(b) Notwithstanding subsection (a) of this section and the provisions of W.S

(b) Notwithstanding subsection (a) of this section and the provisions of W.S. 22-21-101 through 22-21-112, any document executed by a district evidencing an agreement to repay funds borrowed from the United States of America, the state of Wyoming or from any subdivision, agency or department of either the United States or the state of Wyoming, shall not be considered a bond and shall not require an election under this chapter when: (i) Repayment is to be made solely from revenues generated by the service with which a financed improvement or service is associated; and (ii) Security for the loan or borrowed funds is restricted to a claim on the revenues generated from the service or to a claim on the assets of the improvement or service.