Wyo. Stat. § 37-6-103 (2026)

not to be refunded by stock without approval; securities
exempted from chapter.

     (a) Such public utility may issue such securities other
than stock or stock certificates, payable at periods of not more
than eighteen (18) months after date of issuance of the same,
and secured or unsecured, without application to or order of the
commission, but no such securities so issued shall in whole or
in part be refunded by any issue of stocks, stock certificates
or other securities having a maturity of more than eighteen (18)
months, except on application to and approval of the commission.

     (b) The commission may from time to time by order or rule,
and subject to such terms and conditions as may be prescribed
therein, exempt any security or any class of securities for
which an application is required under this chapter or any
public utility or class of public utility from the provisions of
this chapter if it finds that the application thereof to such
security, class of securities, public utility or class of public
utility is not required by the public interest.