter 8 - Bonds

CHAPTER 8 - BONDS

 

24-8-101. Purpose, issuance and disposal.

 

For the purpose of providing funds for the construction and improvement of public roads and highways in Wyoming, the state treasurer, with the approval of the governor is hereby authorized from time to time within the limits of the amount authorized by law to issue and dispose of bonds of the state of Wyoming to be designated as highway bonds.

 

24-8-102. Denominations; interest rate; redemption; sale and issuance procedures; recordation.

 

Such bonds shall bear date and may be issued in such amounts and bearing such rates of interest, not exceeding ten percent (10%) per annum, as shall be determined by the governor and state treasurer. They shall be redeemable at the option of the state ten (10) years after date and payable twenty (20) years after date. The interest shall be payable semiannually at the option of the holder at the office of the state treasurer, or at such bank in the city of New York as may be designated in the bonds. They may be issued in denominations of five hundred ($500.00), one thousand ($1,000.00), five thousand ($5,000.00) and ten thousand ($10,000.00) dollars and shall be engraved and printed under the direction of the governor and shall be signed by the governor and attested by the secretary of state under the seal of the state and countersigned by the state treasurer. Interest coupons with lithographed facsimile signature of the state treasurer may be attached to said bonds. At the request of the holder, bonds may be registered with the state auditor. The bonds shall be deposited until sold with the state treasurer and when sold the proceeds of such bonds shall be paid into the state treasury and be kept in a separate fund which shall be known as state highway fund. Such bonds shall be in the form determined by the governor and the treasurer and each bond shall have endorsed thereon a certificate signed by the auditor and secretary of state that the bond is issued pursuant to law and is within the debt limit. Such bonds shall be numbered from one (1) upward and shall be redeemable in that order. Before issuance they are to be recorded in the office of the state treasurer.

 

24-8-103. Notice of intention to issue; sale to public; rejection of bids.

 

The state treasurer shall give notice by publication in not less than three (3) newspapers published in the state and at least one (1) newspaper published outside the state, of his intention to issue and negotiate bonds in all cases where the same are not purchased out of state funds and the bonds shall be sold at not less than the par value thereof to the highest responsible bidder in response to such advertisement. The state treasurer, however, may reject any or all bids.

 

24-8-104. Tax levies; notice of redemption.

 

The state board of equalization shall each year at the time of making the annual levy for state purposes direct the boards of county commissioners of the several counties to levy upon all taxable property a tax which, with other funds available for the purpose, shall be sufficient to pay the interest on all such bonds outstanding for that year. Beginning with the tenth year after date of issue of any series of such bonds an additional tax shall be levied which, with other funds available for the purpose, shall be sufficient to redeem one-tenth of the bonds in such series then outstanding. Notice of the call for the redemption of such bonds shall be given at the office of the state treasurer and at the office of the financial agency where the same are payable.

 

24-8-105. Investment of state money.

 

Whenever the state treasurer shall have in his hands any funds whether permanent state funds or other funds available for investment he may, in his discretion, purchase state highway bonds and invest therein at not to exceed the market value such portion of the available funds as he may deem expedient. Any premiums which may be paid for such bonds shall be taken from other than permanent funds.

 

24-8-106. Disposition of funds from sale.

 

Of the two million eight hundred thousand dollars ($2,800,000.00) highway bonds authorized by vote of the electors at the special election held November, 1930, seven hundred thousand dollars ($700,000.00) par value of such bonds may be sold and the proceeds therefrom used for the construction and improvement of public roads and highways; and two million one hundred thousand dollars ($2,100,000.00) par value of such bonds may be sold and the proceeds therefrom used for the construction and improvement of federal aid highways in payment of the state's share of the cost of federal aid projects on which the government share is paid from federal funds made available from congressional appropriations whenever there are not sufficient state funds for highway construction to match federal aid appropriations; and the governor's proclamation calling said special election shall so specify.