99-1-501 through 99-1-506];

99-1-501 through 99-1-506];

(iii) The board establishes a sinking fund for repair and maintenance of the project as deemed appropriate by the commission;

(iv) Repayments of principal shall be deposited into the permanent mineral trust fund and payments of interest shall be deposited into the general fund.

(b) The board shall supervise construction of the project and submit all requests for payment to the commission for approval.

(c) The commission shall, upon review and approval of the board's request, make payments directly to the board.

(d) If the board elects to finance the project under this subsection, the state of Wyoming shall loan to the board from the permanent Wyoming mineral trust fund through the commission, for the design and construction of the project an amount not to exceed seventeen million four hundred thousand dollars ($17,400,000.00) for a term of twenty-five (25) years from the date the commission determines project benefits accrue to the board at an annual rate of four percent (4%). The balance of subsection (a) applies to this subsection. The loan under this subsection shall be made only if Sweetwater county imposes a one percent (1%) sales and use excise tax within the county as authorized under W.S. 39-6-412(k) to fund the balance of the project. Revenues from this tax shall be dedicated for the project authorized under this act [§§ 99-1-501 through 99-1-506] so that the balance of the amount necessary to fund the project is available to the project within two (2) years of the imposition of the tax or as soon thereafter as is practicable. Notwithstanding W.S. 39-6-412(k)(iii), the proposition to impose an excise tax solely to comply with this subsection and solely to fund the project authorized under this act [§§ 99-1-501 through 99-1-506] may be submitted to the electors of Sweetwater county if the county commissioners adopt a resolution for that purpose. (Laws 1995, ch. 201, §§ 4a, 4b, 4c, 4d.)

99-1-505. Terms; management plan; restriction on sale of water and the project.

(a) There shall be no lease, sale, assignment or transfer of ownership of water treated through the project for purposes other than the board's municipal or domestic use without prior written approval from the commission. If such a transaction is approved, the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project shall be utilized to retire principal on any investment of state funds to construct the proposed Green River/Rock Springs water treatment plant.

(b) There shall be no lease, sale, assignment or transfer of ownership of the project until the investment described in section 4(a) of this act [§ 99-1-504(a)] is paid in full, and until prior written approval is obtained from the commission. 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) The board shall be responsible for operation and maintenance of the project. (Laws 1995, ch. 201, §§ 5a, 5b, 5c.)

99-1-506. Project appropriation.

The state treasurer shall make available to the commission, an amount not to exceed twenty-four million dollars ($24,000,000.00) from the permanent Wyoming mineral trust fund for the loan authorized by this act [§§ 99-1-501 through