2023 Wyoming Statutes › Title 37 - Public Utilities › Chapter 5 - Wyoming Pipeline Authority and Wyoming Infrastructure Authority › Article 6 - Financing of Other Projects › Section 37-5-602 - Authority Revenue Bonds; Issuance; Amount.

37-5-602. Authority revenue bonds; issuance; amount.
(a) Repealed by Laws 2020, ch. 49, 2.
(b) The authority may issue and have outstanding bonds to finance energy transmission facilities and related infrastructure, pipeline and other transportation and distribution projects consistent with the purposes of W.S. 35-7-503(a), which may be located within or without the state of Wyoming, in an amount not to exceed three billion dollars ($3,000,000,000.00). The financing of a pipeline or other transportation and distribution projects under this article may include or consist solely of the purchase of capacity by the authority as authorized by subsection (m) of this section.
(c) The principal amount of any bonds that have been retired, redeemed, defeased or refunded by the authority need not be taken into account in computing compliance with the maximum amounts of bonds authorized to be issued under subsections (b) and (n) of this section.
(d) Subject to subsections (a) and (b) of this section, the authority may issue bonds in principal amounts the authority determines necessary to provide sufficient funds for achieving its purposes under this article, including the reduction of principal, the payment of interest, the establishment of reserves, the costs of administration and for the purpose of defraying all other associated costs. All bonds issued under this article are negotiable instruments under the laws of this state unless expressly provided to the contrary on the face of the bonds. The authority may enter into contracts to insure the payment of principal and interest, for interest rate exchange contracts and for financial guarantees to lower the cost of its borrowing.
(e) All bonds issued by the authority are payable solely out of special funds consisting of all or part of its revenues, receipts, monies and assets, as designated in the proceedings under which the bonds are authorized. All bonds shall bear interest at fixed or variable rates, be executed and delivered at times and in denominations, be of terms and maturities, be in registered form as to principal and interest or principal alone, and bear manual or facsimile signatures and seals as the authority determines. Bonds issued by the authority are not general obligations of this state nor of any political subdivision of this state. The bonds shall solely be the obligation of the authority and shall recite on their face that they do not constitute obligations of the state or any political subdivisions of the state.
(f) Bonds may be payable in installments and may bear maturities not exceeding forty (40) years from the date issued as the authority determines.
(g) Bonds and interest may be payable at a time or place whether within or outside the state, as the authority determines. Bonds may contain other provisions not inconsistent with this article.
(h) Any bonds that the authority issues may contain an option to redeem all or any part as may be specified. The price of redemption, the terms and conditions and the procedure of notice shall be set forth by the authority and may appear on the face of the bonds.
(j) Any bonds of the authority may be sold at, above or below par value, at public or private sale, in a manner and from time to time as determined by the authority. The authority may pay legal fees, expenses, premiums and commissions that it finds necessary or advantageous to this state in connection with the issuance and sale.
(k) The authority may provide for the issuance of bonds to refund any bonds of the authority then outstanding, including for the payment of any redemption premium and any interest or premium accrued or to accrue to, the earliest or subsequent date of redemption, purchase or maturity of the bonds. The authority may also refund bonds issued by the Wyoming pipeline authority under W.S. 37-5-201 through 37-5-208 and the Wyoming infrastructure authority under W.S. 37-5-401 through 37-5-408 before July 1, 2020. Refunding shall be accomplished in the manner prescribed by W.S. 16-5-101 through 16-5-119 to the extent it is not inconsistent with this article.
(m) The authority may acquire, purchase, make prepayments for, finance, hold, use, lease, license, sell, transfer and dispose of an undivided or other interest in or the right to capacity in any pipeline or other transportation or distribution system within or without the state of Wyoming. The authority may acquire, purchase, make prepayments for proven developed reserves, hold, use, lease, license, sell, transfer and dispose of an undivided or other interest in natural resources associated with energy, including royalties taken in kind. The powers specified in this subsection may be exercised in order to facilitate the production, transportation, distribution or delivery of associated natural resources produced or developed in this state. The authority is exempt from the provisions of W.S. 37-5-503(g) when exercising the powers granted by this article.
(n) Subject to subsection (b) of this section and consistent with the purposes of W.S. 37-5-503(a), the authority may issue and have outstanding bonds to finance facilities, infrastructure and other transportation and distribution projects related to the production, transportation, distribution and utilization of rare earth minerals, critical materials, trona and other minerals that are located in Wyoming.
(o) Subject to subsection (b) of this section and consistent with the purposes of W.S. 37-5-503(a), the authority may issue and have outstanding bonds to finance the construction or expansion of oil and gas refineries in Wyoming.