ARTICLE 3

WYOMING INFRASTRUCTURE AUTHORITY PROJECTS

 37-5-301.  Wyoming infrastructure authority.

 (a)  There is created the Wyoming infrastructure authority, hereinafter called
the "authority", which is a body corporate operating as a state instrumentality,
with authority to adopt an official seal and to sue and be sued.

 (b)  The authority shall be governed by a board composed of five (5)
members appointed by the governor, with the advice and consent of the
senate.  The members of the initial board shall be appointed for staggered
terms, two (2) members for terms of one (1) year each and the other
members for terms of two (2), three (3) and four (4) years, respectively,
as designated at the time of appointment.  Thereafter all members
shall be appointed for four (4) year terms.  The governor may remove any
member as provided in W.S. 9-1-202.  Vacancies shall be filled by
appointment by the governor in accordance with W.S. 28-12-101.  The
members shall elect from the membership a chairman, vice-chairman
and secretary.  A majority of persons appointed and serving as members shall be qualified voters of the state of Wyoming with special knowledge, as evidenced by college degrees or courses, or with at least five (5) years experience in managerial positions, in the field of electric transmission or generation development, or natural gas or coal production, transportation, marketing or industrial or municipal consumption.  Members of the board may receive the same per diem, expenses and travel allowance as members of the legislature while in actual attendance at meetings of the board and the performance of their duties relative thereto. 

 (c)  Any agency, board, commission, department or institution of the state and the governing authorities of political subdivisions, may make surveys, reports and investigations, and furnish records and information and other assistance and advice as may be required by the authority.

 

37-5-302.  Definitions.

 (a)  As used in this article and W.S. 37-5-401 through 37-5-408:

 (i)  "Authority" means the Wyoming infrastructure authority created by W.S. 37-5-301(a);

 (ii)  "Board" means the board of directors of the authority;

 (iii)  "Facilities" means electric transmission facilities and related supporting infrastructure, including any interests therein.

 

37-5-303.  Purposes.

 (a)  The purpose for which the authority is created is to diversify and expand the Wyoming economy through improvements in the state's electric transmission infrastructure and to facilitate the consumption of Wyoming energy by planning, financing, constructing, developing, acquiring, maintaining and operating electric transmission facilities and related supporting infrastructure and undivided or other interests therein to facilitate the transmission of energy.  In order to provide for the financing, construction, development, maintenance, upgrade and operation of existing and new electric transmission facilities, the authority may own, lease or rent facilities constructed pursuant to the authority conferred herein, and all facilities, structures and properties incidental and necessary thereto, to facilitate the transmission of energy.

 (b)  The facilities and related supporting infrastructure may include all facilities, structures and properties incidental and necessary or useful in the transmission of electric energy.

 (c)  The authority shall establish and collect fees, schedule of fees, rentals and other charges for the use of the facilities of the authority as the board may determine, and may borrow funds for the execution of the purposes of the authority, and mortgage and pledge any lease or leases granted, assigned or subleased by the authority.

 (d)  Except as provided in this section, the authority shall not exercise any of the rights or powers granted to it in this section, if private persons, firms, or corporations are performing the acts, constructing or have constructed the facilities, or are providing the services contemplated by the authority, and are willing to finance and own new infrastructure to meet an identified need and market.  Prior to exercising any rights or powers granted to it in this section, the authority shall publish in a newspaper of general circulation in Wyoming, and in a newspaper and trade magazine in the area where the facilities or services are contemplated, in the manner prescribed by law, a notice describing the acts, facilities, or services contemplated by the authority, and private persons, firms or corporations willing and able to perform the acts, finance and own, and construct the facilities or provide the services described in the notice shall have a period of thirty (30) days from the date of last publication of the notice within which to notify the authority of intention and ability to perform the acts, finance and construct the facilities, or provide the services described in the notice.  In the absence of notification by a private person, firm or corporation, or if a person, firm or corporation, having given notice of intention to perform the acts, finance and construct the facilities, or provide the services contemplated by the authority, fails to commence the same within one hundred eighty (180) days from the date of notification of the authority of its intention, the authority may proceed to perform the acts, construct the facilities or provide the services originally contemplated.  A private person, firm or corporation that has made necessary applications to acquire any federal, state, local or private permits, certificates or other authorizations or approvals necessary to perform the acts, construct the facilities or provide the services within the time required is deemed to have commenced the same.  The authority may require that any person giving notice of intention to perform the acts, finance and construct the facilities, or provide the services contemplated by the authority, submit a plan for completion of the facility within three (3) years from notification to the authority.  The authority may also require the person to provide a bond to pay liquidated damages to the authority for the person's failure to perform the acts, finance and construct facilities or provide the services contemplated by the authority.  The authority shall not be precluded from maintaining any other action for the person's failure to perform.

 

37-5-304.  Powers of the authority.

 (a)  In exercising the rights and powers granted to it, the authority shall be vested with authority to:

 (i)  Employ officers, agents and employees as it deems necessary for the performance of its powers and duties and prescribe the powers and duties and fix the compensation of the officers, agents and employees;

 (ii)  Contract, upon terms as it may agree upon, for legal, financial, engineering and other professional services necessary or expedient in the conduct of its affairs;

 (iii)  Utilize the services of executive departments of the state upon mutually agreeable terms and conditions;

 (iv)  Plan, finance, construct, develop, acquire, own, maintain and operate within and outside the state of Wyoming, property, structures, equipment, facilities and works of public improvement necessary or useful for the accomplishment of the purposes for which the authority was created, including the obtaining of permits and the acquisition of rights of way;

 (v)  Acquire by condemnation within the state of Wyoming any properties necessary or useful for its purposes, provided the authority shall not have the right to condemn mineral leases, gas supplies, gas reserves, oil refineries, existing electric transmission, distribution and generation facilities, minerals, water rights, mineral rights or pipelines used in connection therewith;

 (vi)  Receive by gift, grant, donation or otherwise, any sum of money, aid or assistance from the United States, the state of Wyoming, any political subdivision or any other public or private entity;

 (vii)  Provide light, water, communications, security and other services for its facilities as it deems advisable;

 (viii)  After consultation with the public service commission and any other relevant governmental authority, establish and charge reasonable fees, rates, tariffs or other charges for the use of all facilities administered by the authority and for all services rendered by it;

 (ix)  In whole or in part, operate, lease, rent and dispose of facilities constructed pursuant to the authority conferred herein, and all facilities, structures and properties incidental and necessary thereto;

 (x)  Investigate, plan, prioritize and establish corridors for the transmission of electricity;

 (xi)  Enter into partnerships with public or private entities; and

 (xii)  Do any and all things necessary or proper for the development, regulation and accomplishment of the purposes of the authority within the limitations of authority granted by this article and W.S. 37-5-401 through 37-5-408.

 

37-5-305.  Bonds.

 (a)  In addition to the powers otherwise herein granted to the authority, in order to accomplish its purposes and finance projects it owns, it shall have the power to borrow money and evidence the borrowing in the issuance and sale of bonds or other obligations of the authority, the principal and interest of which shall be payable solely out of revenues herein authorized to be dedicated and pledged for the payment.

 (b)  Bonds issued under authority of this section shall be solely the obligation of the authority and shall recite on their face that they do not constitute obligations of the state of Wyoming or any county, municipality or other political subdivision of the state.  The bonds or other obligations shall be authorized and issued by resolution of the authority and shall be of the series, bear the date or dates, mature at the time or times, bear interest at the rate or rates, be in the form, carry the registration and exchangeability privileges, be payable in the medium of payment and at the place or places, be subject to the terms of redemption and be entitled to the priorities on the revenues of the authority, as the resolution may provide.  The bonds shall be executed in the form and manner provided by the resolution authorizing their issuance.

 (c)  The bonds or other obligations issued under authority of this section may be sold by the authority at, above or below par value, at public or private sale, in a manner and from time to time as determined by the authority.

 (d)  Any bonds issued hereunder shall be payable from and be secured by the pledge of the revenues derived from the operation of the electric transmission facilities, as constructed, acquired, extended or improved with the proceeds of the bonds, subject only to prior payment of the reasonable and necessary expenses of operating and maintaining the facilities.  Any bonds issued hereunder may also be payable from unexpended bond proceeds.  Any holder of the bonds may by appropriate legal action compel performance of all duties required of the authority in order to enforce payment of the bonds when due.  If any bond issued hereunder is permitted to go into default as to principal or interest, any court of competent jurisdiction may, pursuant to the application of the holder of the bonds, appoint a receiver for the facilities, who shall operate the same and collect and distribute the revenues thereof pursuant to the provisions and requirements of the resolution authorizing the bonds.

 (e)  If more than one (1) series of bonds is issued payable from the revenues of the facilities or bond proceeds, priority of lien on the revenues shall be as provided by the resolution authorizing the bonds.

 (f)  All bonds issued under the provisions of this section shall constitute negotiable instruments within the meaning of the Uniform Commercial Code.  The bonds and the income thereof shall be exempt from all taxation within the state of Wyoming.

 (g)  No board or commission other than the board of the authority shall have authority to fix or supervise the making of fees and charges hereafter stated, which shall be in amounts reasonably necessary for the purposes herein stated.  When the authority has issued bonds and pledged the revenues of the facilities for the payment thereof as herein provided, the authority shall operate and maintain the facilities and shall impose and collect fees and charges for the services furnished by the facilities, including those furnished to the authority itself, in the amounts and at the rates as shall be fully sufficient at all times to:

 (i)  Pay the expenses of operating and maintaining the facilities;

 (ii)  Provide a sinking fund sufficient to assure the prompt payment of principal and interest on the bonds as each falls due;

 (iii)  Provide a reasonable fund for contingencies as may be required by any bond underwriting or by the resolution authorizing the bonds; and

 (iv)  Provide an adequate depreciation fund for repairs, extensions and improvements to the facilities.

 (h)  Any resolution of the board of the authority authorizing the issuance of bonds shall be published once in a newspaper of general circulation published in the city of Cheyenne, and in a newspaper in the area where the facilities or services are contemplated.  For a period of thirty (30) days from the date of the publication any person in interest may contest the legality of the resolution and of the bonds to be issued pursuant thereto and the provisions securing the bonds, including the validity of any lease or other contract pledged to the payment thereof.  After the expiration of thirty (30) days no one shall have any right of action to contest the validity of the bonds, the validity of the security pledged to the payment thereof or the provisions of the resolution pursuant to which the bonds were issued, and all the bonds and all proceedings relating thereto shall be conclusively presumed to be legal.

 (j)  The board of the authority may authorize the issuance of bonds for the purpose of refunding, extending and unifying the whole or any part of the principal, interest and redemption premiums on any outstanding bonds issued under the authority of this article or W.S. 37-5-403.  The refunding bonds may either be sold and the proceeds applied to or deposited in escrow for the retirement of the outstanding bonds, or may be delivered in exchange for the outstanding bonds.  The refunding bonds shall be authorized in all respects as original bonds are herein required to be authorized.  The board of the authority in authorizing the refunding bonds, shall provide for the security of the bonds, the sources from which the bonds are to be paid and for the rights of the holders thereof in all respects as herein provided for other bonds issued under the authority of this article or W.S. 37-5-403.  The board may also provide that the refunding bonds shall have the same or different priority of lien on the revenues pledged for their payment as was enjoyed by the bonds refunded.

 

37-5-306.  Use of net revenues.

 The authority, acting alone or in cooperation with any agency of the state of Wyoming may use and employ any net revenues derived from the facilities herein authorized or from any other source, after providing for all the costs of maintenance and operation of the facilities and after making the required principal and interest payments on any revenue bonds issued and any other payments provided in any resolution or resolutions authorizing the issuance and sale of revenue bonds and obligations, in extending and improving the facilities as the board of the authority may determine to be warranted by the need for electric transmission facilities.  If the board determines that no need exists, the net revenues shall be paid to the state treasurer for credit to the state general fund.

 

37-5-307.  Authority not subject to public service commission.

 Notwithstanding any other provisions of law to the contrary, the authority shall not be subject to the supervision, regulation, control or jurisdiction of the public service commission, and the fees, rates, rental and other charges and services of the authority shall not be subject thereto.