(a) The Board may make loans to municipalities, irrigation districts and special districts duly organized in this state, all hereinafter referred to as the borrower, to finance the construction of hydro-power development projects.
(b) The Board shall extend loans under the provisions of this chapter in such a manner and to such applicants as shall, in the judgment of the Board, inure to the greatest benefit of the citizens of the state and represent a prudent use of loan funds.
060-34 Wyo. Code R. § 34-3