Section 99-1-205 - Terms; management plan; restriction on sale of water and the project; loan acceleration(a) There shall be no lease, sale, assignment or transfer of ownership of water from the project for purposes other than the board's municipal or domestic use without written prior approval of the commission and the state engineer or board of control. If such a transaction is approved, the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project shall be utilized to retire principal on the loans described in Section 4(a) of this act [§ 99-1-204(a)]. After the loans are paid in full the board shall receive twenty-five percent (25%) of the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project and the state of Wyoming shall receive seventy-five percent (75%) of the revenues generated by the lease, sale, assignment or transfer of ownership of water from the project.(b) There shall be no lease, sale, assignment or transfer of ownership of the project until the loans described in Section 4(a) [§ 99-1-204(a)] are paid in full, and until prior written approval is obtained from the commission. If these conditions are met, the board shall receive twenty-five percent (25%) and the state of Wyoming shall receive seventy-five percent (75%) of the revenues generated by the lease, sale, assignment or transfer of ownership of the project. Before the board may lease, sell, assign or transfer ownership of the project, the state of Wyoming shall be given a one (1) year first right of refusal option to purchase the board's interest in the project for an amount equal to the principal, interest, maintenance and replacement costs incurred by the board at the date the option is exercised.(c) After the loans described in Section 4(a) of this act [§ 99-1-204(a)] are paid in full, the board may purchase the position of the state of Wyoming, as described in subsections (a) and (b) of this section, for the amount of the grant described in Section 4(b) of this act [§ 99-1-204(b)] plus the interest that would have accrued on the grant amount in the water development account from the date the project was substantially completed as defined by the commission. The interest that would have accrued on the grant amount shall be established by the state auditor.(d) Any revenues generated by the state from the lease, sale, assignment or transfer of ownership of project water or the project itself shall be deposited in Wyoming water development account I.(e) The board shall be responsible for operation and maintenance of the project.Laws 1989, ch. 131, §§ 5a, 5b, 5c, 5d, 5e;1990, ch. 77, § 1.