Section 13-8 - Bond Guarantee Administration (a) In order to assure liquidity, the State Treasurer shall keep invested an amount equal to at least 10% of the bond principal guaranteed, in direct U.S. Government obligations or in U.S. Government guaranteed obligations, which obligations mature in three years or less. Pursuant to W.S. 9-4-1001 and 9-4-701(j), the State Treasurer's Office shall administer the Board approved bond guarantees, in accordance with a Memorandum of Understanding dated February 1,1996, approved by the Board and executed by the Office, the State Treasurer and the Superintendent. All applicants who receive bond guarantee approvals shall also enter into agreements with the State Treasurer pursuant to W.S. W.S. W.S. 9-4-1001(d). All such agreements shall include the following: - (i) Each participating district shall certify to the State Treasurer that, as of the date of issuance of the bonds, amounts on deposit in the Common School Income Account, which are to be distributed annually to the district, are not reasonably expected by the district to be used (directly or indirectly) for the payment of principal or interest on, or the tender or retirement price of, the bonds or to fund a reserve or replacement fund for the bonds;
- (ii) The participating school district shall certify on the date of issuance of any bond guaranteed under the school bond program that no funds received by the district from the Common School Income Account are reasonably expected to be used directly or indirectly for the payment of principal or interest on, or the tender or retirement price of, any bond of such school district, or to fund a reserve or replacement fund for any such bond.
060-13 Wyo. Code R. § 13-8