State Codes and Statutes

Statutes > Wyoming > Title18 > Chapter4

CHAPTER 4 - Finance

 

ARTICLE 1 - GENERALLY

 

18-4-101. Public money to be paid into treasury.

 

Allcounty officers receiving money for any county shall pay the same into thecounty treasury of the proper county.

 

18-4-102. Officers to be paid in warrants; direct deposit programauthorized.

 

(a) All county officers are prohibited from paying themselvesfrom money belonging to any county which may be in their possession, but shallreceive pay for services rendered to a county by warrants drawn upon the countytreasury by the board of county commissioners.

 

(b) All salary and wage payments to persons employed by acounty including county officers may be made by direct deposit if the countyclerk chooses to implement a direct deposit program, unless the employee electsnot to participate in the program. The county clerk shall receive an orderfrom the board of county commissioners authorizing the release of monies priorto each county payroll distribution as provided by subsection (a) of thissection.

 

18-4-103. Office of county clerk and budget-making authoritycompatible.

 

Theoffice of county clerk and the office of budget-making authority are declaredcompatible.

 

18-4-104. Certificates of indebtedness; purposes for which authorized;interest; precedence over other claims; order of payment; current year defined.

 

 

(a) When there are insufficient funds in the county treasury tomeet the current obligations of the county each board of county commissionersmay issue certificates of indebtedness for current expenses of the county andparticularly for maintaining courts, boarding prisoners, prosecution ofcriminals and salaries of county officers.

 

(b) With the permission of the board of county commissioners,the county hospital, library, welfare or fair board may issue certificates ofindebtedness in cases where there are insufficient funds in the county treasuryto meet their current obligations for the necessary expenses for continuing theservices and functions for which the boards are responsible and the expenses ofthe boards during July through November.

 

(c) The certificates of indebtedness shall bear interest at notmore than six percent (6%) per annum payable from the funds of the boardissuing the certificate. The total amount of certificates issued by each of theboards shall not exceed the following amounts in any one (1) year:

 

(i) For county hospitals, thirty percent (30%) of that portionof the budget approved by the board of county commissioners to be derived fromtax levies during the current year;

 

(ii) For county fairs, eighty percent (80%) of the budgetestimate of anticipated income for the year of issuance;

 

(iii) For county libraries, thirty percent (30%) of the budgetestimate of anticipated income for the year of issuance;

 

(iv) For welfare boards, fifty percent (50%) of that portion ofthe budget for general welfare and health approved by the board of countycommissioners to be derived from tax levies during the current year.

 

(d) The provisions of this section do not give authority to anyof the boards to spend in excess of their total budgeted expenditures asapproved according to law.

 

(e) Certificates are issuable by the board of countycommissioners and by the county hospital, library, welfare or fair boards eventhough there may be a balance in the cash reserve fund of each of the boards.

 

(f) The certificates of indebtedness shall be payable out ofthe taxes levied and collected for the current year for use of the boards andshall be paid out of the first tax funds available to each board. They shallstate they are payable out of the revenues of the county for the year ofissuance and shall be clearly distinguishable from county orders or warrants.

 

(g) When county hospital, library, welfare or fair boardsresolve to issue the certificates they shall forward to the county treasurer acopy of the resolution, certified by the presiding officer of the board,setting forth the number and amount of all such certificates to be issued.

 

(h) The certificates of indebtedness are a first and priorcharge upon the taxes collected for the year of their issuance, and shall befirst paid out of funds in the county treasury derived from taxes, fines orother sources of revenue collected or paid into the county treasury during theyear of issuance, excluding sums received for delinquent taxes or fines for anyprevious year.

 

(j) The term "current year" as used in this sectionmeans the year commencing at twelve (12:00) noon on the preceding first Mondayof January and ending at the same hour on the first Monday of the followingJanuary.

 

18-4-105. Order of paying warrants; exception as to Laramie and Albanycounties.

 

Alltaxes and licenses are payable in money, and all properly attested orders andwarrants are entitled to preference for payment according to date ofpresentation and acceptance at the treasurer's office, the oldest date to havepreference. The treasurer shall not refuse to pay any order or warrant becausethere are unpresented prior orders or warrants if there is sufficient money inthe treasury to pay all prior orders or warrants, with interest due thereon, aswell as the order then presented. When the total of payable, interest drawingunpresented orders, amounts to five hundred dollars ($500.00), the treasurershall cause two (2) weekly notices to be inserted in the official countynewspaper briefly describing them by numbers, date, amount and in whose favordrawn, notifying the holders that they will cease to draw interest ten (10)days after the second notice. This section shall not apply to Laramie andAlbany counties.

 

18-4-106. Cancellation of warrants and certificates; generally.

 

 

(a) The county treasurer shall on the first Monday of Decemberin each year cancel all unpaid county warrants which have been issued for morethan twelve (12) months. He shall at the same time cancel all countycertificates of indebtedness issued by the board of county commissioners or bythe county hospital, library, welfare or fair boards which have not beenpresented for payment within one (1) year after he has given legal notice thatthere was money in the county treasury to pay them. The county treasurer shallcertify to the board of county commissioners or to the county hospital,library, welfare or fair board the number and amount of each county warrant andcertificate of indebtedness cancelled. The board of county commissioners andthe county hospital, library, welfare or fair boards shall enter the list uponits journal and have the list published in the minutes of the regular Decembermeeting of the board of county commissioners or the county hospital, library,welfare or fair boards.

 

(b) Any person holding a cancelled county warrant orcertificate of indebtedness may present the warrant or certificate to the boardof county commissioners within five (5) years after the date of cancellation,and they shall issue the holder of the warrant or certificate a new warrant inthe same amount due on the original warrant or certificate at the timecancelled.

 

18-4-107. County officer discounting warrant; penalty.

 

Anytreasurer, clerk, sheriff, or member of the board of commissioners of a county,who shall purchase or receive any warrant or demand against such county forless than the face value of such demand, shall be fined not more than fivehundred dollars ($500.00).

 

18-4-108. Refusal of county treasurer to pay indebtedness or receiveorder in payment of taxes; penalty therefor.

 

Anycounty treasurer who, upon presentation of any auditor's warrant, county order,or like evidence of indebtedness for payment, shall refuse payment thereof,there being then in such treasury sufficient funds appropriated by law for thepayment of such warrant, order or like indebtedness, or wherefrom by law,payment thereof ought to be made, and any county treasurer or collector oftaxes who, upon presentation of any auditor's warrant, county order or otherlike certificate or evidence of indebtedness in payment of any taxes which mayby law, be paid therein, shall refuse to receive such order, warrant orcertificate in payment of such taxes, every such officer so offending shall beliable to indictment and upon conviction shall be fined in any sum notexceeding five hundred dollars ($500.00). This section shall extend to thedeputies of every such treasurer or collector of taxes.

 

ARTICLE 2 - BUILDING FUND

 

18-4-201. Election for establishment; mill levy; custodian;restriction on use; investment.

 

(a) Each board of county commissioners may by resolutionprovide for an election to decide whether a building fund of a specified amountto be raised within a specified time not exceeding ten (10) years, should beaccumulated to erect, add to or improve county buildings. After the resolutionhas been made the proposal shall be submitted on a separate ballot to thequalified electors of the county, at an election called, conducted, canvassedand returned in the manner provided for bond elections by the PoliticalSubdivision Bond Election Law, W.S. 22-21-101 through 22-21-112. The ballotshall set forth in concise language the purpose for establishing the buildingfund and shall permit each voter to vote "For the establishment of abuilding fund" or "Against the establishment of a buildingfund". If a majority is in favor of the proposal to establish the buildingfund the proposal carries, and if a majority is against the proposal it fails.

 

(b) If the proposal carries the board of county commissionersmay levy a tax to raise money directly for the building fund, providing thislevy and other county levies do not exceed the constitutional limitation inaddition:

 

(i) The funds so raised shall be kept by the county treasureruntil sufficient to commence the building, addition or improvement;

 

(ii) The building fund shall be held by the county treasurer forthe purpose specified and shall not be used for any other purpose;

 

(iii) The county commissioners may invest these funds to realizethe greatest amount of interest as provided by W.S. 9-4-831.

 

ARTICLE 3 - BONDS GENERALLY

 

18-4-301. Authority as to issuance; maximum indebtedness permitted.

 

Eachboard of county commissioners may create an indebtedness which with theexisting indebtedness of the county does not exceed the constitutional debtlimitation for counties, whenever the proposition to create the debt has beensubmitted and approved by a vote of the people in the county.

 

18-4-302. Election upon question of issuance generally; terms;purposes.

 

Eachboard of county commissioners may submit to the electors of the county thequestion of whether the board of county commissioners shall be authorized toissue registered coupon bonds of the county. The bonds shall be of a certainamount which with the existing indebtedness of the county shall not exceed theconstitutional debt limitation for counties, shall bear interest and be issuedpayable and redeemable in the manner provided by this article. The purpose ofthe bonds is to provide for the construction, remodeling or enlargement of acourthouse or jail, construction, remodeling or enlargement of a county libraryor county library branches, planning, creation, construction and equipping of afiber optic communications system, purchasing a site or the necessaryfurnishings and equipment for such facilities, or to construct or improve roads,highways, bridges, viaducts or subways of a permanent nature, under thesupervision of the board of county commissioners or for joint facilities asprovided by W.S. 18-2-105.

 

18-4-303. Proposition may be submitted at election.

 

Theproposition to create the debt may be submitted to a vote of the qualifiedelectors of the county at an election called, conducted, canvassed and returnedin the manner provided for bond elections by the Political Subdivision BondElection Law, W.S. 22-21-101 through 22-21-112.

 

18-4-304. Form; terms; conditions.

 

 

(a) Bonds issued by the board of county commissioners:

 

(i) Shall bear lawful interest rates;

 

(ii) Shall be payable annually or semiannually;

 

(iii) May be evidenced by one (1) or two (2) sets of coupons ifany but the first coupon may evidence interest for period not in excess of one(1) year;

 

(iv) May be in one (1) or more series;

 

(v) May be issued on different dates;

 

(vi) Shall mature no later than twenty-five (25) years fromtheir date of issue;

 

(vii) May be in different denominations;

 

(viii) Shall be payable in a designated medium of payment at anydesignated place;

 

(ix) May carry registration privileges;

 

(x) May be subject to redemption before maturity in order or bylot or otherwise at designated times, with or without premium;

 

(xi) May bear privileges for reissuance and may be reissued inthe same or other denominations without modification of maturities and interestrates;

 

(xii) May be in either coupon or registered form;

 

(xiii) With interest coupons attached thereto shall be fullynegotiable as provided by the Uniform Commercial Code - Investment Securities.

 

(b) Each holder of the bond or coupon, by accepting same doesconclusively agree that the bond or coupon except as otherwise provided isfully negotiable within the meaning of the Uniform Commercial Code - InvestmentSecurities.

 

(c) The various annual maturities shall commence not later thanthe fifth year after the date of the bonds. All bonds shall mature serially inany manner the board may determine.

 

18-4-305. Form; execution; payment; presumed valid.

 

 

(a) Bonds shall be signed by the chairman of the board ofcounty commissioners and countersigned by the county treasurer or his deputy.Any coupons shall be signed by the county treasurer or his deputy. The countyclerk shall endorse a certificate upon every bond that it is issued pursuant tolaw and is within the lawful debt limit of the county. The board of countycommissioners may authorize another member of the board to sign any bond orcertificate in place of the chairman or county clerk. It is not necessary forany bond to bear the seal of the county. Bonds and coupons shall otherwise bein such form as the board may determine. The board may utilize a statutory formof bond which shall include the following details:

 

(i) The name of the county and the date of the bond;

 

(ii) The principal amount thereof and interest rate or ratespayable;

 

(iii) The place or places and time or times of payment ofprincipal and interest;

 

(iv) The prior redemption option, if any;

 

(v) A recital that the bond is one of a series approved at anelection held for that purpose, that the total indebtedness of the county doesnot exceed the lawful debt limit of the county and that the bond has beenissued under the authority of, in full compliance with and for a purposeauthorized by the constitution and by law.

 

(b) A bond delivered to the purchaser in the optional statutoryform shall:

 

(i) Be payable in lawful money of the United States of Americawithout deduction for exchange or collection charges;

 

(ii) Be conclusively presumed to have been issued for value;

 

(iii) Be payable upon presentation and surrender of the bond andthe attached coupons as they severally become due;

 

(iv) If not paid upon presentation at maturity, continue to drawinterest until the principal thereof is paid in full;

 

(v) Be presumed to have been issued by the proper officers ofthe county under and by virtue of and in full conformity with the constitutionand laws of Wyoming, any amendments thereto, and all other laws thereuntoenabling; and

 

(vi) Be incontestable as hereafter provided.

 

(c) Any resolution of a board of county commissionersauthorizing bonds may provide that each bond therein authorized shall recitethat it is issued under the authority of W.S. 18-4-304 and 18-4-305. Therecital shall conclusively impart full compliance with all the provisionshereof and all bonds issued containing the recital are incontestable for anycause whatsoever after their delivery for value.

 

18-4-306. Notice of intention to issue and sell.

 

Theboard shall give notice by publication in some newspaper published in thecounty if there be one, otherwise by three (3) notices posted in the county,one of which shall be at the courthouse door of its intention to issue andnegotiate the bonds and to invite bidders therefor. The notice shall also bepublished in some newspaper of general circulation in Cheyenne.

 

18-4-307. Engraving; registration; endorsement.

 

Afterascertaining the best terms and the lowest interest at which the bonds can benegotiated the board shall secure the proper engraving and printing andconsecutive numbering thereof and the bonds shall be properly prepared and executed.When executed they shall be registered by the county clerk in a public recordbook kept for that purpose showing the number, date, amount of bond, time andplace of payment, rate of interest, number of coupons attached and any otherdescription for future identification. The county clerk shall endorse andofficially sign a certificate upon every bond stating that it is within thelawful debt limit of the county and is issued according to law.

 

18-4-308. Treasurer to register bonds in book; information to beshown.

 

Thecounty treasurer shall keep a book in which shall be registered all bondsissued showing the number, date of issue, to whom issued, amount of bond, dateof redemption and payment of interest and principal.

 

18-4-309. Tax levy for purpose of redemption; payment from generalfund; reimbursement.

 

Theboard of county commissioners shall annually levy upon all taxable property inthe county, in addition to other authorized taxes, a sufficient sum to pay theinterest on all bonds and shall at least five (5) years before the bonds becomeoptional, and in time to provide means for their payment, annually levy notless than one (1) mill to pay the bonds as they become optional. All such taxesshall be levied, assessed and collected as other county taxes until the bondsand interest are fully paid. Should the tax for payment of interest on bondsissued not be levied or collected in time for payment the interest shall bepaid from monies in the general fund of the county and the money so used shallbe repaid to the general fund out of the first monies collected from taxes.

 

18-4-310. Payment of bonds guaranteed; effect of county division.

 

Thefaith, credit and all taxable property within the county as constituted at thetime of issue are and shall continue pledged to the payment of the principaland interest of the bonds. In the event of the division of any such county thesegregated territory is relieved from any obligation occasioned by the issuanceof the bonds when the county acquiring such territory pays its proportionateshare as provided by W.S. 18-1-316 through 18-1-320.

 

ARTICLE 4 - VIADUCT AND SUBWAY BONDS

 

18-4-401. Power of county commissioners.

 

Eachboard of county commissioners may establish, construct, purchase, extend,maintain and regulate highway viaducts or subways on any highway including cityor town streets within the county.

 

18-4-402. Call for bond election; amount authorized; purpose.

 

Eachboard of county commissioners may submit to the electors of the county the questionwhether the board of county commissioners shall be authorized to issue bonds ofthe county in an amount which together with existing indebtedness shall notexceed the county's constitutional debt limitation, for the purposes specifiedin W.S. 18-4-401.

 

18-4-403. Conduct of election.

 

Theproposition to issue the bonds shall be submitted to the qualified electors ofthe county at an election called, conducted, canvassed and returned in themanner provided for bond elections by the Political Subdivision Bond ElectionLaw, W.S. 22-21-101 through 22-21-112. The proposition submitted shall specifythe amount of bonds to be issued, the rate of interest and the purpose forwhich it is proposed. At any election the official ballot shall contain thewords "For Viaduct or Subway Bonds" and "Against Viaduct orSubway Bonds."

 

18-4-404. Form, terms, conditions and execution of bonds; payment andinterest; sale price.

 

 

(a) The viaduct or subway bonds:

 

(i) Shall be payable thirty (30) years from the date of issue;

 

(ii) Shall be redeemable at the option of the county after ten(10) years;

 

(iii) Shall bear interest payable on January 15 and July 15 eachyear;

 

(iv) Shall be issued in any combination of one thousand dollars($1,000.00), five hundred dollars ($500.00) or one hundred dollars ($100.00)denominations;

 

(v) Shall be consecutively numbered from the number one (1);

 

(vi) Shall be signed by the chairman of the board of countycommissioners and attested by the county clerk who shall affix the county sealthereto;

 

(vii) May have attached when negotiated, semiannual interestcoupons signed by the county treasurer.

 

(b) At the request of the purchaser or holder the countytreasurer shall issue to him registered bonds or shall exchange registeredbonds for coupon bonds. The principal and interest shall be payable at theoffice of the county treasurer of the county, at the office of the statetreasurer or at some bank in the City of New York as designated by the board ofcounty commissioners. The bonds shall not be sold for less than their full orpar value and the accrued interest thereon at the time of delivery.

 

18-4-405. Notice of intention to issue and sell.

 

Theboard of county commissioners shall give notice by publication in some newspaperpublished and of general circulation in the county if there be one; otherwiseby three (3) notices posted in the county one (1) of which is posted at thecourthouse door, of its intention to issue and negotiate the bonds and toinvite bidders therefor. The notice shall also be published in some newspaperpublished and of general circulation in the cities of Cheyenne, Wyoming;Denver, Colorado; Chicago, Illinois and New York City, New York.

 

18-4-406. Registration and endorsement.

 

Thecounty treasurer shall maintain records in which is registered all bondsshowing the number of the bond, the amount, date of issue, to whom issued, dateof redemption, rate of and payment of interest and the time and place ofpayment. The county clerk shall endorse and officially sign a certificate uponevery bond that it is within the lawful debt limit of the county and is issuedaccording to law.

 

18-4-407. Tax levy for purpose of redemption; restriction upon use ofmonies collected.

 

Theboard of county commissioners shall annually levy upon all taxable property inthe county in addition to other authorized taxes a tax sufficient to pay theprincipal and interest on the bonds as they become due which shall be leviedand collected in the same manner as other taxes in the county. The taxescollected shall be known as the viaduct or subway tax and shall only be usedfor the payment of interest and principal of the bonds.

 

18-4-408. Payment from general fund when tax not levied;reimbursement.

 

Shouldthe tax for the payment of interest on any bonds not be levied or collected intime to meet the payment the interest shall be paid out of any monies in thegeneral fund of the county and the money so used shall be repaid to the generalfund from the first monies collected from viaduct or subway taxes.

 

18-4-409. Redemption of bonds.

 

Anycounty issuing bonds shall annually after the tenth year redeem at leastone-twentieth (1/20) of the bonds. The bonds redeemed each year shall bedetermined by lot.

 

ARTICLE 5 - FUNDING BONDS

 

18-4-501. Issuance authorized; purpose; terms and conditions;provisions for payment and redemption.

 

(a) Each board of county commissioners may issue negotiablecoupon bonds of their county for the purpose of paying, redeeming, funding orrefunding the principal and interest of any indebtedness of their county whenit can be done at a lower rate of interest to the benefit of the county. Thebonds:

 

(i) Shall be issued as near as practicable in denominations ofone thousand dollars ($1,000.00) each, but may be issued in denominations offive hundred dollars ($500.00) and one hundred dollars ($100.00) whennecessary;

 

(ii) Shall bear interest;

 

(iii) Shall be paid on January 1 and July 1 in each year at theoffice of the county treasurer or at a bank in New York City as designated bythe board of county commissioners at the option of the holder;

 

(iv) Shall be redeemed by the county in the following manner:

 

(A) Ten percent (10%) of the total amount issued shall be paidwithin ten (10) years from date of issue, and ten percent (10%) of the totalamount shall be paid annually thereafter until all bonds are paid, making thelast bond redeemable twenty (20) years from date of issue; or

 

(B) Any part thereof may at the option of the county issuingthem be redeemed in numerical order after five (5) years from the date of issueif the time and option is stated upon the face of each bond.

 

(v) May be issued serially as provided by W.S. 16-5-302.

 

(b) The total amount of bonds issued at any time together withthe existing indebtedness of the county shall not exceed the constitutionaldebt limitations for counties.

 

18-4-502. Funding indebtedness.

 

Anycounty desiring to fund, refund, pay or redeem any of its outstandingindebtedness as provided by W.S. 18-4-501 may call its indebtedness to beredeemed by advertisement for two (2) weeks in the official newspaper of thecounty. The advertisement shall notify the holders that interest will ceasetwenty (20) days after the date of notice.

 

18-4-503. Form of bonds; coupons covering interest.

 

Thebonds specified in W.S. 18-4-501 shall have attached when negotiated semiannualinterest coupons covering interest on the bond from the date of issue untilpaid and shall be signed by the chairman of the board of county commissioners,attested by the county clerk, bear the seal of the board of countycommissioners and be countersigned by the county treasurer. The coupons annexedto the bonds shall be signed by the county treasurer. Each coupon shall have anumber corresponding with the number of the bond and each bond shall state uponits face the amount for which the same is issued, to whom issued and the dateof issue and shall recite that it is issued in conformity with the provisionsof W.S. 18-4-501 and 18-4-503 through 18-4-506, which sections shall be printedon the back of each bond.

 

18-4-504. Notice of intention to issue and sell; printing andengraving; execution and sale; disposition of proceeds; redemption; records tobe kept.

 

 

(a) Each board of county commissioners shall give notice bypublication in some newspaper published in the county if there be one otherwiseby three (3) notices posted in the county, one (1) of which is at thecourthouse door, of its intention to issue and negotiate the bonds and invitebidders therefor. The notice shall also be published in a newspaper of generalcirculation in Cheyenne.

 

(b) After ascertaining the best terms and the lowest interestat which the bonds can be negotiated the board of county commissioners shallsecure the proper engraving and printing, have them consecutively numbered andotherwise properly prepared and executed.

 

(c) When the bonds are executed they shall be registered by thecounty clerk in a public record book kept for that purpose and therein shall bestated showing the number, date, amount of bond, time and place of payment,rate of interest, number of coupons attached and any other description forfuture identification. The board of county commissioners shall from time totime and in such amounts as it deems proper, deliver the bonds to the countytreasurer and take and file his receipt therefor and charge him with all bondsso delivered.

 

(d) The duties of the board of county commissioners pursuant tothe provisions of W.S. 18-4-501 and 18-4-503 through 18-4-506 may be performedat any meeting thereof.

 

(e) The treasurer under the general supervision of the boardshall sell the bonds for cash or exchange them for any county indebtedness forthe redemption of which they were issued, but shall not sell or exchange thebonds for less than their face or par value and the accrued interest at thetime of their disposal. No county indebtedness shall be redeemed at more thanits face value and any interest that may be due thereon. If any portion of thebonds are sold for money the proceeds shall be applied exclusively toward theredemption of the county indebtedness for which the bonds were issued.

 

(f) When the treasurer redeems any county indebtedness he shallendorse by writing or stamping in ink on the face of the paper evidencing theindebtedness redeemed, the time of redemption, the amount redeemed, whether bymoney or the exchange of bonds and the words "redeemed" and"cancelled". He shall keep a record of all bonds redeemed showing theirnumber, rate of interest, date and amount of sale, when, where and to whompayable, and if exchanged, for what. The record shall be open for inspection bythe public during usual office hours. He shall make detailed statements asoften as required by the board of county commissioners of all bond redemptiontransactions and return to the board all redeemed and cancelled evidences ofindebtedness.

 

18-4-505. Annual tax for purpose of redemption; payment of bondsguaranteed; effect of county division; payment out of general fund when tax notlevied; reimbursement.

 

 

(a) The board of county commissioners shall annually levy uponall taxable property in the county in addition to other authorized taxes asufficient sum to pay the interest on all bonds issued and shall at least one(1) year before the bonds become due and in time to provide means for theirpayment, levy a sufficient additional sum to pay bonds as they become due. Allsuch taxes shall be levied, assessed and collected as other county taxes untilthe bonds are fully paid, including interest.

 

(b) The faith, credit and all taxable property within thecounty as constituted at the time of issue are and shall continue pledged tothe payment of the principal and interest of the bonds. In the event of thedivision of any county, the segregated territory is relieved from anyobligation occasioned by the issuance of the bonds when the county acquiringsuch territory pays its proportionate share as provided by W.S. 18-1-316through 18-1-320.

 

(c) Should the tax for payment of interest on bonds not belevied or collected in time for payment, the interest shall be paid out ofmonies in the general fund of the county and the money so used shall be repaidto the general fund out of the first monies collected from taxes.

 

18-4-506. Application of funds derived from sale of bonds; penalty formisappropriation.

 

Thecounty treasurer shall apply all proceeds from the sale of the bonds to thepayment of the county indebtedness. The proper county officials shall levy,collect and apply all applicable taxes for the payment of interest andredemption of the principal of the bonds. Any county officer who fails tocomply with the provisions of this section or neglects or refuses to levy andcollect any such tax is guilty of a misdemeanor and upon conviction shall befined in an amount equal to the sum that should have been levied, or fined inthe amount of any misappropriation and imprisoned in the county jail for a termof not less than three (3) months nor more than twelve (12) months.

 

State Codes and Statutes

Statutes > Wyoming > Title18 > Chapter4

CHAPTER 4 - Finance

 

ARTICLE 1 - GENERALLY

 

18-4-101. Public money to be paid into treasury.

 

Allcounty officers receiving money for any county shall pay the same into thecounty treasury of the proper county.

 

18-4-102. Officers to be paid in warrants; direct deposit programauthorized.

 

(a) All county officers are prohibited from paying themselvesfrom money belonging to any county which may be in their possession, but shallreceive pay for services rendered to a county by warrants drawn upon the countytreasury by the board of county commissioners.

 

(b) All salary and wage payments to persons employed by acounty including county officers may be made by direct deposit if the countyclerk chooses to implement a direct deposit program, unless the employee electsnot to participate in the program. The county clerk shall receive an orderfrom the board of county commissioners authorizing the release of monies priorto each county payroll distribution as provided by subsection (a) of thissection.

 

18-4-103. Office of county clerk and budget-making authoritycompatible.

 

Theoffice of county clerk and the office of budget-making authority are declaredcompatible.

 

18-4-104. Certificates of indebtedness; purposes for which authorized;interest; precedence over other claims; order of payment; current year defined.

 

 

(a) When there are insufficient funds in the county treasury tomeet the current obligations of the county each board of county commissionersmay issue certificates of indebtedness for current expenses of the county andparticularly for maintaining courts, boarding prisoners, prosecution ofcriminals and salaries of county officers.

 

(b) With the permission of the board of county commissioners,the county hospital, library, welfare or fair board may issue certificates ofindebtedness in cases where there are insufficient funds in the county treasuryto meet their current obligations for the necessary expenses for continuing theservices and functions for which the boards are responsible and the expenses ofthe boards during July through November.

 

(c) The certificates of indebtedness shall bear interest at notmore than six percent (6%) per annum payable from the funds of the boardissuing the certificate. The total amount of certificates issued by each of theboards shall not exceed the following amounts in any one (1) year:

 

(i) For county hospitals, thirty percent (30%) of that portionof the budget approved by the board of county commissioners to be derived fromtax levies during the current year;

 

(ii) For county fairs, eighty percent (80%) of the budgetestimate of anticipated income for the year of issuance;

 

(iii) For county libraries, thirty percent (30%) of the budgetestimate of anticipated income for the year of issuance;

 

(iv) For welfare boards, fifty percent (50%) of that portion ofthe budget for general welfare and health approved by the board of countycommissioners to be derived from tax levies during the current year.

 

(d) The provisions of this section do not give authority to anyof the boards to spend in excess of their total budgeted expenditures asapproved according to law.

 

(e) Certificates are issuable by the board of countycommissioners and by the county hospital, library, welfare or fair boards eventhough there may be a balance in the cash reserve fund of each of the boards.

 

(f) The certificates of indebtedness shall be payable out ofthe taxes levied and collected for the current year for use of the boards andshall be paid out of the first tax funds available to each board. They shallstate they are payable out of the revenues of the county for the year ofissuance and shall be clearly distinguishable from county orders or warrants.

 

(g) When county hospital, library, welfare or fair boardsresolve to issue the certificates they shall forward to the county treasurer acopy of the resolution, certified by the presiding officer of the board,setting forth the number and amount of all such certificates to be issued.

 

(h) The certificates of indebtedness are a first and priorcharge upon the taxes collected for the year of their issuance, and shall befirst paid out of funds in the county treasury derived from taxes, fines orother sources of revenue collected or paid into the county treasury during theyear of issuance, excluding sums received for delinquent taxes or fines for anyprevious year.

 

(j) The term "current year" as used in this sectionmeans the year commencing at twelve (12:00) noon on the preceding first Mondayof January and ending at the same hour on the first Monday of the followingJanuary.

 

18-4-105. Order of paying warrants; exception as to Laramie and Albanycounties.

 

Alltaxes and licenses are payable in money, and all properly attested orders andwarrants are entitled to preference for payment according to date ofpresentation and acceptance at the treasurer's office, the oldest date to havepreference. The treasurer shall not refuse to pay any order or warrant becausethere are unpresented prior orders or warrants if there is sufficient money inthe treasury to pay all prior orders or warrants, with interest due thereon, aswell as the order then presented. When the total of payable, interest drawingunpresented orders, amounts to five hundred dollars ($500.00), the treasurershall cause two (2) weekly notices to be inserted in the official countynewspaper briefly describing them by numbers, date, amount and in whose favordrawn, notifying the holders that they will cease to draw interest ten (10)days after the second notice. This section shall not apply to Laramie andAlbany counties.

 

18-4-106. Cancellation of warrants and certificates; generally.

 

 

(a) The county treasurer shall on the first Monday of Decemberin each year cancel all unpaid county warrants which have been issued for morethan twelve (12) months. He shall at the same time cancel all countycertificates of indebtedness issued by the board of county commissioners or bythe county hospital, library, welfare or fair boards which have not beenpresented for payment within one (1) year after he has given legal notice thatthere was money in the county treasury to pay them. The county treasurer shallcertify to the board of county commissioners or to the county hospital,library, welfare or fair board the number and amount of each county warrant andcertificate of indebtedness cancelled. The board of county commissioners andthe county hospital, library, welfare or fair boards shall enter the list uponits journal and have the list published in the minutes of the regular Decembermeeting of the board of county commissioners or the county hospital, library,welfare or fair boards.

 

(b) Any person holding a cancelled county warrant orcertificate of indebtedness may present the warrant or certificate to the boardof county commissioners within five (5) years after the date of cancellation,and they shall issue the holder of the warrant or certificate a new warrant inthe same amount due on the original warrant or certificate at the timecancelled.

 

18-4-107. County officer discounting warrant; penalty.

 

Anytreasurer, clerk, sheriff, or member of the board of commissioners of a county,who shall purchase or receive any warrant or demand against such county forless than the face value of such demand, shall be fined not more than fivehundred dollars ($500.00).

 

18-4-108. Refusal of county treasurer to pay indebtedness or receiveorder in payment of taxes; penalty therefor.

 

Anycounty treasurer who, upon presentation of any auditor's warrant, county order,or like evidence of indebtedness for payment, shall refuse payment thereof,there being then in such treasury sufficient funds appropriated by law for thepayment of such warrant, order or like indebtedness, or wherefrom by law,payment thereof ought to be made, and any county treasurer or collector oftaxes who, upon presentation of any auditor's warrant, county order or otherlike certificate or evidence of indebtedness in payment of any taxes which mayby law, be paid therein, shall refuse to receive such order, warrant orcertificate in payment of such taxes, every such officer so offending shall beliable to indictment and upon conviction shall be fined in any sum notexceeding five hundred dollars ($500.00). This section shall extend to thedeputies of every such treasurer or collector of taxes.

 

ARTICLE 2 - BUILDING FUND

 

18-4-201. Election for establishment; mill levy; custodian;restriction on use; investment.

 

(a) Each board of county commissioners may by resolutionprovide for an election to decide whether a building fund of a specified amountto be raised within a specified time not exceeding ten (10) years, should beaccumulated to erect, add to or improve county buildings. After the resolutionhas been made the proposal shall be submitted on a separate ballot to thequalified electors of the county, at an election called, conducted, canvassedand returned in the manner provided for bond elections by the PoliticalSubdivision Bond Election Law, W.S. 22-21-101 through 22-21-112. The ballotshall set forth in concise language the purpose for establishing the buildingfund and shall permit each voter to vote "For the establishment of abuilding fund" or "Against the establishment of a buildingfund". If a majority is in favor of the proposal to establish the buildingfund the proposal carries, and if a majority is against the proposal it fails.

 

(b) If the proposal carries the board of county commissionersmay levy a tax to raise money directly for the building fund, providing thislevy and other county levies do not exceed the constitutional limitation inaddition:

 

(i) The funds so raised shall be kept by the county treasureruntil sufficient to commence the building, addition or improvement;

 

(ii) The building fund shall be held by the county treasurer forthe purpose specified and shall not be used for any other purpose;

 

(iii) The county commissioners may invest these funds to realizethe greatest amount of interest as provided by W.S. 9-4-831.

 

ARTICLE 3 - BONDS GENERALLY

 

18-4-301. Authority as to issuance; maximum indebtedness permitted.

 

Eachboard of county commissioners may create an indebtedness which with theexisting indebtedness of the county does not exceed the constitutional debtlimitation for counties, whenever the proposition to create the debt has beensubmitted and approved by a vote of the people in the county.

 

18-4-302. Election upon question of issuance generally; terms;purposes.

 

Eachboard of county commissioners may submit to the electors of the county thequestion of whether the board of county commissioners shall be authorized toissue registered coupon bonds of the county. The bonds shall be of a certainamount which with the existing indebtedness of the county shall not exceed theconstitutional debt limitation for counties, shall bear interest and be issuedpayable and redeemable in the manner provided by this article. The purpose ofthe bonds is to provide for the construction, remodeling or enlargement of acourthouse or jail, construction, remodeling or enlargement of a county libraryor county library branches, planning, creation, construction and equipping of afiber optic communications system, purchasing a site or the necessaryfurnishings and equipment for such facilities, or to construct or improve roads,highways, bridges, viaducts or subways of a permanent nature, under thesupervision of the board of county commissioners or for joint facilities asprovided by W.S. 18-2-105.

 

18-4-303. Proposition may be submitted at election.

 

Theproposition to create the debt may be submitted to a vote of the qualifiedelectors of the county at an election called, conducted, canvassed and returnedin the manner provided for bond elections by the Political Subdivision BondElection Law, W.S. 22-21-101 through 22-21-112.

 

18-4-304. Form; terms; conditions.

 

 

(a) Bonds issued by the board of county commissioners:

 

(i) Shall bear lawful interest rates;

 

(ii) Shall be payable annually or semiannually;

 

(iii) May be evidenced by one (1) or two (2) sets of coupons ifany but the first coupon may evidence interest for period not in excess of one(1) year;

 

(iv) May be in one (1) or more series;

 

(v) May be issued on different dates;

 

(vi) Shall mature no later than twenty-five (25) years fromtheir date of issue;

 

(vii) May be in different denominations;

 

(viii) Shall be payable in a designated medium of payment at anydesignated place;

 

(ix) May carry registration privileges;

 

(x) May be subject to redemption before maturity in order or bylot or otherwise at designated times, with or without premium;

 

(xi) May bear privileges for reissuance and may be reissued inthe same or other denominations without modification of maturities and interestrates;

 

(xii) May be in either coupon or registered form;

 

(xiii) With interest coupons attached thereto shall be fullynegotiable as provided by the Uniform Commercial Code - Investment Securities.

 

(b) Each holder of the bond or coupon, by accepting same doesconclusively agree that the bond or coupon except as otherwise provided isfully negotiable within the meaning of the Uniform Commercial Code - InvestmentSecurities.

 

(c) The various annual maturities shall commence not later thanthe fifth year after the date of the bonds. All bonds shall mature serially inany manner the board may determine.

 

18-4-305. Form; execution; payment; presumed valid.

 

 

(a) Bonds shall be signed by the chairman of the board ofcounty commissioners and countersigned by the county treasurer or his deputy.Any coupons shall be signed by the county treasurer or his deputy. The countyclerk shall endorse a certificate upon every bond that it is issued pursuant tolaw and is within the lawful debt limit of the county. The board of countycommissioners may authorize another member of the board to sign any bond orcertificate in place of the chairman or county clerk. It is not necessary forany bond to bear the seal of the county. Bonds and coupons shall otherwise bein such form as the board may determine. The board may utilize a statutory formof bond which shall include the following details:

 

(i) The name of the county and the date of the bond;

 

(ii) The principal amount thereof and interest rate or ratespayable;

 

(iii) The place or places and time or times of payment ofprincipal and interest;

 

(iv) The prior redemption option, if any;

 

(v) A recital that the bond is one of a series approved at anelection held for that purpose, that the total indebtedness of the county doesnot exceed the lawful debt limit of the county and that the bond has beenissued under the authority of, in full compliance with and for a purposeauthorized by the constitution and by law.

 

(b) A bond delivered to the purchaser in the optional statutoryform shall:

 

(i) Be payable in lawful money of the United States of Americawithout deduction for exchange or collection charges;

 

(ii) Be conclusively presumed to have been issued for value;

 

(iii) Be payable upon presentation and surrender of the bond andthe attached coupons as they severally become due;

 

(iv) If not paid upon presentation at maturity, continue to drawinterest until the principal thereof is paid in full;

 

(v) Be presumed to have been issued by the proper officers ofthe county under and by virtue of and in full conformity with the constitutionand laws of Wyoming, any amendments thereto, and all other laws thereuntoenabling; and

 

(vi) Be incontestable as hereafter provided.

 

(c) Any resolution of a board of county commissionersauthorizing bonds may provide that each bond therein authorized shall recitethat it is issued under the authority of W.S. 18-4-304 and 18-4-305. Therecital shall conclusively impart full compliance with all the provisionshereof and all bonds issued containing the recital are incontestable for anycause whatsoever after their delivery for value.

 

18-4-306. Notice of intention to issue and sell.

 

Theboard shall give notice by publication in some newspaper published in thecounty if there be one, otherwise by three (3) notices posted in the county,one of which shall be at the courthouse door of its intention to issue andnegotiate the bonds and to invite bidders therefor. The notice shall also bepublished in some newspaper of general circulation in Cheyenne.

 

18-4-307. Engraving; registration; endorsement.

 

Afterascertaining the best terms and the lowest interest at which the bonds can benegotiated the board shall secure the proper engraving and printing andconsecutive numbering thereof and the bonds shall be properly prepared and executed.When executed they shall be registered by the county clerk in a public recordbook kept for that purpose showing the number, date, amount of bond, time andplace of payment, rate of interest, number of coupons attached and any otherdescription for future identification. The county clerk shall endorse andofficially sign a certificate upon every bond stating that it is within thelawful debt limit of the county and is issued according to law.

 

18-4-308. Treasurer to register bonds in book; information to beshown.

 

Thecounty treasurer shall keep a book in which shall be registered all bondsissued showing the number, date of issue, to whom issued, amount of bond, dateof redemption and payment of interest and principal.

 

18-4-309. Tax levy for purpose of redemption; payment from generalfund; reimbursement.

 

Theboard of county commissioners shall annually levy upon all taxable property inthe county, in addition to other authorized taxes, a sufficient sum to pay theinterest on all bonds and shall at least five (5) years before the bonds becomeoptional, and in time to provide means for their payment, annually levy notless than one (1) mill to pay the bonds as they become optional. All such taxesshall be levied, assessed and collected as other county taxes until the bondsand interest are fully paid. Should the tax for payment of interest on bondsissued not be levied or collected in time for payment the interest shall bepaid from monies in the general fund of the county and the money so used shallbe repaid to the general fund out of the first monies collected from taxes.

 

18-4-310. Payment of bonds guaranteed; effect of county division.

 

Thefaith, credit and all taxable property within the county as constituted at thetime of issue are and shall continue pledged to the payment of the principaland interest of the bonds. In the event of the division of any such county thesegregated territory is relieved from any obligation occasioned by the issuanceof the bonds when the county acquiring such territory pays its proportionateshare as provided by W.S. 18-1-316 through 18-1-320.

 

ARTICLE 4 - VIADUCT AND SUBWAY BONDS

 

18-4-401. Power of county commissioners.

 

Eachboard of county commissioners may establish, construct, purchase, extend,maintain and regulate highway viaducts or subways on any highway including cityor town streets within the county.

 

18-4-402. Call for bond election; amount authorized; purpose.

 

Eachboard of county commissioners may submit to the electors of the county the questionwhether the board of county commissioners shall be authorized to issue bonds ofthe county in an amount which together with existing indebtedness shall notexceed the county's constitutional debt limitation, for the purposes specifiedin W.S. 18-4-401.

 

18-4-403. Conduct of election.

 

Theproposition to issue the bonds shall be submitted to the qualified electors ofthe county at an election called, conducted, canvassed and returned in themanner provided for bond elections by the Political Subdivision Bond ElectionLaw, W.S. 22-21-101 through 22-21-112. The proposition submitted shall specifythe amount of bonds to be issued, the rate of interest and the purpose forwhich it is proposed. At any election the official ballot shall contain thewords "For Viaduct or Subway Bonds" and "Against Viaduct orSubway Bonds."

 

18-4-404. Form, terms, conditions and execution of bonds; payment andinterest; sale price.

 

 

(a) The viaduct or subway bonds:

 

(i) Shall be payable thirty (30) years from the date of issue;

 

(ii) Shall be redeemable at the option of the county after ten(10) years;

 

(iii) Shall bear interest payable on January 15 and July 15 eachyear;

 

(iv) Shall be issued in any combination of one thousand dollars($1,000.00), five hundred dollars ($500.00) or one hundred dollars ($100.00)denominations;

 

(v) Shall be consecutively numbered from the number one (1);

 

(vi) Shall be signed by the chairman of the board of countycommissioners and attested by the county clerk who shall affix the county sealthereto;

 

(vii) May have attached when negotiated, semiannual interestcoupons signed by the county treasurer.

 

(b) At the request of the purchaser or holder the countytreasurer shall issue to him registered bonds or shall exchange registeredbonds for coupon bonds. The principal and interest shall be payable at theoffice of the county treasurer of the county, at the office of the statetreasurer or at some bank in the City of New York as designated by the board ofcounty commissioners. The bonds shall not be sold for less than their full orpar value and the accrued interest thereon at the time of delivery.

 

18-4-405. Notice of intention to issue and sell.

 

Theboard of county commissioners shall give notice by publication in some newspaperpublished and of general circulation in the county if there be one; otherwiseby three (3) notices posted in the county one (1) of which is posted at thecourthouse door, of its intention to issue and negotiate the bonds and toinvite bidders therefor. The notice shall also be published in some newspaperpublished and of general circulation in the cities of Cheyenne, Wyoming;Denver, Colorado; Chicago, Illinois and New York City, New York.

 

18-4-406. Registration and endorsement.

 

Thecounty treasurer shall maintain records in which is registered all bondsshowing the number of the bond, the amount, date of issue, to whom issued, dateof redemption, rate of and payment of interest and the time and place ofpayment. The county clerk shall endorse and officially sign a certificate uponevery bond that it is within the lawful debt limit of the county and is issuedaccording to law.

 

18-4-407. Tax levy for purpose of redemption; restriction upon use ofmonies collected.

 

Theboard of county commissioners shall annually levy upon all taxable property inthe county in addition to other authorized taxes a tax sufficient to pay theprincipal and interest on the bonds as they become due which shall be leviedand collected in the same manner as other taxes in the county. The taxescollected shall be known as the viaduct or subway tax and shall only be usedfor the payment of interest and principal of the bonds.

 

18-4-408. Payment from general fund when tax not levied;reimbursement.

 

Shouldthe tax for the payment of interest on any bonds not be levied or collected intime to meet the payment the interest shall be paid out of any monies in thegeneral fund of the county and the money so used shall be repaid to the generalfund from the first monies collected from viaduct or subway taxes.

 

18-4-409. Redemption of bonds.

 

Anycounty issuing bonds shall annually after the tenth year redeem at leastone-twentieth (1/20) of the bonds. The bonds redeemed each year shall bedetermined by lot.

 

ARTICLE 5 - FUNDING BONDS

 

18-4-501. Issuance authorized; purpose; terms and conditions;provisions for payment and redemption.

 

(a) Each board of county commissioners may issue negotiablecoupon bonds of their county for the purpose of paying, redeeming, funding orrefunding the principal and interest of any indebtedness of their county whenit can be done at a lower rate of interest to the benefit of the county. Thebonds:

 

(i) Shall be issued as near as practicable in denominations ofone thousand dollars ($1,000.00) each, but may be issued in denominations offive hundred dollars ($500.00) and one hundred dollars ($100.00) whennecessary;

 

(ii) Shall bear interest;

 

(iii) Shall be paid on January 1 and July 1 in each year at theoffice of the county treasurer or at a bank in New York City as designated bythe board of county commissioners at the option of the holder;

 

(iv) Shall be redeemed by the county in the following manner:

 

(A) Ten percent (10%) of the total amount issued shall be paidwithin ten (10) years from date of issue, and ten percent (10%) of the totalamount shall be paid annually thereafter until all bonds are paid, making thelast bond redeemable twenty (20) years from date of issue; or

 

(B) Any part thereof may at the option of the county issuingthem be redeemed in numerical order after five (5) years from the date of issueif the time and option is stated upon the face of each bond.

 

(v) May be issued serially as provided by W.S. 16-5-302.

 

(b) The total amount of bonds issued at any time together withthe existing indebtedness of the county shall not exceed the constitutionaldebt limitations for counties.

 

18-4-502. Funding indebtedness.

 

Anycounty desiring to fund, refund, pay or redeem any of its outstandingindebtedness as provided by W.S. 18-4-501 may call its indebtedness to beredeemed by advertisement for two (2) weeks in the official newspaper of thecounty. The advertisement shall notify the holders that interest will ceasetwenty (20) days after the date of notice.

 

18-4-503. Form of bonds; coupons covering interest.

 

Thebonds specified in W.S. 18-4-501 shall have attached when negotiated semiannualinterest coupons covering interest on the bond from the date of issue untilpaid and shall be signed by the chairman of the board of county commissioners,attested by the county clerk, bear the seal of the board of countycommissioners and be countersigned by the county treasurer. The coupons annexedto the bonds shall be signed by the county treasurer. Each coupon shall have anumber corresponding with the number of the bond and each bond shall state uponits face the amount for which the same is issued, to whom issued and the dateof issue and shall recite that it is issued in conformity with the provisionsof W.S. 18-4-501 and 18-4-503 through 18-4-506, which sections shall be printedon the back of each bond.

 

18-4-504. Notice of intention to issue and sell; printing andengraving; execution and sale; disposition of proceeds; redemption; records tobe kept.

 

 

(a) Each board of county commissioners shall give notice bypublication in some newspaper published in the county if there be one otherwiseby three (3) notices posted in the county, one (1) of which is at thecourthouse door, of its intention to issue and negotiate the bonds and invitebidders therefor. The notice shall also be published in a newspaper of generalcirculation in Cheyenne.

 

(b) After ascertaining the best terms and the lowest interestat which the bonds can be negotiated the board of county commissioners shallsecure the proper engraving and printing, have them consecutively numbered andotherwise properly prepared and executed.

 

(c) When the bonds are executed they shall be registered by thecounty clerk in a public record book kept for that purpose and therein shall bestated showing the number, date, amount of bond, time and place of payment,rate of interest, number of coupons attached and any other description forfuture identification. The board of county commissioners shall from time totime and in such amounts as it deems proper, deliver the bonds to the countytreasurer and take and file his receipt therefor and charge him with all bondsso delivered.

 

(d) The duties of the board of county commissioners pursuant tothe provisions of W.S. 18-4-501 and 18-4-503 through 18-4-506 may be performedat any meeting thereof.

 

(e) The treasurer under the general supervision of the boardshall sell the bonds for cash or exchange them for any county indebtedness forthe redemption of which they were issued, but shall not sell or exchange thebonds for less than their face or par value and the accrued interest at thetime of their disposal. No county indebtedness shall be redeemed at more thanits face value and any interest that may be due thereon. If any portion of thebonds are sold for money the proceeds shall be applied exclusively toward theredemption of the county indebtedness for which the bonds were issued.

 

(f) When the treasurer redeems any county indebtedness he shallendorse by writing or stamping in ink on the face of the paper evidencing theindebtedness redeemed, the time of redemption, the amount redeemed, whether bymoney or the exchange of bonds and the words "redeemed" and"cancelled". He shall keep a record of all bonds redeemed showing theirnumber, rate of interest, date and amount of sale, when, where and to whompayable, and if exchanged, for what. The record shall be open for inspection bythe public during usual office hours. He shall make detailed statements asoften as required by the board of county commissioners of all bond redemptiontransactions and return to the board all redeemed and cancelled evidences ofindebtedness.

 

18-4-505. Annual tax for purpose of redemption; payment of bondsguaranteed; effect of county division; payment out of general fund when tax notlevied; reimbursement.

 

 

(a) The board of county commissioners shall annually levy uponall taxable property in the county in addition to other authorized taxes asufficient sum to pay the interest on all bonds issued and shall at least one(1) year before the bonds become due and in time to provide means for theirpayment, levy a sufficient additional sum to pay bonds as they become due. Allsuch taxes shall be levied, assessed and collected as other county taxes untilthe bonds are fully paid, including interest.

 

(b) The faith, credit and all taxable property within thecounty as constituted at the time of issue are and shall continue pledged tothe payment of the principal and interest of the bonds. In the event of thedivision of any county, the segregated territory is relieved from anyobligation occasioned by the issuance of the bonds when the county acquiringsuch territory pays its proportionate share as provided by W.S. 18-1-316through 18-1-320.

 

(c) Should the tax for payment of interest on bonds not belevied or collected in time for payment, the interest shall be paid out ofmonies in the general fund of the county and the money so used shall be repaidto the general fund out of the first monies collected from taxes.

 

18-4-506. Application of funds derived from sale of bonds; penalty formisappropriation.

 

Thecounty treasurer shall apply all proceeds from the sale of the bonds to thepayment of the county indebtedness. The proper county officials shall levy,collect and apply all applicable taxes for the payment of interest andredemption of the principal of the bonds. Any county officer who fails tocomply with the provisions of this section or neglects or refuses to levy andcollect any such tax is guilty of a misdemeanor and upon conviction shall befined in an amount equal to the sum that should have been levied, or fined inthe amount of any misappropriation and imprisoned in the county jail for a termof not less than three (3) months nor more than twelve (12) months.

 


State Codes and Statutes

State Codes and Statutes

Statutes > Wyoming > Title18 > Chapter4

CHAPTER 4 - Finance

 

ARTICLE 1 - GENERALLY

 

18-4-101. Public money to be paid into treasury.

 

Allcounty officers receiving money for any county shall pay the same into thecounty treasury of the proper county.

 

18-4-102. Officers to be paid in warrants; direct deposit programauthorized.

 

(a) All county officers are prohibited from paying themselvesfrom money belonging to any county which may be in their possession, but shallreceive pay for services rendered to a county by warrants drawn upon the countytreasury by the board of county commissioners.

 

(b) All salary and wage payments to persons employed by acounty including county officers may be made by direct deposit if the countyclerk chooses to implement a direct deposit program, unless the employee electsnot to participate in the program. The county clerk shall receive an orderfrom the board of county commissioners authorizing the release of monies priorto each county payroll distribution as provided by subsection (a) of thissection.

 

18-4-103. Office of county clerk and budget-making authoritycompatible.

 

Theoffice of county clerk and the office of budget-making authority are declaredcompatible.

 

18-4-104. Certificates of indebtedness; purposes for which authorized;interest; precedence over other claims; order of payment; current year defined.

 

 

(a) When there are insufficient funds in the county treasury tomeet the current obligations of the county each board of county commissionersmay issue certificates of indebtedness for current expenses of the county andparticularly for maintaining courts, boarding prisoners, prosecution ofcriminals and salaries of county officers.

 

(b) With the permission of the board of county commissioners,the county hospital, library, welfare or fair board may issue certificates ofindebtedness in cases where there are insufficient funds in the county treasuryto meet their current obligations for the necessary expenses for continuing theservices and functions for which the boards are responsible and the expenses ofthe boards during July through November.

 

(c) The certificates of indebtedness shall bear interest at notmore than six percent (6%) per annum payable from the funds of the boardissuing the certificate. The total amount of certificates issued by each of theboards shall not exceed the following amounts in any one (1) year:

 

(i) For county hospitals, thirty percent (30%) of that portionof the budget approved by the board of county commissioners to be derived fromtax levies during the current year;

 

(ii) For county fairs, eighty percent (80%) of the budgetestimate of anticipated income for the year of issuance;

 

(iii) For county libraries, thirty percent (30%) of the budgetestimate of anticipated income for the year of issuance;

 

(iv) For welfare boards, fifty percent (50%) of that portion ofthe budget for general welfare and health approved by the board of countycommissioners to be derived from tax levies during the current year.

 

(d) The provisions of this section do not give authority to anyof the boards to spend in excess of their total budgeted expenditures asapproved according to law.

 

(e) Certificates are issuable by the board of countycommissioners and by the county hospital, library, welfare or fair boards eventhough there may be a balance in the cash reserve fund of each of the boards.

 

(f) The certificates of indebtedness shall be payable out ofthe taxes levied and collected for the current year for use of the boards andshall be paid out of the first tax funds available to each board. They shallstate they are payable out of the revenues of the county for the year ofissuance and shall be clearly distinguishable from county orders or warrants.

 

(g) When county hospital, library, welfare or fair boardsresolve to issue the certificates they shall forward to the county treasurer acopy of the resolution, certified by the presiding officer of the board,setting forth the number and amount of all such certificates to be issued.

 

(h) The certificates of indebtedness are a first and priorcharge upon the taxes collected for the year of their issuance, and shall befirst paid out of funds in the county treasury derived from taxes, fines orother sources of revenue collected or paid into the county treasury during theyear of issuance, excluding sums received for delinquent taxes or fines for anyprevious year.

 

(j) The term "current year" as used in this sectionmeans the year commencing at twelve (12:00) noon on the preceding first Mondayof January and ending at the same hour on the first Monday of the followingJanuary.

 

18-4-105. Order of paying warrants; exception as to Laramie and Albanycounties.

 

Alltaxes and licenses are payable in money, and all properly attested orders andwarrants are entitled to preference for payment according to date ofpresentation and acceptance at the treasurer's office, the oldest date to havepreference. The treasurer shall not refuse to pay any order or warrant becausethere are unpresented prior orders or warrants if there is sufficient money inthe treasury to pay all prior orders or warrants, with interest due thereon, aswell as the order then presented. When the total of payable, interest drawingunpresented orders, amounts to five hundred dollars ($500.00), the treasurershall cause two (2) weekly notices to be inserted in the official countynewspaper briefly describing them by numbers, date, amount and in whose favordrawn, notifying the holders that they will cease to draw interest ten (10)days after the second notice. This section shall not apply to Laramie andAlbany counties.

 

18-4-106. Cancellation of warrants and certificates; generally.

 

 

(a) The county treasurer shall on the first Monday of Decemberin each year cancel all unpaid county warrants which have been issued for morethan twelve (12) months. He shall at the same time cancel all countycertificates of indebtedness issued by the board of county commissioners or bythe county hospital, library, welfare or fair boards which have not beenpresented for payment within one (1) year after he has given legal notice thatthere was money in the county treasury to pay them. The county treasurer shallcertify to the board of county commissioners or to the county hospital,library, welfare or fair board the number and amount of each county warrant andcertificate of indebtedness cancelled. The board of county commissioners andthe county hospital, library, welfare or fair boards shall enter the list uponits journal and have the list published in the minutes of the regular Decembermeeting of the board of county commissioners or the county hospital, library,welfare or fair boards.

 

(b) Any person holding a cancelled county warrant orcertificate of indebtedness may present the warrant or certificate to the boardof county commissioners within five (5) years after the date of cancellation,and they shall issue the holder of the warrant or certificate a new warrant inthe same amount due on the original warrant or certificate at the timecancelled.

 

18-4-107. County officer discounting warrant; penalty.

 

Anytreasurer, clerk, sheriff, or member of the board of commissioners of a county,who shall purchase or receive any warrant or demand against such county forless than the face value of such demand, shall be fined not more than fivehundred dollars ($500.00).

 

18-4-108. Refusal of county treasurer to pay indebtedness or receiveorder in payment of taxes; penalty therefor.

 

Anycounty treasurer who, upon presentation of any auditor's warrant, county order,or like evidence of indebtedness for payment, shall refuse payment thereof,there being then in such treasury sufficient funds appropriated by law for thepayment of such warrant, order or like indebtedness, or wherefrom by law,payment thereof ought to be made, and any county treasurer or collector oftaxes who, upon presentation of any auditor's warrant, county order or otherlike certificate or evidence of indebtedness in payment of any taxes which mayby law, be paid therein, shall refuse to receive such order, warrant orcertificate in payment of such taxes, every such officer so offending shall beliable to indictment and upon conviction shall be fined in any sum notexceeding five hundred dollars ($500.00). This section shall extend to thedeputies of every such treasurer or collector of taxes.

 

ARTICLE 2 - BUILDING FUND

 

18-4-201. Election for establishment; mill levy; custodian;restriction on use; investment.

 

(a) Each board of county commissioners may by resolutionprovide for an election to decide whether a building fund of a specified amountto be raised within a specified time not exceeding ten (10) years, should beaccumulated to erect, add to or improve county buildings. After the resolutionhas been made the proposal shall be submitted on a separate ballot to thequalified electors of the county, at an election called, conducted, canvassedand returned in the manner provided for bond elections by the PoliticalSubdivision Bond Election Law, W.S. 22-21-101 through 22-21-112. The ballotshall set forth in concise language the purpose for establishing the buildingfund and shall permit each voter to vote "For the establishment of abuilding fund" or "Against the establishment of a buildingfund". If a majority is in favor of the proposal to establish the buildingfund the proposal carries, and if a majority is against the proposal it fails.

 

(b) If the proposal carries the board of county commissionersmay levy a tax to raise money directly for the building fund, providing thislevy and other county levies do not exceed the constitutional limitation inaddition:

 

(i) The funds so raised shall be kept by the county treasureruntil sufficient to commence the building, addition or improvement;

 

(ii) The building fund shall be held by the county treasurer forthe purpose specified and shall not be used for any other purpose;

 

(iii) The county commissioners may invest these funds to realizethe greatest amount of interest as provided by W.S. 9-4-831.

 

ARTICLE 3 - BONDS GENERALLY

 

18-4-301. Authority as to issuance; maximum indebtedness permitted.

 

Eachboard of county commissioners may create an indebtedness which with theexisting indebtedness of the county does not exceed the constitutional debtlimitation for counties, whenever the proposition to create the debt has beensubmitted and approved by a vote of the people in the county.

 

18-4-302. Election upon question of issuance generally; terms;purposes.

 

Eachboard of county commissioners may submit to the electors of the county thequestion of whether the board of county commissioners shall be authorized toissue registered coupon bonds of the county. The bonds shall be of a certainamount which with the existing indebtedness of the county shall not exceed theconstitutional debt limitation for counties, shall bear interest and be issuedpayable and redeemable in the manner provided by this article. The purpose ofthe bonds is to provide for the construction, remodeling or enlargement of acourthouse or jail, construction, remodeling or enlargement of a county libraryor county library branches, planning, creation, construction and equipping of afiber optic communications system, purchasing a site or the necessaryfurnishings and equipment for such facilities, or to construct or improve roads,highways, bridges, viaducts or subways of a permanent nature, under thesupervision of the board of county commissioners or for joint facilities asprovided by W.S. 18-2-105.

 

18-4-303. Proposition may be submitted at election.

 

Theproposition to create the debt may be submitted to a vote of the qualifiedelectors of the county at an election called, conducted, canvassed and returnedin the manner provided for bond elections by the Political Subdivision BondElection Law, W.S. 22-21-101 through 22-21-112.

 

18-4-304. Form; terms; conditions.

 

 

(a) Bonds issued by the board of county commissioners:

 

(i) Shall bear lawful interest rates;

 

(ii) Shall be payable annually or semiannually;

 

(iii) May be evidenced by one (1) or two (2) sets of coupons ifany but the first coupon may evidence interest for period not in excess of one(1) year;

 

(iv) May be in one (1) or more series;

 

(v) May be issued on different dates;

 

(vi) Shall mature no later than twenty-five (25) years fromtheir date of issue;

 

(vii) May be in different denominations;

 

(viii) Shall be payable in a designated medium of payment at anydesignated place;

 

(ix) May carry registration privileges;

 

(x) May be subject to redemption before maturity in order or bylot or otherwise at designated times, with or without premium;

 

(xi) May bear privileges for reissuance and may be reissued inthe same or other denominations without modification of maturities and interestrates;

 

(xii) May be in either coupon or registered form;

 

(xiii) With interest coupons attached thereto shall be fullynegotiable as provided by the Uniform Commercial Code - Investment Securities.

 

(b) Each holder of the bond or coupon, by accepting same doesconclusively agree that the bond or coupon except as otherwise provided isfully negotiable within the meaning of the Uniform Commercial Code - InvestmentSecurities.

 

(c) The various annual maturities shall commence not later thanthe fifth year after the date of the bonds. All bonds shall mature serially inany manner the board may determine.

 

18-4-305. Form; execution; payment; presumed valid.

 

 

(a) Bonds shall be signed by the chairman of the board ofcounty commissioners and countersigned by the county treasurer or his deputy.Any coupons shall be signed by the county treasurer or his deputy. The countyclerk shall endorse a certificate upon every bond that it is issued pursuant tolaw and is within the lawful debt limit of the county. The board of countycommissioners may authorize another member of the board to sign any bond orcertificate in place of the chairman or county clerk. It is not necessary forany bond to bear the seal of the county. Bonds and coupons shall otherwise bein such form as the board may determine. The board may utilize a statutory formof bond which shall include the following details:

 

(i) The name of the county and the date of the bond;

 

(ii) The principal amount thereof and interest rate or ratespayable;

 

(iii) The place or places and time or times of payment ofprincipal and interest;

 

(iv) The prior redemption option, if any;

 

(v) A recital that the bond is one of a series approved at anelection held for that purpose, that the total indebtedness of the county doesnot exceed the lawful debt limit of the county and that the bond has beenissued under the authority of, in full compliance with and for a purposeauthorized by the constitution and by law.

 

(b) A bond delivered to the purchaser in the optional statutoryform shall:

 

(i) Be payable in lawful money of the United States of Americawithout deduction for exchange or collection charges;

 

(ii) Be conclusively presumed to have been issued for value;

 

(iii) Be payable upon presentation and surrender of the bond andthe attached coupons as they severally become due;

 

(iv) If not paid upon presentation at maturity, continue to drawinterest until the principal thereof is paid in full;

 

(v) Be presumed to have been issued by the proper officers ofthe county under and by virtue of and in full conformity with the constitutionand laws of Wyoming, any amendments thereto, and all other laws thereuntoenabling; and

 

(vi) Be incontestable as hereafter provided.

 

(c) Any resolution of a board of county commissionersauthorizing bonds may provide that each bond therein authorized shall recitethat it is issued under the authority of W.S. 18-4-304 and 18-4-305. Therecital shall conclusively impart full compliance with all the provisionshereof and all bonds issued containing the recital are incontestable for anycause whatsoever after their delivery for value.

 

18-4-306. Notice of intention to issue and sell.

 

Theboard shall give notice by publication in some newspaper published in thecounty if there be one, otherwise by three (3) notices posted in the county,one of which shall be at the courthouse door of its intention to issue andnegotiate the bonds and to invite bidders therefor. The notice shall also bepublished in some newspaper of general circulation in Cheyenne.

 

18-4-307. Engraving; registration; endorsement.

 

Afterascertaining the best terms and the lowest interest at which the bonds can benegotiated the board shall secure the proper engraving and printing andconsecutive numbering thereof and the bonds shall be properly prepared and executed.When executed they shall be registered by the county clerk in a public recordbook kept for that purpose showing the number, date, amount of bond, time andplace of payment, rate of interest, number of coupons attached and any otherdescription for future identification. The county clerk shall endorse andofficially sign a certificate upon every bond stating that it is within thelawful debt limit of the county and is issued according to law.

 

18-4-308. Treasurer to register bonds in book; information to beshown.

 

Thecounty treasurer shall keep a book in which shall be registered all bondsissued showing the number, date of issue, to whom issued, amount of bond, dateof redemption and payment of interest and principal.

 

18-4-309. Tax levy for purpose of redemption; payment from generalfund; reimbursement.

 

Theboard of county commissioners shall annually levy upon all taxable property inthe county, in addition to other authorized taxes, a sufficient sum to pay theinterest on all bonds and shall at least five (5) years before the bonds becomeoptional, and in time to provide means for their payment, annually levy notless than one (1) mill to pay the bonds as they become optional. All such taxesshall be levied, assessed and collected as other county taxes until the bondsand interest are fully paid. Should the tax for payment of interest on bondsissued not be levied or collected in time for payment the interest shall bepaid from monies in the general fund of the county and the money so used shallbe repaid to the general fund out of the first monies collected from taxes.

 

18-4-310. Payment of bonds guaranteed; effect of county division.

 

Thefaith, credit and all taxable property within the county as constituted at thetime of issue are and shall continue pledged to the payment of the principaland interest of the bonds. In the event of the division of any such county thesegregated territory is relieved from any obligation occasioned by the issuanceof the bonds when the county acquiring such territory pays its proportionateshare as provided by W.S. 18-1-316 through 18-1-320.

 

ARTICLE 4 - VIADUCT AND SUBWAY BONDS

 

18-4-401. Power of county commissioners.

 

Eachboard of county commissioners may establish, construct, purchase, extend,maintain and regulate highway viaducts or subways on any highway including cityor town streets within the county.

 

18-4-402. Call for bond election; amount authorized; purpose.

 

Eachboard of county commissioners may submit to the electors of the county the questionwhether the board of county commissioners shall be authorized to issue bonds ofthe county in an amount which together with existing indebtedness shall notexceed the county's constitutional debt limitation, for the purposes specifiedin W.S. 18-4-401.

 

18-4-403. Conduct of election.

 

Theproposition to issue the bonds shall be submitted to the qualified electors ofthe county at an election called, conducted, canvassed and returned in themanner provided for bond elections by the Political Subdivision Bond ElectionLaw, W.S. 22-21-101 through 22-21-112. The proposition submitted shall specifythe amount of bonds to be issued, the rate of interest and the purpose forwhich it is proposed. At any election the official ballot shall contain thewords "For Viaduct or Subway Bonds" and "Against Viaduct orSubway Bonds."

 

18-4-404. Form, terms, conditions and execution of bonds; payment andinterest; sale price.

 

 

(a) The viaduct or subway bonds:

 

(i) Shall be payable thirty (30) years from the date of issue;

 

(ii) Shall be redeemable at the option of the county after ten(10) years;

 

(iii) Shall bear interest payable on January 15 and July 15 eachyear;

 

(iv) Shall be issued in any combination of one thousand dollars($1,000.00), five hundred dollars ($500.00) or one hundred dollars ($100.00)denominations;

 

(v) Shall be consecutively numbered from the number one (1);

 

(vi) Shall be signed by the chairman of the board of countycommissioners and attested by the county clerk who shall affix the county sealthereto;

 

(vii) May have attached when negotiated, semiannual interestcoupons signed by the county treasurer.

 

(b) At the request of the purchaser or holder the countytreasurer shall issue to him registered bonds or shall exchange registeredbonds for coupon bonds. The principal and interest shall be payable at theoffice of the county treasurer of the county, at the office of the statetreasurer or at some bank in the City of New York as designated by the board ofcounty commissioners. The bonds shall not be sold for less than their full orpar value and the accrued interest thereon at the time of delivery.

 

18-4-405. Notice of intention to issue and sell.

 

Theboard of county commissioners shall give notice by publication in some newspaperpublished and of general circulation in the county if there be one; otherwiseby three (3) notices posted in the county one (1) of which is posted at thecourthouse door, of its intention to issue and negotiate the bonds and toinvite bidders therefor. The notice shall also be published in some newspaperpublished and of general circulation in the cities of Cheyenne, Wyoming;Denver, Colorado; Chicago, Illinois and New York City, New York.

 

18-4-406. Registration and endorsement.

 

Thecounty treasurer shall maintain records in which is registered all bondsshowing the number of the bond, the amount, date of issue, to whom issued, dateof redemption, rate of and payment of interest and the time and place ofpayment. The county clerk shall endorse and officially sign a certificate uponevery bond that it is within the lawful debt limit of the county and is issuedaccording to law.

 

18-4-407. Tax levy for purpose of redemption; restriction upon use ofmonies collected.

 

Theboard of county commissioners shall annually levy upon all taxable property inthe county in addition to other authorized taxes a tax sufficient to pay theprincipal and interest on the bonds as they become due which shall be leviedand collected in the same manner as other taxes in the county. The taxescollected shall be known as the viaduct or subway tax and shall only be usedfor the payment of interest and principal of the bonds.

 

18-4-408. Payment from general fund when tax not levied;reimbursement.

 

Shouldthe tax for the payment of interest on any bonds not be levied or collected intime to meet the payment the interest shall be paid out of any monies in thegeneral fund of the county and the money so used shall be repaid to the generalfund from the first monies collected from viaduct or subway taxes.

 

18-4-409. Redemption of bonds.

 

Anycounty issuing bonds shall annually after the tenth year redeem at leastone-twentieth (1/20) of the bonds. The bonds redeemed each year shall bedetermined by lot.

 

ARTICLE 5 - FUNDING BONDS

 

18-4-501. Issuance authorized; purpose; terms and conditions;provisions for payment and redemption.

 

(a) Each board of county commissioners may issue negotiablecoupon bonds of their county for the purpose of paying, redeeming, funding orrefunding the principal and interest of any indebtedness of their county whenit can be done at a lower rate of interest to the benefit of the county. Thebonds:

 

(i) Shall be issued as near as practicable in denominations ofone thousand dollars ($1,000.00) each, but may be issued in denominations offive hundred dollars ($500.00) and one hundred dollars ($100.00) whennecessary;

 

(ii) Shall bear interest;

 

(iii) Shall be paid on January 1 and July 1 in each year at theoffice of the county treasurer or at a bank in New York City as designated bythe board of county commissioners at the option of the holder;

 

(iv) Shall be redeemed by the county in the following manner:

 

(A) Ten percent (10%) of the total amount issued shall be paidwithin ten (10) years from date of issue, and ten percent (10%) of the totalamount shall be paid annually thereafter until all bonds are paid, making thelast bond redeemable twenty (20) years from date of issue; or

 

(B) Any part thereof may at the option of the county issuingthem be redeemed in numerical order after five (5) years from the date of issueif the time and option is stated upon the face of each bond.

 

(v) May be issued serially as provided by W.S. 16-5-302.

 

(b) The total amount of bonds issued at any time together withthe existing indebtedness of the county shall not exceed the constitutionaldebt limitations for counties.

 

18-4-502. Funding indebtedness.

 

Anycounty desiring to fund, refund, pay or redeem any of its outstandingindebtedness as provided by W.S. 18-4-501 may call its indebtedness to beredeemed by advertisement for two (2) weeks in the official newspaper of thecounty. The advertisement shall notify the holders that interest will ceasetwenty (20) days after the date of notice.

 

18-4-503. Form of bonds; coupons covering interest.

 

Thebonds specified in W.S. 18-4-501 shall have attached when negotiated semiannualinterest coupons covering interest on the bond from the date of issue untilpaid and shall be signed by the chairman of the board of county commissioners,attested by the county clerk, bear the seal of the board of countycommissioners and be countersigned by the county treasurer. The coupons annexedto the bonds shall be signed by the county treasurer. Each coupon shall have anumber corresponding with the number of the bond and each bond shall state uponits face the amount for which the same is issued, to whom issued and the dateof issue and shall recite that it is issued in conformity with the provisionsof W.S. 18-4-501 and 18-4-503 through 18-4-506, which sections shall be printedon the back of each bond.

 

18-4-504. Notice of intention to issue and sell; printing andengraving; execution and sale; disposition of proceeds; redemption; records tobe kept.

 

 

(a) Each board of county commissioners shall give notice bypublication in some newspaper published in the county if there be one otherwiseby three (3) notices posted in the county, one (1) of which is at thecourthouse door, of its intention to issue and negotiate the bonds and invitebidders therefor. The notice shall also be published in a newspaper of generalcirculation in Cheyenne.

 

(b) After ascertaining the best terms and the lowest interestat which the bonds can be negotiated the board of county commissioners shallsecure the proper engraving and printing, have them consecutively numbered andotherwise properly prepared and executed.

 

(c) When the bonds are executed they shall be registered by thecounty clerk in a public record book kept for that purpose and therein shall bestated showing the number, date, amount of bond, time and place of payment,rate of interest, number of coupons attached and any other description forfuture identification. The board of county commissioners shall from time totime and in such amounts as it deems proper, deliver the bonds to the countytreasurer and take and file his receipt therefor and charge him with all bondsso delivered.

 

(d) The duties of the board of county commissioners pursuant tothe provisions of W.S. 18-4-501 and 18-4-503 through 18-4-506 may be performedat any meeting thereof.

 

(e) The treasurer under the general supervision of the boardshall sell the bonds for cash or exchange them for any county indebtedness forthe redemption of which they were issued, but shall not sell or exchange thebonds for less than their face or par value and the accrued interest at thetime of their disposal. No county indebtedness shall be redeemed at more thanits face value and any interest that may be due thereon. If any portion of thebonds are sold for money the proceeds shall be applied exclusively toward theredemption of the county indebtedness for which the bonds were issued.

 

(f) When the treasurer redeems any county indebtedness he shallendorse by writing or stamping in ink on the face of the paper evidencing theindebtedness redeemed, the time of redemption, the amount redeemed, whether bymoney or the exchange of bonds and the words "redeemed" and"cancelled". He shall keep a record of all bonds redeemed showing theirnumber, rate of interest, date and amount of sale, when, where and to whompayable, and if exchanged, for what. The record shall be open for inspection bythe public during usual office hours. He shall make detailed statements asoften as required by the board of county commissioners of all bond redemptiontransactions and return to the board all redeemed and cancelled evidences ofindebtedness.

 

18-4-505. Annual tax for purpose of redemption; payment of bondsguaranteed; effect of county division; payment out of general fund when tax notlevied; reimbursement.

 

 

(a) The board of county commissioners shall annually levy uponall taxable property in the county in addition to other authorized taxes asufficient sum to pay the interest on all bonds issued and shall at least one(1) year before the bonds become due and in time to provide means for theirpayment, levy a sufficient additional sum to pay bonds as they become due. Allsuch taxes shall be levied, assessed and collected as other county taxes untilthe bonds are fully paid, including interest.

 

(b) The faith, credit and all taxable property within thecounty as constituted at the time of issue are and shall continue pledged tothe payment of the principal and interest of the bonds. In the event of thedivision of any county, the segregated territory is relieved from anyobligation occasioned by the issuance of the bonds when the county acquiringsuch territory pays its proportionate share as provided by W.S. 18-1-316through 18-1-320.

 

(c) Should the tax for payment of interest on bonds not belevied or collected in time for payment, the interest shall be paid out ofmonies in the general fund of the county and the money so used shall be repaidto the general fund out of the first monies collected from taxes.

 

18-4-506. Application of funds derived from sale of bonds; penalty formisappropriation.

 

Thecounty treasurer shall apply all proceeds from the sale of the bonds to thepayment of the county indebtedness. The proper county officials shall levy,collect and apply all applicable taxes for the payment of interest andredemption of the principal of the bonds. Any county officer who fails tocomply with the provisions of this section or neglects or refuses to levy andcollect any such tax is guilty of a misdemeanor and upon conviction shall befined in an amount equal to the sum that should have been levied, or fined inthe amount of any misappropriation and imprisoned in the county jail for a termof not less than three (3) months nor more than twelve (12) months.

 

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