060-36 Wyo. Code R. §§ 36-10 - Security Interest

(a) The Board may require a first-position security interest in the revenue-generating facility and the user fees or assessments. The Board and Commission also reserve the right to withhold the applicant's yearly state grant funding and apply those funds to the unpaid loan balance if the applicant defaults on the loan.

(b) During the life of the loan, the applicant shall:

(i) Maintain adequate insurance on the facility,

(ii) Pay all applicable taxes and assessments when due,

(iii) Maintain the facility in good condition, and

(iv) Adhere to and enforce the sponsor's assurances according to the certificate of state airport loan.

(c) If at any time the applicant is found in noncompliance with the above requirements, they will be given thirty (30) days to cure the deficiencies. If after thirty (30) days the deficiencies are not cured the Board may call the loan.

Notes

060-36 Wyo. Code R. §§ 36-10