future needs.
Question No. 5, is sufficiently answered in the foregoing discussion relative to Question No. 4.
The constitutional questions having been fully discussed, it is now necessary to examine the objections raised upon appeal, that:
1. Due process requires personal notice be given to the refunded bondholders; 2. Payment to the underwriters of refunding expenses from proceeds of refunding bonds is unreasonable and constitutes a sale of the refunding bonds at a discount; 3. Using refunding bond proceeds for prior redemption of existing bonds held by the State is prohibited by statute; 4. Outstanding "sanitary sewer bonds" and "storm sewer bonds" are subject to different constitutional debt limitations and may not legally be combined into one refunding bond series; 5. Issuance of refunding bonds at a rate higher than that provided by outstanding securities is unlawful; 6. Current city officials may not bind municipality over a 15-year period; 7. The escrow must comply with Constitution as to designated depositories of public funds; 8. Public funds may not be used in an investment business; 9. Provisions of ch. 91, S.L. of Wyoming, 1965, are not severable; 10. Neither the City's agreement with the underwriters, nor the escrow agreement, nor City Ordinance No. 1491, is lawful; and 11. Ch. 91, S.L. of Wyoming, 1965, does not authorize issuance of four series of refunding bonds. In order that a fuller understanding may be had of what follows, a condensation of the enabling ordinance authorizing the refunding, the City's agreement with the underwriters, and the escrow agreement with the bank follows.
ORDINANCE NO. 1491: This ordinance was titled:
"AN ORDINANCE AUTHORIZING THE SALE AND ISSUANCE BY THE CITY OF CHEYENNE OF ITS NEGOTIABLE, COUPON, GENERAL OBLIGATION REFUNDING BONDS TO REFUND OUTSTANDING GENERAL OBLIGATION BONDS OF THE CITY; PROVIDING FOR THE REFUNDING AND PAYMENT OF THE DESIGNATED OUTSTANDING BONDS AS THE SAME BECOME DUE, FOR THE CREATION OF AN ESCROW AND THE EXECUTION OF AN ESCROW AGREEMENT APPERTAINING THERETO, FOR THE PAYMENT OF INCIDENTAL EXPENSES AND FOR THE PURCHASE OF FEDERAL SECURITIES WITH THE REFUNDING BOND PROCEEDS AND OTHER MONEYS, FOR THE DEPOSIT OF THE FEDERAL SECURITIES IN THE ESCROW AND FOR THE TEMPORARY INVESTMENT AND REINVESTMENT OF THE ESCROWED MONEYS; PROVIDING THE FORM, TERMS AND CONDITIONS OF THE REFUNDING BONDS, THE MANNER AND TERMS OF THEIR ISSUANCE, THE MANNER OF THEIR EXECUTION, THE METHOD OF PAYING THEM, AND THE SECURITY THEREFOR; PROVIDING FOR THE LEVY AND COLLECTION ANNUALLY OF A GENERAL (AD VALOREM) TAX AND FOR THE USE OF SUCH TAX PROCEEDS AND OTHER MONEYS FOR THE PAYMENT OF THE REFUNDING BONDS; PROVIDING CERTAIN COVENANTS AND OTHER DETAILS AND MAKING OTHER PROVISIONS CONCERNING THE REFUNDING BONDS, THE OUTSTANDING BONDS TO BE REFUNDED, THE DESIGNATED GENERAL TAXES AND OTHER MONEYS, *191 THE DESIGNATED ESCROW, AND VARIOUS FUNDS APPERTAINING THERETO; PROVIDING FOR THE PRIOR REDEMPTION OF SOME OF THE OUTSTANDING BONDS TO BE REFUNDED AND FOR GIVING NOTICE OF PRIOR REDEMPTION; RATIFYING ACTION PREVIOUSLY TAKEN AND APPERTAINING THERETO; AND DECLARING AN EMERGENCY AND PROVIDING THE