Counsel warns COPs structure includes a larger final payment; Wyoming precedent cited
Bond counsel told Casper council a COP issuance must include a larger final-year payment to meet Wyoming legal standards; counsel cited a state Supreme Court case and an attorney general opinion defining the convenient safe-harbor amount.
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During the Aug. 11 work session, bond counsel and the municipal adviser emphasized legal constraints embedded in COPs structures under Wyoming law and precedent. Counsel said the financing must reflect a material final payment to avoid being treated as a disguised lease without consideration.
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