16-1-107(a)(iii). After that loan is paid in full the board

16-1-107(a)(iii). After that loan is paid in full the board shall receive thirty-three percent (33%) of the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project and the state of Wyoming shall receive sixty-seven percent (67%) of the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project consistent with the provisions of W.S. 16-1-107(a)(iii).

(b) There shall be no lease, sale, assignment or transfer of ownership of the project until the loan described in Section 4(a) is paid in full, and until prior written approval is obtained from the commission. If these conditions are met, the board shall receive thirty-three percent (33%) and the state of Wyoming shall receive sixty-seven percent (67%) of the revenues generated by the lease, sale, assignment or transfer of ownership of the project. Before the board may lease, sell, assign or transfer ownership of the project, the state of Wyoming shall be given a one (1) year first right of refusal option to purchase the board's interest in the project for an amount equal to the principal, interest, maintenance and replacement costs incurred by the board at the date the option is exercised.

(c) After the loan described in Section 4(a) of this act is paid in full, the board may purchase the position of the state of Wyoming, as described in subsections (a) and (b) of this section, for the amount of the grant described in Section 4(b) of this act plus the interest that would have accrued on the grant amount in the water development account from the date the project was substantially completed as defined by the commission. The interest that would have accrued on the grant amount shall be established by the state auditor.

(d) Any revenues generated by the state from the lease, sale, assignment or transfer of ownership of project water or the project itself shall be deposited in water development account I. (Laws 1990, ch. 83, §§ 5a, 5b, 5c, 5d; 1991, ch. 231, § 6.)

99-1-306. Project appropriation.

There is appropriated from water development account I to the commission twenty-seven million dollars ($27,000,000.00) or as much thereof as is necessary to carry out the purpose of this act [§§ 99-1-301 through 99-1-306]. Unexpended funds appropriated under this section shall revert to water development account I on July 1, 1998. (Laws 1990, ch. 83, § 6; 1994, ch. 28, § 11; 1997, ch. 45, § 5.)

ARTICLE 4 - NATRONA COUNTY REGIONAL WATER TREATMENT PROJECT

99-1-401. Definitions.  (a) As used in this act [§§ 99-1-401 through 99-1-406]:

(i) "Board" means the Natrona county regional water system joint powers board;

(ii) "Commission" means the Wyoming water development commission;

(iii) "Project" means the Natrona County Regional Water Treatment Project as described in section 2 of this act [§