Chapter 8 - Bonds
CHAPTER 8 - BONDS
24-8-101. Purpose, issuance and disposal.
Forthe purpose of providing funds for the construction and improvement of publicroads and highways in Wyoming, the state treasurer, with the approval of thegovernor is hereby authorized from time to time within the limits of the amountauthorized by law to issue and dispose of bonds of the state of Wyoming to bedesignated as highway bonds.
24-8-102. Denominations; interest rate; redemption; sale and issuanceprocedures; recordation.
Suchbonds shall bear date and may be issued in such amounts and bearing such ratesof interest, not exceeding ten percent (10%) per annum, as shall be determinedby the governor and state treasurer. They shall be redeemable at the option ofthe 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 theoffice of the state treasurer, or at such bank in the city of New York as maybe 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 ofthe governor and shall be signed by the governor and attested by the secretaryof state under the seal of the state and countersigned by the state treasurer.Interest coupons with lithographed facsimile signature of the state treasurermay be attached to said bonds. At the request of the holder, bonds may be registeredwith the state auditor. The bonds shall be deposited until sold with the statetreasurer and when sold the proceeds of such bonds shall be paid into the statetreasury and be kept in a separate fund which shall be known as state highwayfund. Such bonds shall be in the form determined by the governor and thetreasurer and each bond shall have endorsed thereon a certificate signed by theauditor and secretary of state that the bond is issued pursuant to law and iswithin the debt limit. Such bonds shall be numbered from one (1) upward andshall be redeemable in that order. Before issuance they are to be recorded inthe office of the state treasurer.
24-8-103. Notice of intention to issue; sale to public; rejection ofbids.
Thestate treasurer shall give notice by publication in not less than three (3)newspapers published in the state and at least one (1) newspaper publishedoutside the state, of his intention to issue and negotiate bonds in all caseswhere the same are not purchased out of state funds and the bonds shall be soldat not less than the par value thereof to the highest responsible bidder inresponse to such advertisement. The state treasurer, however, may reject any orall bids.
24-8-104. Tax levies; notice of redemption.
Thestate board of equalization shall each year at the time of making the annuallevy for state purposes direct the boards of county commissioners of theseveral counties to levy upon all taxable property a tax which, with otherfunds available for the purpose, shall be sufficient to pay the interest on allsuch bonds outstanding for that year. Beginning with the tenth year after dateof 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 redeemone-tenth of the bonds in such series then outstanding. Notice of the call forthe redemption of such bonds shall be given at the office of the statetreasurer and at the office of the financial agency where the same are payable.
24-8-105. Investment of state money.
Wheneverthe state treasurer shall have in his hands any funds whether permanent statefunds or other funds available for investment he may, in his discretion,purchase state highway bonds and invest therein at not to exceed the marketvalue such portion of the available funds as he may deem expedient. Anypremiums which may be paid for such bonds shall be taken from other thanpermanent funds.
24-8-106. Disposition of funds from sale.
Ofthe two million eight hundred thousand dollars ($2,800,000.00) highway bondsauthorized 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 besold and the proceeds therefrom used for the construction and improvement ofpublic 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 therefromused for the construction and improvement of federal aid highways in payment ofthe state's share of the cost of federal aid projects on which the governmentshare is paid from federal funds made available from congressionalappropriations whenever there are not sufficient state funds for highwayconstruction to match federal aid appropriations; and the governor'sproclamation calling said special election shall so specify.