9-2-1010 through 9-2-1014. Any appropriation to the authority

9-2-1010 through 9-2-1014. Any appropriation to the authority shall be expended only for administrative purposes, which shall include planning and research.

37-5-504. Powers of the authority.

(a) The authority may:

(i) Employ officers, agents and employees as it deems necessary for the performance of its 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 agencies 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, energy transmission infrastructure, energy export facilities and pipeline and other transportation or distribution systems including pumps, storage and other attendant facilities, any necessary equipment for energy transmission infrastructure and pipeline and other transportation or distribution systems and for all other property, structures, equipment, facilities and works of public improvement necessary or useful for accomplishing the purposes for which the authority was created, including obtaining permits and acquiring rights-of-way;

(v) Acquire by condemnation 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 supplies, oil reserves, oil refineries, existing energy transmission, distribution and generation facilities, minerals, water rights, other mineral rights or pipelines or other distribution systems 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 or any country in good standing with the United States subject to federal law;

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

(viii) After consultation with any relevant state or federal 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, structures and properties constructed under this article. The authority shall review at least every three (3) years the feasibility of disposing of facilities it holds;

(x) Investigate, plan, prioritize and establish corridors for the transmission of energy and natural resources associated with energy;

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

(xii) Conduct hearings and gather and develop relevant data consistent with the duties and powers of the authority;

(xiii) Work in consultation and coordination with entities including the Wyoming business council to develop, promote and identify markets for natural resources associated with energy and facilitate supply for those markets;

(xiv) Advocate for or against or take legal action concerning any energy project before any regulatory body tasked with the oversight of the project;

(xv) Request data from any public or private entity that is necessary to ascertain the location of associated natural resources within the state;

(xvi) Conduct national and international marketing and technology research;

(xvii) 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.

(b) The sole recourse of any party contracting with the authority shall be against the authority, and there shall be no cause of action against the state or any county, municipality or other political subdivision of the state.

37-5-505. Bonds.

(a) In addition to the powers otherwise granted to the authority and in order to accomplish its purposes, the authority 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 authorized to be dedicated and pledged for the payment.

(b) Bonds issued under 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. The bonds shall be executed in the form and manner provided by the resolution authorizing their issuance. The resolution shall include:

(i) The series of the bond or obligation;

(ii) The date of issuance of the bond or obligation;  (iii) The date of maturity of the bond or obligation;

(iv) That the bond or obligation shall bear interest, and the interest rate;

(v) The form that the bond or obligation shall be in;

(vi) The registration and exchangeability privileges of the bond or obligation;

(vii) The medium of payment and the place of payment of the bond or obligation;

(viii) The terms of redemption and that the bond or obligation shall be subject to those terms;

(ix) That the bond or obligation shall be entitled only to a priority on the revenues of the authority as the authority's resolution provides, subject to subsection (d) of this section.

(c) The bonds or other obligations issued under 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 the authority determines.

(d) Except as provided by subsection (k) of this section, any bonds issued under this section shall be payable from and be secured by the pledge of the revenues derived from the operation of the pipeline or other transportation or distribution system or energy transmission facility 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 system or facility. 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 under this section 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 system or facility, 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 facility 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 income from them shall be exempt from all taxation within the state of Wyoming.

(g) No board or commission other than the authority shall fix or supervise the making of fees and charges stated in this subsection, which shall be in amounts reasonably necessary for the purposes stated in this article. When the authority has issued bonds and pledged the revenues of the pipeline or other transportation or distribution system or facility or the energy transmission facility for the payment of the bonds as provided in this article, the authority shall operate and maintain or shall contract for the operation and maintenance of the system or facility and shall impose and collect fees and charges for the services furnished by the system or facility, including those furnished to the authority itself, in the amounts and at rates as shall be fully sufficient at all times to:

(i) Pay the expenses of operating and maintaining the system or facility;

(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 system or facility necessary to assure adequate and efficient service to the public.

(h) Any resolution of the authority authorizing the issuance of bonds shall be published once in a newspaper of general circulation published in Wyoming, and in a newspaper in the area where the facility 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 under the resolution 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 from the date of the publication 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 under which the bonds were issued, and all the bonds and all related proceedings shall be conclusively presumed to be legal.

(j) 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 this article, as well as bonds issued by the Wyoming pipeline authority under W.S. 37-5- 101 through 37-5-109 and by the Wyoming infrastructure authority under W.S. 37-5-301 through 37-5-307, before July 1, 2020. 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 or were required at the time of their issuance to be authorized. 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 this article. 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.

(k) The authority may authorize the issuance of bonds for the purpose of purchasing pipeline capacity as authorized by W.S. 37-5-503(h). Any bonds issued under this subsection shall be payable solely from and be secured solely by the pledge of the revenues derived from the subsequent sale, lease or other disposal of the capacity purchased or from bond proceeds. Bonds issued under this subsection shall be authorized in all respects as other bonds of the authority are required to be authorized. The authority, in authorizing the 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.

37-5-506. Use of net revenues.

(a) The authority, acting alone or in cooperation with any agency of the state of Wyoming, may use and employ any net revenues derived from a system or facility authorized in this article and from any other source, after providing for all costs of maintenance and operation of the system or facility and after making the required principal and interest payments on any revenue bonds issued hereunder and any other payments provided in any resolution authorizing the issuance and sale of revenue bonds and obligations, to extend and improve the system or facility as the authority may determine to be warranted by any need for additional intrastate transportation or energy transmission facilities.

(b) Revenues derived from the issuance of bonds for the purpose of purchasing pipeline capacity as authorized under W.S.