Wyoming Administrative Rules 085 — Business Council

416 Agricultural Processing Revenue Bond Program

Chapter 1 Agricultural Processing Revenue Bond

Wyo. Code R. 085.0019.1.11182022 Agricultural Processing Revenue Bond

CHAPTER 1

AGRICULTURAL PROCESSING REVENUE BOND

Section 1. Purpose.

(a) These rules are adopted in order to implement W.S. 9-12-109 (b), which allows the Wyoming Business Council to issue revenue bonds as specified for agriculture processing projects. The rules provide for a method of application, review and recommendation, limiting bond eligibility, and hearing process.

(b) Language in this chapter applies to all chapters in this program unless otherwise specified.

Section 2. Authority. Authority for the promulgation of these rules is granted in W.S. 9-12-109.

Section 3. Definitions.

(a) "Applicant" means all existing or proposed businesses applying for a bond allocation;

(b) "Board of Directors" means the Board of Directors of the Council;

(c) "Bond Counsel" means an attorney or a firm of attorneys with expertise in bonding of projects;

(d) "Borrower" means the business which applies for, commits to, and is responsible for repayment of funds provided under this program;

(e) "Business" means an existing enterprise, incorporated in the state, which employs people within the state, provides services within the state, uses resources within the state, or otherwise adds economic value to goods, services, or resources within the state, and includes farm and ranch operations;

(f) "Cash or cash equivalent" means liquid assets including savings, checking and money market accounts, CDs, stocks, bonds, or cash value life insurance or similar assets. Equity in real estate holdings and other fixed assets is not to be considered liquid assets;

(g) "Commercial Lender" means commercial institutions that loan money, including banks, credit unions, mutual savings banks, savings and loan associations, stock savings banks, or trust companies;

(h) "Council" means the Wyoming Business Council;

(i) "Council staff" means the staff of the Wyoming Business Council;

(j) "Financial records" means an applicant's financial statements, balance sheets, income statements, tax returns, or any other financial records deemed necessary for review;

(k) "Land development loan" means an extension of credit for the purpose of improving unimproved real property prior to the erection of structures. The improvement of unimproved real property may include the laying or placement of sewers, water pipes, utility cables, streets, and other infrastructure necessary for future development.

(l) "Issuing Authority" means the state agency responsible for issuing the bond allocation;

(m) "Owner" means an individual/entity possessing an interest in the applicant's business, at or more than twenty percent (20%) or a guaranteeing entity;

(n) "Parent Company" means an entity possessing an interest in the applicant's business, at or more than ten percent (10%) or a guaranteeing entity;

(o) "Project" means any land, building, pollution control facility or other improvement and all necessary and appurtenant real and personal properties, whether or not in existence, suitable for manufacturing, industrial, commercial or business enterprises, for manufacturing, processing or assembling agricultural or agricultural-related products.

(p) "Recipient" means a proposed or existing enterprise that has been awarded funds under the Agricultural Processing Revenue Bond Program;

(q) "Renovation" means construction or reconstruction-type work on a building including: façade, roof, exterior wall assembly, foundation, windows, doors, cornice treatment, awnings and canopies;

(r) "Servicing agent" means the qualified entity contracted by the Council to service the loans in the portfolio and to provide administrative services for the program;

(s) "State Loan and Investment Board" means the approving body of a proposed bond issuance comprised of the State of Wyoming's Governor, Secretary of State, Auditor, Treasurer, and Superintendent of Public Instruction.

Section 4. Eligible Applicants. All applications shall be reviewed by Council Staff and a recommendation shall be made to the Board of Directors, with final approval by the State Loan and Investment Board, as defined by legislation. The Council shall not consider incomplete applications.

Section 5. Default Application Information.

(a) All applications for bond issuances shall be submitted on the required forms. Applications will be accepted at any time and scheduled for staff review and recommendation by the Board of Directors, and final approval by the State Loan and Investment Board on a first-come, first-served basis;

(b) One (1) copy of the application shall be submitted electronically via email or physically to the Council offices located at:

Wyoming Business Council

214 West 15th Street

Cheyenne, WY 82002

(c) Every application for the proposed project shall include, unless waived by the Council:

(i) The name, title and address of the person to whom notices should be sent and from whom information can be obtained;

(ii) Five (5) years of financial statements (of the existing business and parent company, if applicable, receiving the bond issuance), plus current financial statements;

(iii) Pro-forma financial projections (income statement, balance sheet, and statement of cash flows) of the existing or proposed business, and parent company, if applicable, receiving the bond issuance for three (3) years;

(iv) A certificate of incorporation of the existing or proposed business receiving the bond issuance;

(v) A certificate of good standing from the Wyoming Secretary of State's office;

(vi) By-laws of the borrower and parent company, if applicable, or a copy of the Borrower's operating agreement demonstrating borrowing authority of the existing or proposed business;

(vii) The business plan of the existing or proposed business;

(viii) An itemized list of the proposed collateral and collateral value;

(ix) A detailed proposal explaining how the bond proceeds will be utilized;

(x) Certification that the business will allow an examination of its books and records at the request of the Council;

(xi) Certification that the business will report jobs, wages, and capital expenses at the request of the Council;

(xii) An identification of the issuing authority;

(xiii) The date of adoption of the initial intent to apply for bond allocation;

(xiv) The name and address of bond counsel and a letter from bond counsel confirming that it has been retained by the applicant for purposes of advising applicant with respect to the proposed project and any bond issuance;

(xv) The amount of the general allocation pool the applicant is requesting;

(xvi) A statement summarizing the benefit of the project to the state or local community, the impact of the project on other businesses in the state or local community and the ability of the project to meet the objectives set forth in W.S. 15-1-701 (b);

(xvii) A proposed starting date and estimated completion date of construction of the project;

(xviii) Information relating to the feasibility of the proposed project, showing that the project will generate revenues and cash flow sufficient to make payments to pay debt service on the bonds;

(xix) The amount, source, type and terms and conditions of all capital that will be used for the project in addition to bond financing;

(xx) Actions that have been taken in anticipation of the bond issue and the anticipated date of bond issuance;

(xxi) An explanation of the impact on the project if the total allocation is not received; and

(xxii) A statement of any significant risks to the project or the project's financing and any mitigating factors to those risks.

Section 6. Default Attachments to Application. A letter shall be attached from bond counsel for the issuing authority, with supporting citations to state law, the act, and any federal regulations, stating that the bonds are eligible for an allocation and that the issuing authority is authorized under the laws and constitution of the state to issue such bonds. The letter shall be signed by the attorney authoring the letter and shall explain the specific basis for bond counsel's opinion that the bonds qualify for an allocation from the state. If applicable, the letter shall also set forth and explain all calculations for funding the portion of the project that qualifies for an allocation, if the entire project does not qualify.

Section 7. Default Approval Process and Approval.

(a) Steps of process. The steps necessary to obtain approval of a bond allocation under the agricultural processing revenue bond program are as follows:

(i) The applicant shall first submit a completed application as referenced in Section 5(c) of this Chapter to Council staff for review.

(ii) After receiving a complete application, the council staff shall review the application for completeness. Once Council staff ascertain that the application is complete, council staff shall notify members of the State Loan and Investment Board immediately and provide one (1) copy of the completed application to each member of the State Loan and Investment Board.

(iii) Council staff shall structure the bond with initial pricing guidance. This practice will determine breakeven points in the proposed project, including, but not limited to, the bond term, yield rate, and collateral value. The initial pricing guidance does not indicate the final pricing structure and grading of the bond upon issuance in the secondary market.

(iv) Council staff shall present the proposed project to the Board of Directors at its next scheduled meeting. A special meeting of the Board of Directors may be called if necessary. The Board of Directors shall forward its recommendation to the State Loan and Investment Board at the next available meeting for its final approval, or rejection, of the bond allocation request.

(v) If the State Loan and Investment Board grants final approval of the allocation request, the project shall return to the Council to work with bond-rating agencies, investment banks, and other necessary parties to issue the bonds on the public market for investment.

Section 8. Attorney General Opinion. No bond allocation shall be made until the Attorney General's Office provides a written opinion certifying the legality of the issuance and all documents connected therewith.

Section 9. Post Bond Sale. Council staff shall maintain an annual report including, but not limited to, the project's projected job creation, wages, capital expenditures, financial analysis and trends, customer and supplier concentration(s).

Section 10. Confidentiality. Information and any other documentation submitted in support of a request for bond allocation pursuant to the agricultural processing revenue bond program, once submitted to a state agency or official, shall be governed by the Public Records Act, W.S. 16-4-201 through 205, as amended. Upon receipt of a request to disclose an application for a loan or loan guarantee or supporting information, the Council shall make a determination as to whether the information must be disclosed pursuant to that Act. The Council, before it makes said determination or discloses an applicant's information, shall inform the applicant of its determination. Should the applicant object to the disclosure of any record the Council has determined must be disclosed under the Act, the applicant shall justify its request to withhold records under the Act or any other authority to the Council in writing. In accordance with the Act, the Council shall not disclose said information if disclosure is likely to result in the impairment of the government's future ability to obtain necessary information and/or result in substantial harm to the competitive position of the recipient that provided the information to the Council.

History

• Effective 2022-11-18

388 Broadband Development Grant Program

Chapter 1 General Provisions

Wyo. Code R. 085.0015.1.09222021 § 1 Purpose

These rules are adopted in order to implement Wyoming Statute 9-12-1501 et seq which provide for the making of grants to eligible applicants in order to promote the expansion of access to broadband service in unserved areas of the state.

History

• Effective 2021-09-22

Wyo. Code R. 085.0015.1.09222021 § 2 Authority

Authority for the promulgation of these rules is granted in W.S. 9-12-1501, W.S. 9-12-1508, W.S. 9-12-1503 and W.S. 9-12-1510.

History

• Effective 2021-09-22

Wyo. Code R. 085.0015.1.09222021 § 3 Definitions

(a) "Eligible applicants" are public and private partnerships composed of those entities identified as eligible applicants per W.S. 9-12-1501(c) and governmental entities as specified under W.S. 9-12-1501(d).

(b) "Unserved area" means as defined by W.S. 9-12-1501(e).

(c) "Adequate consideration" means consideration that is fair and reasonable under the circumstances of the agreement because the reasonable value of the goods or services received in exchange for transferred property approximates the reasonable value of the property transferred.

(d) "Business corridor" means an area where multiple business are, or have undertaken permitting, construction or other substantial steps to be, located in proximity to each other such that the provision of broadband services at the speeds specified in W.S. 9-12-1501(b) is technologically and economically feasible.

(e) "Middle-mile" means as defined in W.S. 9-12-1501(h)(ii).

(f) "Last-mile" means as defined in W.S. 9-12-1501(h)(i).

(g) "Advisory Council" means the Wyoming Broadband Advisory Council.

(h) "Board" means as defined in W.S. 9-12-102(a)(i).

(i) "Council" means as defined in W.S. 9-12-102(a)(ii).

(j) "Staff" means the staff of the Wyoming Business Council.

(k) "Program" means the Wyoming Broadband Development Program.

(l) "State" means the State of Wyoming.

(m) Speed test results" means the quantitative analysis of a broadband connection's upload and download speeds as measured in Megabits per second (Mbps), as well as the connection's latency as measured in milliseconds (ms).

(n) "Broadband Map" means the official broadband map developed and maintained by the Council for evaluation of broadband deployment in Wyoming.

(o) "FCC" means the Federal Communications Commission.

(p) "Challenge" means any challenge to an application submitted under this program made pursuant to W.S. 9-12-1504.

History

• Effective 2021-09-22

Wyo. Code R. 085.0015.1.09222021 § 4 Challenge Process

(a) All challenges to any application submitted under this program shall be submitted in writing to the Broadband Manager or their designee by email or physical delivery and include all requisite information to receive consideration.

(b) The Broadband Manager or their designee shall acknowledge receipt of the challenge with the challenging party in writing with seven (7) business days.

(c) Challenges will be evaluated by the Council, who may seek additional information from the challenging party.

(i) Challenges may be dismissed by the Council in the event the challenging party fails to provide any requested information in a timely manner.

(d) Challenged applicants shall be contacted by the Council for additional information and be given an opportunity to respond.

(e) A determination on the challenge shall be communicated to the challenging party as well as the challenged applicant in writing as soon as practical, but not more than thirty (30) days from the date the challenge was acknowledged.

(f) Challenges shall either be upheld or dismissed.

(g) Challenges which are dismissed by the Council may, at the request of the challenging party, be heard in public session at the next public meeting of the Board of Directors.

(i) The challenging party shall be notified in writing of the date, time and place of the meeting at which the challenge will be heard. There shall be no distinction made between parties attending the meeting virtually or in-person.

(ii) In the event the challenging party does not present to offer testimony in support of their challenge, the Board may, at its sole and final discretion, summarily dismiss the challenge.

(iii) The Board shall have final discretion to uphold or reverse any challenge determination made by the Council, and all actions taken shall be recorded in the meeting minutes.

History

• Effective 2021-09-22

Chapter 2 Middle Mile Program

Wyo. Code R. 085.0015.2.09222021 Middle Mile Program

Broadband Development Grant Program, Chapter 2 Administrative Rules

Chapter 2

MIDDLE MILE PROGRAM

Section 1. Purpose. These rules are adopted pursuant to W.S. 9-12-1510 et seq. which provide for the making of grants for middle mile projects meeting the requirements of 9-12-1510(a).

Section 2. Authority. Authority for the promulgation of these rules is granted in W.S. 9-12-1510.

Section 3. Application process; application requirements.

(a) An eligible applicant shall submit an application to the Council on a form prescribed by the Council. The Council shall be responsible for receiving and reviewing applications, entering into contracts, and authorizing the distribution of funds subject to approval by the Governor or their designee.

(b) On the Council's prescribed form, an eligible applicant shall provide the following information:

(i) A summary of the proposed project;

(ii) The location of the proposed project, including a shapefile depicting the location and boundaries of the proposed project area or, for a middle-mile project, a map depicting the location and endpoints;

(iii) The type and quantity of broadband infrastructure to be deployed for the project, including initial speeds to be achieved and initial price of the service to be provided;

(iv) Evidence demonstrating the applicant's experience and ability in building, operating and managing broadband service networks;

(v) Evidence regarding the unserved nature of the area where the project is to be located, which may include but is not limited to:

(A) Any broadband provider's response which asserts the unserved nature of the proposed project area;

(B) Data from Form 477 of the Federal Communications Commission; and

(C) Data from the Broadband Map.

(vi) The number of households and businesses passed as well as the percentage of households passed in relation to the most current number of households in the project area which shall have access to broadband service as a result of the project or whose broadband service shall be upgraded as a result of the project;

(vii) Acknowledgment by the governing body, and any partnering business entity/entities by a person with legal authority to bind the business entity, that funding may only be provided in accordance with a contract executed in conformance with W.S. 9-12-1501 through 1509, and which is subject to availability of, and approval for distribution of, funds.

(A) If the application is not submitted jointly with a business entity, an account of the request for proposals issued by the governmental entity applying and responses to the request, if any; and

(viii) Additional information as required by Staff from applicant to enable the Council to properly assess the application for funding. Staff may request an applicant modify an application based on current broadband access in the proposed project area prior to award of funding under this program.

(c) The Broadband Manager is available to assist applicants with the development of projects and the preparation of applications made under this Section.

(d) A governmental entity which qualifies as an eligible applicant under W.S. 9-12-1501(c)(ii) shall develop a request for proposals inviting business entities to participate in projects proposed for funding.

(e) At least thirty (30) days prior to the first day of the funding period for which applications may be submitted, the Council shall publish on its official website the specific criteria and quantitative weighting scheme or scoring system to be used by the Council in the evaluation and ranking of applications.

(f) Staff shall review each application to determine eligibility and completeness within fifteen (15) working days of receipt wherever practical.

(i) Otherwise-eligible applicants submitting incomplete applications shall be provided an opportunity to amend or correct the application and must do so within ten (10) working days of notice of any identified insufficiency or incompleteness. Applications which remain incomplete after this period shall not be considered further.

(g) Complete applications shall be forwarded by Staff to the Advisory Council for review with a recommendation to approve or deny the application.

(i) Staff shall prioritize proposed projects recommended to the Advisory Council on the basis of the actual scores resulting from the project evaluation. This score is not intended to be the only basis for a recommendation by Staff nor award decision by the Board. The final recommendation and award decision on any proposed projects shall be at the discretion of the Board and the Governor or their designee.

(ii) The Advisory Council shall consider each complete application and shall refer the application to the Board with a recommendation of "fund as requested" or "do not fund."

(h) Under extraordinary circumstances, the Advisory Council may recommend a project to the Board contingent on a waiver of these rules for that project if the Advisory Council determines such a waiver would be consistent with the purpose of the Program. The Board may, by majority vote, waive any requirement(s) in this Section. Any such waiver action shall be noted in the meeting minutes and shall be considered non-precedential and shall bind neither the Board nor the Advisory Council on future actions related to waivers.

Section 4. Arbitration; marketing requirements.

(a) Eligible applicants shall:

(i) Allow the Council to participate in arbitration related to reasonable rates in the event of unsuccessful negotiations between a funding recipient and another broadband provider for access to infrastructure; and

(ii) Provide to the Council upon request any marketing information based on current leases to assist the Council in determining reasonable rates for access to infrastructure for projects funded under this Program. Any information provided under this subparagraph shall be considered confidential information as set forth in Chapter 3 of these Rules and shall not be disclosed by the Council.

Section 5. Funding Limitations.

(a) Funding shall be provided on a reimbursement basis according to the terms set forth in a Contract or Grant Agreement.

(b) Funding shall otherwise be provided as described in W.S. 9-12-1510.

History

• Effective 2021-09-22

Chapter 3 Confidential Provider Information

Wyo. Code R. 085.0015.3.11032021 § 1 Purpose

These rules are adopted in order to establish guidelines for the handling and disclosure of confidential, trade secret, and proprietary information disclosed to or collected by the Wyoming Business Council through its administration of the Broadband Development Grant Program.

History

• Effective 2021-11-03

Wyo. Code R. 085.0015.3.11032021 § 2 Authority

These rules are promulgated as required by W.S. 9-12-1503(c)

History

• Effective 2021-11-03

Wyo. Code R. 085.0015.3.11032021 § 3 Definitions

(a) "Act" means the Wyoming Public Records Act as set forth in W.S. 16-4-201 et seq.

(b) "Application Information" means all information contained within any application made to the Program, as well as all information provided as Addenda, Appendices or Attachments thereto, provided for purposes of project evaluation and funding determinations.

(c) "Confidential Information" means:

(i) Applicant tax information as set forth in W.S. 16-4-203(d)(xv).

(ii) Geophysical location information for critical infrastructure, including but not limited to:

(A) Points of Presence, Heads Ends, Network Operations/Security Centers, and Data Centers.

(B) Cable vaults, chases and/or conduits.

(C) Tower sites, including height, antenna azimuth and transmit power, and related backhaul.

(D) Any information which actually identifies any individual broadband user(s)/consumer(s), or which could reasonably be utilized to identify any individual broadband user(s)/consumer(s).

(iii) Lists or descriptions of equipment proposed or actually installed, as well as the proposed or actual configurations thereof.

(iv) Business Plans, Marketing Plans, Commercialization Plans, Deployment/Security Plans, Financial Records and similar information as set forth in W.S. 16-4-203(d)(v).

(v) Other information of a kind that would customarily not be released to the public by the person or entity from whom it was obtained.

(vi) Any information required to be kept confidential pursuant to federal statute or regulation.

(d) "Proprietary information" means information that, if released, would impair the government's future ability to obtain necessary information or would cause substantial harm to the competitive position of the persons or entities providing the information.

(e) "Public Meeting" means as defined in W.S. 16-4-403.

(f) "Trade secret" means a secret, commercially valuable plan, formula, process, or device that is used for the making, preparing, compounding, or processing of trade commodities and that can be said to be the end product of either innovation or substantial effort.

History

• Effective 2021-11-03

Wyo. Code R. 085.0015.3.11032021 § 4 Disclosure of Public Records

(a) Any record which does not qualify as confidential, trade secret, or proprietary is presumed to be a public record subject to release under the Wyoming Public Records Act. In addition to the items deemed subject to disclosure per W.S. 9-12-1503(c)(i) through 1503(c)(v), the following records are subject to public disclosure:

(i) Coverage/service area maps and shapefile information included with an application;

(ii) Actual speed test results including download, upload and latency speeds;

(iii) Proposed and/or actual costs and/or fees charge to or paid by consumers in any project area funded under the Program; and

(iv) De-identified/anonymized physical address information for locations proposed for funding or actually funded/served by the Program.

History

• Effective 2021-11-03

Wyo. Code R. 085.0015.3.11032021 § 5 Hearing procedure

(a) The Board may hold a hearing at its discretion or on the request of any interested person to determine whether any information classified as confidential, trade secret, or proprietary should be subject to public disclosure.

(i) Interested persons must make a written request to the Broadband Manager or their designee requesting a hearing, specifying the relevant information sought to be subject to public disclosure, and the justification for the request. A request submitted by email shall be deemed sufficient.

(A) At the discretion of the Council, an action item related to the request shall be added to the agenda for the next Regular Public Meeting of the Board. In such event, the requesting party and all affected parties shall be notified of the date, time and place of the meeting at which the request shall be considered.

(B) Prior to any action on a request, the requesting party as well as the party or parties affected by the request shall have the opportunity to offer testimony related the request and any objections thereto, and field questions from the Board in public session.

(I) In the event the requesting party fails to attend the scheduled meeting of the Board to present testimony, the Board may summarily dismiss the request and the dismissal shall be noted in the meeting minutes.

(II) There shall be no distinction made between persons attending the Public Meeting virtually and those attending in-person.

(b) Public comment shall be accepted prior to any action by the Board.

(c) At its sole discretion, the Board may enter executive session to receive legal counsel related to the request pursuant to W.S. 16-4-405.

(d) All actions related to any decision by the Board to deem public any information following a hearing held pursuant to these rules shall be recorded in the meeting minutes.

(e) Any hearing which occurs pursuant to this Section of this Chapter of these rules shall be considered non-precedential and shall not bind the Board to take any future action predicated on that decision.

History

• Effective 2021-11-03

Chapter 4 Connect Wyoming Program

Wyo. Code R. 085.0015.4.11022022 § 1 Authority

These rules are promulgated by the Wyoming Business Council ("WBC") pursuant to 2021 Session Laws, Chapter 92.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 2 Purpose

These rules are promulgated for the purpose of providing a regulatory framework for broadband development projects funded by the Connect Wyoming program.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 3 Definitions

(a) In addition to the definitions set forth in Chapter 1, as used in this program:

(i) "Broadband Infrastructure" means terrestrial signal transmission facilities and associated network equipment and accessories deployed for the provision of broadband service to residential, business, and government customers.

(ii) "Connect Wyoming" means the program established by 2021 Session Laws, Chapter 92.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 4 Eligible Applicants

(a) As used in this program, an eligible applicant:

(i) Means as defined in W.S. 9-12-1501(c)(i):(ii):

(ii) Shall submit coverage maps of their entire service area in Wyoming to the Broadband Map prior to the date of their application. This submission must be evidenced on each project application submitted pursuant to this section and performed according to the Broadband Map Guidance;

(iii) Shall offer mass market retail services by wireline or terrestrial fixed wireless technology which provides the capability to transmit and receive data from all or substantially all internet end points, but excluding dial-up internet access service; and

(iv) Shall commit to maintaining any Broadband Infrastructure constructed through funds provided under this Chapter of these Rules at the applicant's own expense for a 15-year period for Fixed Wireless and a 20-year period for fiber, which will allow for replacement of end of life, obsolete or non-functioning equipment so that the speeds are at or above those committed to in the award, are continued, and reliable service is provided for the period stated. Any successive owner(s) are required to comply for the remaining time period.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 5 Eligible Projects

An eligible project shall:

(a) Include the construction and deployment of broadband infrastructure projects. "Broadband Infrastructure Projects" are eligible for funding if the infrastructure is designed to deliver, upon project completion, service that reliably meets or exceeds symmetrical download and upload speeds of 100 Mbps. If it would be impracticable, because of geography, topography, or excessive cost, for a Broadband Infrastructure Project to be designed to deliver services at such a speed, the Project must be designed so that it reliably meets or exceeds 100 Mbps download speeds and between 20 Mbps and 100 Mbps upload speeds and be scalable to a minimum of 100 Mbps symmetrical for download and upload speeds. Broadband infrastructure investment will be installed, owned, and operated by an eligible applicant;

(b) Meet federal funding criteria, which is designed to address key areas of public health and safety by improving opportunities to telework, facilitate distance learning, and improve public safety;

(c) Be a project which does not overbuild existing adequate broadband service. The Council shall not consider Applications for projects in areas with reliable speeds of at least one hundred (100) Megabits per second (Mbps) download and twenty (20) Megabits per second (Mbps) upload, nor shall it consider projects for areas in which written agreements to develop services at or above this level prior to December 31, 2024, exist.

(d) Include Broadband Infrastructure and equipment costs meeting federal funding criteria such as:

(i) Middle-mile fiber-optic infrastructure, the primary purpose of which is to connect last-mile infrastructure and networks to network service providers; or

(ii) Last-mile fixed terrestrial infrastructure, the primary purpose of which is to provide broadband internet service to end users or end-user devices, including households, businesses, public safety entities and community facilities.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 6 Eligible Costs

Eligible Costs include but are not limited to:

(a) Construction and Materials;

(b) New and rehabilitative construction contracts;

(c) Architect and engineering services and legal and professional services, if required to complete the project;

(d) Permitting fees;

(e) Acquisition of Broadband Infrastructure equipment; and

(f) Equipment installation.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 7 Ineligible Costs

The following are Ineligible Costs for which funds may not be used:

(a) General broadband planning not associated with the project;

(b) Ongoing overhead, operating costs, or staff costs to include bonuses of any kind; and

(c) Political activities or lobbying.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 8 Application Process

(a) The Council shall provide an application form and website which shall include instructions and the scoring matrix against which applications shall be evaluated.

(i) Applicants shall complete and submit the application, which shall include the following minimum information:

(A) Information which establishes the applicant's eligibility as set forth in Section 4(a) of this Chapter;

(B) Information which establishes the eligibility of the proposed project as set forth in Section 5 of this Chapter;

(C) A breakdown of eligible costs associated with the eligible project;

(D) A timeline for completion of the eligible project; and

(E) A breakdown showing the amount of federal loans, grants, or aid in projects affecting Wyoming and provided for COVID-19 related purposes, including from the CARES Act, or other similarly purposed federal act, including funds from the Wyoming Community Development Authority funded by the CARES Act for which the applicant:

(I) Believes it is eligible;

(II) Has applied; or

(III) Has received.

(ii) Each applicant shall file its application(s) electronically using the form(s) and website prescribed by the Council. Applications submitted via other means may be disqualified.

(iii) Applicant shall ensure that the grant funding will not be used for costs that will be reimbursed by the other federal or state funding stream(s). The grant funds must be used only for complementary purposes. Applicants must ensure there is additional public benefit and a justification for using additional public funding to deploy to those locations. Treasury encourages applicants to use all available federal and state datasets when making these determinations.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 9 Funding Terms and Conditions

(a) The Council may require applicants to have or provide matching funds, or letters of support.

(b) The Council shall create and utilize a uniform Contract for funding awards made under this program. All funds awarded under this program shall be contingent on the applicant's acceptance and execution of the Contract and strict compliance with all terms and conditions contained therein.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 10 Project Review, Prioritization, and Recommendation

(a) Each proposed service/project area must have its own application, and Applicants shall submit no more than one (1) application per proposed service/project area.

(b) Applicants may submit applications for multiple proposed service/project areas.

(c) Applications shall be received only during application periods to be specified by the Council.

(d) Applications which do not include all minimum required information shall be afforded ten (10) working days from notification to correct the deficiency. Applications which remain deficient after this period shall be disqualified.

(e) Complete applications shall be evaluated by a committee to include the Council and Governor's Office staff, and other participants as deemed necessary and according to the scoring matrix outlined in the application.

(f) Priority shall be given to projects that achieve last-mile connections or support new and/or improved last-mile service. Priority shall also be given to investments in fiber-optic infrastructure and/or projects that involve broadband networks owned/operated/affiliated with local governments, non-profits, and cooperatives-providers with less pressure to generate profits and with a commitment to serving entire communities.

(g) In situations where the Council receives multiple applications for any single project area, priority shall be afforded to applications proposing fiber-optic infrastructure over applications proposing fixed wireless infrastructure and to the applicant proposing the fastest broadband speeds. Such applications shall be scored according to cost and demonstrated ability to complete the project.

(h) All completed projects must reliably deliver minimum speeds of one hundred (100) megabits per second (Mbps) download and one hundred (100) Mbps upload. In cases where it is not practicable due to geography, topography, or financial cost to meet those standards, projects must reliably deliver at least one hundred (100) Mbps download speed and at least twenty (20) Mbps upload speed and be scalable to a minimum of one hundred (100) Mbps download speed and one hundred (100) Mbps upload speed.

(i) The review committee shall rank eligible project applications and shall forward recommended contracts to the Board for consideration.

(j) Providers receiving funds that provide services to households must participate in federal programs that provide low-income consumers with subsidies on broadband internet access services. Subscribers will be allowed to utilize the Federal Communications Commission's (FCC) Emergency Broadband Benefit (EBB) program and/or the Affordable Connectivity Program (ACP) or other Federal Communications Commission's (FCC) identified eligible programs.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 11 Award and Challenges

(a) At least thirty (30) days prior to making any award under this program, the Council shall publicly post the proposed project areas via the Broadband Map.

(b) Each posting for a proposed project area shown on the Broadband Map shall provide a mechanism by which a Challenge may be filed and processed as set forth in Chapter 1.

(c) Challenges brought by any broadband provider on the basis of overbuild shall only be considered where the Challenging provider has submitted .shp or .kml files of their entire service area in Wyoming to the Broadband Map.

History

• Effective 2022-11-02

Wyo. Code R. 085.0015.4.11022022 § 12 Certification

By applying under this program, each applicant certifies that:

(a) The statements contained in the application are true, complete, and accurate to the best of their knowledge;

(b) The funds shall be used to fund projects that create and retain local jobs and result in purposeful outcomes, including distance learning, telehealth public safety, commerce, and overall well-being;

(c) The applicant understands and acknowledges that failure to comply with these rules and/or the terms of any Contract(s) awarded under this program may result in the Council requiring a total or partial refund of the awarded funds and may affect applicant's eligibility for future funding under this or other Council programs; and

(d) The applicant understands that the award of any contract(s) under this program is contingent upon the receipt of funding from the U.S. Department of Treasury or appropriation of funding by the Legislature of the State of Wyoming and assumes risk of any loss in submitting application(s) under this program.

(e) Any other certification required by the Wyoming Business Council.

History

• Effective 2022-11-02

1438 Business Ready Communities

Chapter 1 BRC General Provisions

Wyo. Code R. 085.0022.1.02272026 § 1 Purpose

The purpose of the Business Ready Community program is to promote economic development in order to grow resilient communities that can identify and solve barriers to economic growth through publicly owned infrastructure at the city, town, county, tribe and regional levels in order to improve economic health and a stronger state economy. Therefore, Business Ready Community will be known as and run under the name Building Resilient Communities (BRC). These rules are adopted in order to implement W.S. 9-12-601 through 9-12-603, which provide for the making of grants and loans to eligible applicants for economic development projects. The rules provide for a method of application, review and recommendation, the establishment of terms and conditions of awards, and a hearing process.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 2 Authority

Rulemaking for this program is the responsibility of the Wyoming Business Council, as authorized by W.S. 9-12-104(a)(iv) and W.S. 9-12-601.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 3 Definitions

(a) "Affixed equipment" means equipment that is fixed in position to a building or property as a permanent appendage or as a structural part of the building or property.

(b) "Agent of the Applicant" means an entity that an Applicant may contract with, and includes a Community Development Organization, State Development Organization, Downtown Development Authority, Urban Renewal Agency, or political subdivision.

(c) "Applicant" means a county, incorporated city or town, joint powers board, or a cooperative tribal governing body who applies for funding under the BRC.

(d) "Award recipient" means a county, incorporated city or town, joint powers board, or a cooperative tribal governing body who has been awarded funds under the BRC.

(e) "Barrier to growth" is a factor or factor(s) verified by data that limit a region from experiencing economic growth and contributing to a stronger state economy.

(f) "Block grant" means pre-approved funding offering a fixed amount of grant funding during a specific timeframe for a specific purpose, and typically smaller amounts.

(g) "Board" means the Wyoming State Loan and Investment Board.

(h) "Cash match" means cash contributed to the total eligible project cost. Real estate owned by the applicant or community development organization may be used as cash if the property in question was not purchased with or developed by BRC funds and the value of the real estate is supported by a certified appraisal or market analysis as determined by Council staff. Engineering and design work completed within six months of the date a project application is received by the Wyoming Business Council may also be counted as cash match at the discretion of the Council staff.

(i) "Committed business" means a business that is committed to start-up, expand, locate and/or retain jobs in the community. A project with a committed business must demonstrate that new primary jobs, at or above median wage and at the state industry average wage, will be created or retained by the committed business.

(j) "Community Development Organization" means a business entity organized to provide services as an agent of the Applicant for the exclusive mission of helping to develop and support economic development within a specified town, city, county or region by providing necessary resources and assistance.

(k) "Council" means the Wyoming Business Council Board of Directors.

(l) "Council staff" means the staff of the Wyoming Business Council assigned to administer the BRC.

(m) "Downtown Development Authority (DDA)" means a public entity established by a municipality to prevent the deterioration of property values or structures within central business districts under W.S. 15-9-201 through 15-9-223.

(n) "Economic development" means creating economic growth and a stronger state economy.

(o) "Eligible project costs" means total project costs, less ineligible project costs. Eligible project costs for infrastructure projects include affixed equipment and other permanent fixtures.

(p) "Gross Wages" means employee wages before taxes, but does not include employer match or employer-provided benefits.

(q) "Ineligible project costs" means project costs that are not eligible for BRC funding and include appliances, movable equipment, furnishings and other features of the facility which are not physically attached or otherwise are depreciating assets, and any other items identified by Council staff.

(r) "In-kind match" means a contribution with value and applicable to the period to which the matching requirement applies that is necessary for the project. Examples of in-kind contributions include labor, materials and real estate. In-kind contributions must be verifiable from the records showing how the value placed on in-kind contributions was derived. Labor services will be reported using rates consistent with those ordinarily paid by the Applicant or other employers for similar work in the same labor market. Donated materials will be valued at market value at the time of donation. The value of donated buildings or land will be established using a certified appraisal or market analysis as determined by Council staff.

(i) Ineligible in-kind match sources include operations, maintenance, grant writing, grant administration and other as determined by Council staff.

(ii) Real estate purchased with or developed through the use of BRC funds is ineligible for consideration as part of the minimum required match. Such real estate may be considered as part of the project's match once the minimum required match is met.

(s) "Managed Data Center" means a center that has a primary purpose as the centralized repository for storage, management and dissemination of data and information for multiple businesses. This definition does not include spaces primarily for housing office computers, including individual workstations, servers associated with workstations, or small server rooms.

(t) "Median Wage," as used in these Rules, is calculated as either the County Median Wage (if ninety percent (90%) or more of the project's expected employment is located in one county), or the State Median Wage (if less than ninety percent (90%) of the project's expected employment is located in one county). Additionally, the Median Wage of a project must also meet the State or National Average Wage for the industry from which employees will be hired, whichever is higher, to be considered "median wage."

(u) "Movable equipment" includes those items that are the functioning collection of machinery or devices for performing a mechanical, electrical or communications task that remain movable and not a structural part of the building and/or property.

(v) "Multi-year project" means a large-scale, stand-alone project that will be constructed over separate calendar years and which cannot be separated into smaller, independently operational phases.

(w) "Net revenue" means income generated by the lease or sale of a BRC-funded asset, less expenses associated with maintaining the asset. Deductible expenses must be paid by the owner and can include utility costs, insurance, property taxes, pest control, repairs, property association fees and property maintenance.

(x) "Non-recourse loan" is a loan that is secured by a pledge of collateral, typically real property. If the borrower defaults, the Council can seize collateral, but will not seek any further compensation from the borrower.

(y) "Phased projects" means a project in which parts (phases) are completed and fully functional before the entire project is built-out. Receipt of funding for a phased project does not guarantee additional funding for future phases.

(z) "Political subdivision" means a division of the state that exists primarily to discharge some function of local government.

(aa) "Primary jobs" are jobs created or retained by a business(es) that provide(s) goods and services that are primarily exported out of the state, that gain market share from imports to the state, that meet an unmet need in the market area and result in the creation of new wealth or economic development. An additional consideration will be given for full-time equivalent (FTE) positions with wages at/or above Median Wage.

(bb) "Revenue generating project" means real property developed with BRC funds that can generate revenue from lease payments or the proceeds from the sale of real property.

(cc) "State Development Organization" means a corporation organized under W.S. 17-11-101 through 17-11-120 with the authority to provide financing for new, existing or expanding businesses and to fulfill other economic or community development purposes throughout the state of Wyoming and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof.

(dd) "Urban Renewal Agency (URA)" means public entities established by municipalities to plan and implement urban renewal projects under W.S. 15-9-101 through 15-9-137.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 4 Eligible Applicants

(a) Eligible Applicants as defined by W.S. 9-12-601(b) may apply for BRC funding. Two or more eligible Applicants may apply for a joint project via one application.

(b) The Council may enter into a cooperative agreement with the Eastern Shoshone Tribe, the Northern Arapaho Tribe, or the cooperative tribal governing body in order to promote the purpose of this program.

(c) An Applicant may contract with a Community Development Organization, State Development Organization, Downtown Development Authority, Urban Renewal Agency, or political subdivision to use BRC funds.

(d) An otherwise eligible Applicant that is past due on program reporting or revenue recapture payments to the Council shall be deemed ineligible until the Applicant brings itself into full compliance with existing reporting and payment obligations to the Council.

(i) Noncompliant Applicants shall be highlighted on program annual reporting to the Wyoming Legislature.

(e) An otherwise eligible Applicant that is delinquent on any outstanding previous BRC debts shall be deemed ineligible until the delinquent debt payments are made current.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 5 Type of Projects

(a) An infrastructure project is a project that funds the construction of physical structures, rehabilitation of existing structures where eligible, and other public facilities that contribute to solving a barrier to growth with or without the involvement of a committed business. Applicants are encouraged to demonstrate how the proposed infrastructure project will improve overall conditions and advance economic development efforts.

(i) Upon a specific finding of extraordinary circumstances, the Council may recommend, and the Board may approve, a lower match amount and/or a lower recapture amount to the BRC account, provided that such an adjustment is consistent with the purpose of the BRC. The maximum grant and/or loan amount per project is the amount remaining in the BRC account at the time of application submittal.

(ii) The location of the infrastructure project must be within the jurisdictional bounds of the Applicant.

(b) A planning project is a project in which an Applicant develops a community strategic planning process and the resulting plan which contributes to addressing or identifying a barrier to growth or multiple barriers to growth. The maximum award is One Hundred Thousand dollars ($100,000). Specific examples of plans and strategic planning processes will be posted on the Wyoming Business Council website. Planning projects will be awarded through a block grant process. Council staff shall update Council and Board, at their next regularly scheduled meeting, on awarded block grants.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 6 Eligible Activities

(a) Grants for planning projects may only be used for the creation of the planning document(s). Funds may not be used for salary costs of the Applicant or local organizations (unless a new position is created for these purposes), travel costs for anyone other than the planning consultant(s) or reproduction of any promotional materials, and must address barriers to growth.

(b) Grant and loan funds for infrastructure projects may not be used for the rehabilitation or expansion of existing infrastructure unless existing infrastructure was previously funded under the BRC program in a prior phase of a phased project or the Council determines the rehabilitation or expansion is necessary to meet the purpose of the program.

(c) Grant and loan funds may not be used for salaries, wages, or contracts during the grant writing stage.

(d) Eligible projects shall clearly demonstrate how the outcome for each project will result in economic growth.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 7 Ownership of Infrastructure

(a) The infrastructure funded by this program shall be owned by the Applicant or an Agent of the Applicant.

(b) Unless the project is owned by the Applicant, there shall be binding documentation signed by the owner of the project providing that, in the event of dissolution of the owner, the BRC-funded infrastructure shall revert to the sponsoring Applicant or a related city, town, county, joint powers board or tribe acting as agent of the Applicant. This requirement may be satisfied by either specific language within articles of incorporation or a filing of the real estate record with the county of record.

(c) The infrastructure or facility constructed using BRC funds may be sold to a private entity without advertising the sale or calling for bids, provided that the award recipient:

(i) Makes a determination that the sale will benefit the economic development goals and assist in achieving growth milestones of the community, and

(ii) Holds the sale in accordance with W.S. 15-1-112(b) and any other applicable statute.

(d) If the owner of any infrastructure or facility built with BRC funds sells the infrastructure or facility to a private entity prior to the end of the project reporting requirements, the new owner shall fulfill the requirements of the grant agreement.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 8 Revenue Generating Projects

(a) Net revenue generated by the Applicant or an owner described in Section 7 of this Chapter must be recaptured at a negotiated rate commensurate with the Applicant's co-investment. Revenue recapture requirements may be satisfied via revenue recapture payments unless otherwise prohibited by applicable statutes, rules, or regulations. All funds recaptured at the local level shall be placed in a segregated economic development account or separate line item within a budget.

(b) Revenue recaptured to the BRC fund must be no less than twenty-five percent (25%) of net revenue generated and up to one hundred percent (100%).

(c) Revenue paid to the BRC fund shall not exceed double the original grant amount of the project.

(d) No more than fifty percent (50%) of local recapture may be used for operational expenses, majority for personnel expenses, of the Applicant or the Agent of the Applicant and must be matched dollar-for-dollar by local funds. Not less than twenty-five percent (25%) of local recapture shall be used for the next revenue generating project. The Council staff may, at its expense, conduct an audit of records of the Applicant or Agent for the Applicant.

(e) Revenue recapture must be repaid to the BRC fund annually or according to a schedule agreeable to Council staff.

(f) A property recording shall be filed on the property by the Applicant at the time of grant and/or loan agreement execution.

(g) Revenue generating projects may incur a servicing fee due and owing to the Council, as set by the Council's servicing agent.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 9 Projects Involving a Private Developer

(a) Projects involving a private developer shall demonstrate that economic impact exists by showing that the expected benefit to the State is at least as great as the BRC assistance. The analysis of whether economic impact exists may include whether the private developer is providing a match with its own funds, has secured a match with other non-state funds, and any capital expenditures the private developer intends to make connected to the project. Such projects shall include the repayment of BRC funds as described in Section 8 and meet at least one of the following three criteria:

(i) Direct, permanent jobs created as a result of the project;

(ii) Projected tax benefits; or

(iii) Donation of real estate that is not otherwise necessary for the project to the Applicant or an Agent of the Applicant. The value of all real estate donations must be verified by a certified appraisal or market analysis as determined by Council staff.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 10 Local Public Hearing and Approval

(a) An Applicant is required to inform and educate the public and business community about the proposed economic development project to the greatest extent possible. This includes, but is not limited to, the following actions:

(i) Website Accessibility: The Applicant must make the application and all associated materials available on its official website. These materials must be easily accessible and prominently announced on the hompage.

(ii) Social Media Outreach: The Applicant shall use existing social media platforms (e.g. Facebook, Instagram, X, Threads, Nextdoor, YouTube) to announce the project and direct residents to the website for more information.

(iii) Confidential Information: Business plans or proprietary financial information that is protected under open records laws must be redacted prior to public distribution.

(b) The Applicant must conduct at least one (1) public hearing prior to submitting the application, subject to the following requirements:

(i) Public Notice: Notice of the hearing must be published at least ten (10) days in advance of an approved public medium and published in an official medium such as local newspapers, public fora, local governmental social media pages or another venue as approved by Council staff. The notice shall contain a concise description of the proposed project and state that time will be set aside at the public hearing to take testimony from citizens about the project.

(ii) To inform the public and gather information, any public hearing shall at a minimum:

(A) Highlight the identified barrier to growth;

(B) Identify the economic development opportunity or opportunities;

(C) Explore all known possible funding sources and alternative solutions to the opportunity or opportunities;

(D) Be advertised with a comprehensive description of the proposed project; and

(E) Solicit testimony from citizens who may feel that the proposed project might compete with an existing business; and

(c) The Applicant shall conduct specific outreach to any affected industry or industries and any competitors within that industry. The Applicant must document all outreach efforts, including a record of any verbal or written comments received from those businesses.

(i) An Applicant must use its best efforts to notify all providers of similar services in the market area about the public hearing at least ten (10) days in advance of the public hearing.

(d) Each application must include a detailed description of the Applicant's public engagement process, along with the following supporting documentation:

(i) All written comments received from the public;

(ii) Proof of public hearing notification;

(iii) Official minutes from the public hearing; and

(iv) A signed resolution adopted by the Applicant, or all participating agencies to a joint powers board. This resolution must be passed after the public hearing has been held and public comments have been considered.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 11 Application Procedures

(a) The Applicant must schedule a consultation with a Wyoming Business Council Regional Director to discuss the project at least one month prior to project submission.

(i) Final draft applications and final draft application materials must be provided to the Regional Director no less than two weeks prior to submission.

(b) Each application shall be reviewed by the Council staff to determine eligibility and completeness.

(i) Council staff shall utilize a scoring matrix to evaluate a grant and/or loan application.

(ii) Each Applicant shall submit the required application form and any supplemental documentation required by Council staff. Each application shall address the barrier(s) to growth and evidence shall be provided to Council staff at time of submittal.

(iii) An Applicant shall demonstrate satisfactory performance under previous grants and/or loans awarded through this program.

(c) Incomplete or ineligible applications will be sent back to the Applicant for resubmittal at the next eligible application cycle. If Council staff determine that an application is incomplete or ineligible, the Applicant shall be provided an explanation of the Council staff's findings and recommendations.

(d) The Council staff shall provide statewide notice of Council and Board meetings at which BRC applications will be discussed.

(e) The Applicant, except in the case of planning applications, shall provide the Council staff and Council with a summary document and presentation of each application and present it at all required public meetings, including those of the Board.

(i) The Council staff shall provide the Council with an analysis and recommendation as to that application.

(ii) Approval of planning applications through the Block Grant process shall be determined by Council staff in accordance with the terms of any Block Grant amount previously approved by the Council and the Board.

(f) The Council shall perform a roll-call vote on all BRC projects.

(g) The Applicant, except in the case of planning applications, shall provide the Board with a summary document and presentation of each application and present it at all required public meetings, including those of the Board. The Council staff shall provide the Board with an analysis and recommendation as to that application.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 12 Allocation Plan and Funding Cycles

(a) Applications shall be accepted according to a schedule posted on the Wyoming Business Council website.

(i) Applications involving a committed business shall be accepted no later than seven (7) weeks prior to the next Council meeting.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 13 Grant Match Requirements

(a) The total required match is based on total eligible project costs.

(b) Half of the required match must be cash sources.

(c) BRC loans do not require a match.

(d) Fifty percent (50%) of a BRC loan may be used to satisfy the grant match requirement.

(e) A grant for a BRC project shall require a minimum match of twenty-five percent (25%) of total eligible project activities.

(i) Funds derived through, personal property and fixtures purchased with, and real property, real property improvements, and infrastructure constructed as part of prior BRC projects are ineligible to be considered as part of the minimum required match. Such funds, personal property, fixtures, real property, real property improvements, and infrastructure may be considered as part of the project's match once the minimum required match is met.

(f) For applications involving a committed business, the committed business must contribute to the project in at least one of the following ways:

(i) Contribute to the eligible cash match;

(ii) Contribute to the ineligible project costs; or

(iii) Contribute other investments into the project.

(g) BRC grants shall pay no more than twenty-five percent (25%) of pre-construction costs including engineering, design and others as determined by Council staff.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 14 Fund Disbursement, Project Monitoring, Performance Measures and Revenue Recapture Reporting

(a) Procurement Standards. Applicants must follow state procurement regulations for cities and towns and the Wyoming Preference Act. If a non-municipal Applicant has a procurement policy, Council staff or qualified consultants reserve the right to review that policy prior to fund disbursements and to disburse funds in accordance with that policy to the extent it is consistent with State law.

(b) Fund Disbursement.

(i) Funds shall be disbursed to the Applicant only as needed to discharge obligations incurred in accordance with Board-approved eligible project costs, or Council staff-approved eligible project costs for planning projects. Requests for disbursement shall be made via the online grant management system, access to which shall be provided by Council staff. Requests for fund disbursement must be supported by adequate proof that such an obligation has been incurred for the project purpose and is due and owing.

(ii) In the event Applicant has applied for a BRC Loan and a Grant in conjunction with the same project, Grant funds provided through the BRC shall not be disbursed until Applicant has demonstrated, to the satisfaction of Council staff, that eighty percent (80%) of the loan funds associated with the project have been expended. The Applicant shall provide Council staff with appropriate documentation and evidence of Loan fund utilization prior to the release of any Grant funds.

(iii) The progress reports, as defined in Section 14(d) of this Chapter, must be up to date prior to approval of a request for fund disbursement.

(c) Fund Reversion.

(i) If the Council staff determines that a project has not been completed within a reasonable time, Council staff shall notify the Applicant in writing at least thirty (30) days prior to presenting the matter for Council review.

(ii) If the Council staff determines that the project is complete, but the full amount of the grant or loan has not been expended, Council staff shall notify the award recipient of this determination. Thirty (30) days following the notification, the unused portion of the grant or loan shall revert to the BRC account.

(iii) For projects that have not been started within one (1) year: Council staff shall notify an award recipient of a pending expiration prior to the one-year anniversary of the grant/loan approval. The award recipient may submit a written request to continue the project. Council staff may request new or updated information and documentation. Council staff may recommend and the Council may grant an extension of time in which to start or terminate the project.

(iv) For projects with contingencies, Applicant must provide a quarterly update on the status of any project contingency. The award recipient has the option to submit a new application or may request an extension or modification of the contingency terms through the Council staff. Council staff may recommend and the Council may grant an extension of time or grant a modification to the contingency terms.

(d) Construction Monitoring.

(i) Reports. Within fifteen (15) calendar days of the conclusion of each calendar quarter during the term of the award contract, the Applicant shall provide Council staff with a progress report. Each progress report shall set forth, in narrative form with necessary evidence, the work accomplished under the grant, loan, or grant and loan during the quarter and shall include a financial status report.

(ii) Audits and inspections. The Council staff may, at its expense, conduct an audit of the records of the Applicant and/or Agent of the Applicant and inspect the construction and operation of the project.

(iii) At the end of the construction period, the Applicant shall provide Council staff a comprehensive report of the project and a cumulative financial statement that reflects the total fund expenditure pursuant to the award contract.

(e) Council staff may require award recipients to report to Council staff in-person or virtually at Council staff's request.

(f) Project Evaluation.

(i) Reports. Once the construction period is complete, the Applicant shall submit annual reports for an additional minimum five (5) years to evaluate project outcomes against established measures on an annual basis, as well as an assessment on progress on addressing barriers to growth, bringing quantitative and qualitative data to back the analysis. Projects involving a loan and/or revenue recapture shall report to Council staff until the loan and/or revenue recapture requirements have been met. The Board may approve a longer reporting period on a finding that a longer reporting period would be beneficial to the State for the project. Council staff shall tailor reporting items to the specific nature of each grant or loan, in agreements between the Council and award recipient. This requirement shall apply to any subsequent owner of the infrastructure or building constructed with BRC funds.

(ii) Evaluation results. The Council shall use the evaluation report information to measure program outcomes, to promote learning from experience to improve program performance and support efforts to address barriers to growth. Evaluation results shall be made publicly available.

(iii) Project outcomes reported shall be substantiated by the Applicant with a combination of quantitative and qualitative evidence.

(iv) At the end of the reporting requirement or at the sale of the public asset (if applicable), the award recipient shall provide a comprehensive report to the Council staff in a format prescribed by the Council staff that is a cumulative financial and performance report of the project. This report shall, at a minimum, include:

(A) A detailed accounting of project expenditures that were paid for with BRC grant and/or loan funds;

(B) The match contributed and the source of the match monies;

(C) Recapture revenue(s) received, including an accounting of how recaptured revenues were or will be used, how recaptured revenue use complies with the rules of the BRC program and the project grant/loan agreement; and

(D) The accomplishments that resulted from the grant and/or loan, with a combination of quantitative and qualitative evidence. An authorized official of the award recipient shall certify, under penalty of false swearing, that the information in the report is true.

(v) The Council staff reserves the right to require the award recipient to request a BRC project audit be conducted by the director of the Department of Audit or his designee. The award recipient shall be responsible to pay the cost of this audit.

(vi) Record retention. Award recipients shall agree to retain all records related to the project for five (5) years following the Council staff's date of notice to award recipient of closeout of the grant.

(f) Council staff may require award recipients to report to Council staff, Council or Board in-person or virtually at Council staff's request.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 15 Public Comments on Applications Submitted and Under Board Consideration for Funding Recommendations

(a) Comments regarding any application submitted under this program may be offered by any interested party.

(b) Written comments shall be received by the Council staff no less than fourteen (14) calendar days prior to the public meeting at which the application is to be considered by the Council and:

(i) May be submitted using an online form to be prescribed by the Council staff;

(ii) May be submitted by email to the wbc.public-comment@wyo.gov; or

(iii) May be submitted by mail or courier service as follows:

Wyoming Business Council

Attn: Public Comment

214 West 15th Street

Cheyenne, WY 82002

(c) Written comments submitted by any means other than those set forth in Subsection 15(b) of this Chapter shall not be considered.

(d) Prior to taking action on any application, the Council may accept oral comments during public session from any interested party. In accordance with W.S. 16-4-403(b), any party wishing to offer oral comments shall notify the Council as set forth below. Such notification shall include:

(i) The first and last name of the person offering comment;

(ii) The affiliation(s) of the person offering comment; and

(iii) If applicable for commenters participating virtually, the unique identifier (such as screen name or user name) of the person offering comment such that the Council can identify the person offering comment and enable them to speak.

(e) Notwithstanding Subsection 15(d) of this Chapter, the Council reserves its right to forego public comments during any meeting of the Council or to otherwise impose reasonable limitations, such as limitations on comment length, on any comment period.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.1.02272026 § 16 Attorney General Opinions

No project involving a committed business or loan shall be made without the written opinion of the Attorney General as to the legality of the project.

History

• Effective 2026-02-27

Chapter 2 BRC Loan Information

Wyo. Code R. 085.0022.2.02272026 § 1 Authority

Rulemaking for this program is the responsibility of the Wyoming Business Council as authorized by W.S. 9-12-104(a)(iv) and W.S. 9-12- 601.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 2 General Policy

A Building Resilient Communities (BRC) loan may be made to fund all or a portion of any project that is an eligible activity. A BRC loan may be used in conjunction with a BRC grant. In no event shall a loan be made to pay off or refinance existing debt.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 3 Application Submittal Requirements

(a) In addition to the application requirements in Chapter 1, the following items are required for loan applications:

(i) A copy of the signed resolution of support from the Applicant or the member agencies if the Applicant is a joint powers board that includes source of repayment of the loan and the proposed security for the loan;

(ii) If applicable, documentation of any environmental remediation or review requirements to be undertaken or that have been or will be undertaken at the expense of the Applicant. Council staff shall determine the level of environmental review required and, if after consultation with the Attorney General's Office, Council staff determine that further review or remediation is required, the Applicant shall undertake that review or remediation at its own expense;

(iii) If applicable, a determination whether the real property is subject to federal flood regulations. An Applicant must include a federal floodplain map and identify the location of proposed collateral. If necessary, flood and hazard insurance will be required at the expense of the Applicant;

(iv) If applicable, an Applicant shall include guarantees, letters of credit and any other proposed security for the loan;

(v) A letter from the Applicant's attorney addressing the following in detail:

(A) The Applicant's authority to enter into the loan;

(B) The Applicant's current indebtedness and borrowing capacity;

(C) Whether or not the loan will require an election;

(D) The proposed method of repayment and identified revenue sources for that repayment; and

(E) An affirmation that the Wyoming State Constitution debt provisions and all other applicable statutory duties of the Applicant shall be followed.

(vi) In order for the Council to determine the ability of the Applicant to repay a loan and to aid the Applicant's attorney in evaluating the legality of the proposed indebtedness, each Applicant shall provide:

(A) An annual budget for the preceding and current fiscal years; and

(B) A completed financial statement provided on a "General Financial Information" form provided by the Council staff, that includes, but is not limited to the following information:

(I) Assessed valuation for the current and two (2) preceding fiscal years;

(II) Total bonded and non-bonded indebtedness, including outstanding principal balance, interest rate and remaining term;

(III) Total mills levied within the jurisdiction of the Applicant for the current and two (2) preceding years, and a breakdown of the mill levy for the current fiscal year;

(IV) Sales and use tax imposed within the jurisdiction of the Applicant; and

(V) A summary of the Applicant's total investments and cash balances for the three (3) preceding fiscal years.

(vii) Council staff may require additional information in accordance with Council loan policies.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 4 Interest Rate and Term

(a) A BRC Loan shall be made at the following interest rates as recommended by the Council and established by the Board and reflective of market rates.

(i) A floor of zero percent (0%) for non-revenue generating projects.

(ii) A floor of one percent (1%) for revenue generating projects.

(iii) Loans shall have a one-time servicing fee of standard rates and will be serviced through a third-party contract.

(iv) Fees such as origination, documentation, filing appraisal and any additional fees will be paid by the Applicant.

(v) The term of the loan shall be based upon the useful life of the asset not to exceed thirty (30) years.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 5 Security Interest

(a) A loan shall be adequately collateralized as recommended by the Council and determined by the Board. The Council may recommend, and the Board may require a first position security interest in the revenue generating facility and the related user fees or assessments. Other security may be required as determined by the Council and approved by the Board. A borrower shall be required to maintain adequate insurance on the proposed infrastructure, pay applicable taxes and assessments when due and maintain the infrastructure in good condition. An Applicant shall be required to provide a complete appraisal of the collateral. The Council reserves the right to review and accept the appraisal or to hire a third party to perform an appraisal at the cost of the Applicant. An appraisal may be waived in the event Council staff determine the project has sufficient equity coverage without considering the value of the collateral.

(b) Loans may be made as non-recourse loans. If the borrower defaults, the Council may seize collateral in line with the terms of the loan agreement, but shall not seek any further compensation from the borrower except as contemplated in the loan agreement.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 6 Election Determination

No funds shall be disbursed to an Applicant unless the Applicant provides proof that an election approving the project and borrowing for the project by the qualified electors of the borrowing entity has occurred or is not required by law.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 7 Loan Evaluation

(a) In addition to Application Evaluation criteria in Chapter 1, Council staff shall evaluate a loan application utilizing the following criteria:

(i) Whether the user fees or assessments generated by the project will be sufficient so that the loan may be considered a reasonable and prudent investment of state funds; and

(ii) If applicable, whether the Applicant is current on repayment obligations to the BRC account or other state loan accounts on any other existing loans.

(b) An otherwise eligible Applicant that is delinquent on previous debt payments will be deemed ineligible for a new loan or future project until the Applicant is made current on outstanding debt payments.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 8 Council Consideration

The Council shall consider each application; allow for comments from the public, the Applicant and the Council staff; and refer to the Board a recommendation including the amount of the loan, the term of the loan and the type of security required to secure the loan.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 9 Subordination

Applicant agrees that a BRC Loan shall not be subordinate or junior in right of payment or security interest to any other indebtedness, whether now existing or hereafter incurred, without the prior written consent of the Council. Any attempt to subordinate the BRC Loan without such consent shall be null and void and may be considered as a default under Section 5(b) of this Chapter.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.2.02272026 § 10 Disbursement of Loan Proceeds

Funds shall be disbursed to the Applicant as described in Chapter 1, Section 14(b) of these Rules.

History

• Effective 2026-02-27

Chapter 3 Managed Data Center Cost Reduction Funding

Wyo. Code R. 085.0022.3.02272026 § 1 Authority

Rulemaking for this program is the responsibility of the Wyoming Business Council as authorized by W.S. 9-12-104(a)(iv) and W.S. 9-12- 601.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.3.02272026 § 2 Maximum Amount and Match

(a) The maximum grant amount for a Managed Data Center Cost Reduction project is two million two hundred fifty thousand ($2,250,000). The grant amount shall be determined by the committed business's match amount.

(b) The grant shall require a minimum private investment match that is at least one hundred twenty-five percent (125%) greater than the "Managed Data Center Cost Reduction" grant. No less than fifty percent (50%) of the match shall be calculated by the Gross Wages of those employees earning one hundred fifty percent (150%) of the median wage for all occupations in all industries within the county in which the project will take place and are at the state industry average wage. No more than fifty percent (50%) of the match shall be calculated by the private capital investments in taxable items. The following table shows three (3) examples of grant amounts and the required match. The match can be realized up to five (5) years.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.3.02272026 § 3 Eligible Project Activities

(a) Grants for Managed Data Center Cost Reduction projects may be used for the reduction of the costs of electrical power, broadband or both for Managed Data Centers.

(b) The employees and those employees' gross wages, as defined in Chapter 1, Section 3, must be created positions.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.3.02272026 § 4 Fund Disbursement, Project Monitoring and Project Evaluation

(a) Managed Data Center Cost Reduction projects are subject to all requirements listed in Chapter 1, Section 14 and the following:

(i) Funds shall only be disbursed for committed businesses that are in operation in the jurisdiction of the Applicant. Funds may be disbursed over five (5) years if the committed business achieves the match requirement. Annual grant disbursements may total no more than one-third (1/3) the total amount in addition to the unused balance available from previous grant years.

(ii) If the Council staff determines that a committed business participating in a Managed Data Center Cost Reduction project does not begin or ceases operating within one (1) year from the time the grant is approved, the grant will automatically expire. Based on information supplied by the award recipient, Council staff may grant an extension of time in which the committed business must start operations.

(iii) If the Council staff determines that five (5) years has elapsed since the commencement of operations of a committed business participating in a Managed Data Center Cost Reduction project and the match requirement has not been met, then the full or partial amount of grant awarded to the Applicant may revert to the BRC account.

History

• Effective 2026-02-27

Wyo. Code R. 085.0022.3.02272026 § 5 Application Procedures

(a) Each Applicant under this Chapter shall follow the application requirements in Chapter 1.

(b) In addition to other requirements listed for a development agreement in Chapter 1, the following shall be included:

(i) A written agreement that the business will repay all grant funds expended at a reasonable rate of return as negotiated with the Applicant and approved by the Council if the business relocates from the political subdivision within five (5) years from first receiving funds;

(ii) A written agreement that the business will repay all grant funds expended at a reasonable rate of return as negotiated with the Applicant and approved by the Council if the business does not meet its match requirements within five (5) years from first receiving funds;

(iii) An understanding of the required match and job creation requirements;

(iv) The terms of the fund disbursements and a statement of which utility costs will be reduced using the grant funds and in what amount;

(v) A written timeline for the business to become operational and a signed commitment to meet the milestones within that timeline;

(vi) A written offer by the business and an acceptance or rejection by the Applicant to provide a stated amount of information technology storage services to the Applicant at a price discounted from the fair market value of the services; and

(vii) If applicable, a signed lease agreement or memorandum committing the Applicant and business to follow the terms of lease agreement.

(c) Council staff shall utilize a scoring matrix to evaluate an application.

(d) At the Applicant's expense, Council staff may request a disinterested third party review the Applicant's business plan or examine other aspects of an application made under this Chapter. Selection of the disinterested third party is at the sole discretion of Council staff.

History

• Effective 2026-02-27

1429 Community Facilities Grant Program

Chapter 1 General Provisions

Wyo. Code R. 085.0020.1.02122025 § 1 Purpose

The purpose of the Community Facilities Program (CFP) is to assist communities to preserve former school and government facilities that have existing or future community uses. These rules are adopted in order to implement W.S. 9-12-801 through 9-12-804, which provide for grants to eligible applicants for community economic development or enhancement of quality of life community facility projects. The rules provide for a method of application review, recommendation, the establishment of terms and conditions for awards and a hearing process.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 2 Authority

Rule‑making for this program is the responsibility of the Wyoming Business Council as authorized by W.S. 9-12-104(a)(iv) and W.S. 9-12-801 through W.S. 9-12-804.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 3 Definitions

(a) "Affixed equipment" means equipment that is fixed in position to a building or property as a permanent appendage or as a structural part of the building or property.

(b) "Applicant" means a county, incorporated city or town, joint powers board, or a cooperative tribal governing body who applies for funding under the Community Facilities Program (CFP).

(c) "Award recipient" means a county, incorporated city or town, joint powers board, or a cooperative tribal governing body who has been awarded funds under the CFP.

(d) "Board" means the Wyoming State Loan and Investment Board.

(e) "Cash match" means cash contributed to the total eligible project cost. Real estate owned by the applicant or community development organization may be used as cash if the property in question was not purchased with or developed by CFR funds and the value of the real estate is supported by an appraisal. Engineering and design work completed within six months of the date a project application is received by the Wyoming Business Council may be counted as cash match.

(f) "Community Development Organization" means a group of private citizens organized as a business entity authorized to do business in this state for the purpose of providing financing for new, existing or expanding businesses and other economic or community development purposes throughout its community or county and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof.

(g) "Council" means the Wyoming Business Council Board of Directors.

(h) "Council Staff" means the staff of the Wyoming Business Council assigned to administer the program.

(i) "Eligible Project Costs" means total project cost, less ineligible project costs. Eligible project costs must be related to either 1) the expansion, renovation or remodeling of a surplus government facility and/or associated infrastructure or 2) expansion, renovation, conversion or purchase of an interest in a local enhancement to a school building or facility and/or associated infrastructure.

(j) "Ineligible Project Costs" are fixtures, appliances, equipment or other features of the facility which are not physically attached or otherwise are depreciating assets, and any other items identified by Council staff.

(k) "In-kind match" are contributions with value and must be applicable to the period to which the matching requirement applies and must be necessary for the project. Examples of in-kind contributions include labor, materials and real estate. In-kind contributions must be verifiable from the records showing how the value placed on in-kind contributions was derived. Labor services will be reported using rates consistent with those ordinarily paid by the applicant or other employers for similar work in the same labor market. Donated materials will be valued at market value at the time of donation. The value of donated buildings or land will be established using a market value or appraisal set by an independent appraiser or a market analysis prepared by a licensed realtor.

(l) "Local Enhancement to a School Building and Facility" as defined by W.S. 21-15-111(iii).

(m) "Movable equipment" includes those items that are the functioning collection of machinery or devices for performing a mechanical, electrical or communications task that remain movable and not a structural part of the building and/or property.

(n) "Revenue Generating project" means real property developed with CFP grants that can generate revenue from lease payments or the proceeds from the sale of real property.

(o) "State Development Organization" means a corporation organized under W.S. 17-11-101 through 17-11-120 with the authority to provide financing for new, existing or expanding businesses, and to fulfill other economic or community development purposes throughout the State of Wyoming, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 4 Eligible Applicants

(a) Eligible applicants as defined by W.S. 9-12-801(c) may apply for CFP funding. Two or more eligible applicants may apply for a joint project via one application.

(b) The Council may enter into a cooperative agreement with the Eastern Shoshone Tribe, the Northern Arapaho Tribe, or the cooperative tribal governing body in order to promote the purpose of this program.

(c) An applicant may contract with a Community Development Organization, State Development Organization or political subdivision to use CFP funds.

(d) An otherwise eligible applicant that is past due on program reporting or revenue recapture payments to the Council shall be deemed ineligible until the applicant brings itself into full compliance with existing reporting and payment obligations to the Council.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 5 Project Type

(a) A grant may be made for the following types of project facilities:

(i) The expansion, renovation or remodeling of existing surplus government facilities.

(ii) The expansion, renovation, conversion, or purchase of an interest in a local enhancement to a school building or facility.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 6 Eligible Project Uses

Grant funds may be used for economic development and enhancement of quality of life community facilities projects that provide:

(a) Space for community gatherings and functions;

(b) Appropriate recreational, swimming, and athletic facilities for community members, particularly youth;

(c) Other functions or uses determined by the Council to be consistent with the purposes of the CFP.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 7 Ownership of Facility

The project facility funded by this program shall be owned by the applicant or an eligible Community Development Organization or State Development Organization as defined in Section 3 of this Chapter for a minimum of four years. The applicant may lease, sell, transfer or otherwise dispose of the project facility as provided by statute. No ownership interest in the project or facility under a project shall remain with the school district upon expenditure of any funds under this program for any project.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 8 School District Agreement

In the event the project facility involves a school district, such as a local enhancement to a school building or facility, or other school district involvement, an agreement between the applicant and the school district shall be developed that delineates the responsibilities of each party.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 9 Required Public Hearing Procedures and Resolution of Support

(a) An applicant is required to inform and educate the public and business community to the greatest extent possible about the proposed economic development project (including, but not limited to the economic development opportunity, possible funding sources, and alternative solutions) utilizing a variety of techniques and media. The applicant must make readily available to the public access to the application and associated materials, exclusive of business plans or business financial information. An applicant shall actively solicit citizen input that can be submitted via writing, electronically or in person at a public hearing. A minimum of one (1) public hearing is required before submission of an application. For the purposes of this program, seven (7) days is the minimum period for notification of a hearing date. Public notice shall be published in an official medium such as local newspapers, public fora, local governmental social media pages, or another venue as approved by Council staff. If the project facility is to be located outside the geographical boundaries of the applicant, the applicant shall hold an additional public hearing near the location of the proposed project facility. The notice shall contain a concise description of the proposed project and state that time will be set aside at the public hearing to take testimony from citizens about the project.

(i) To inform the public and gather information, any public hearing shall at a minimum:

(A) Be advertised with a concise description of the proposed project facility;

(B) Explore all known possible funding sources and alternative solutions to the opportunity or opportunities;

(C) Ensure that comments are actively being solicited and time will be set-aside at the public hearing to take testimony from citizens who may feel that the proposed use of the project facility might compete with an existing business or governmental organization pursuant.

(ii) An applicant must use its best efforts to notify all providers of similar services in the market area about the public hearing at least seven (7) days in advance of the public hearing.

(b) An application must be accompanied by a description of the applicant's public engagement process, written comments received by the applicant, evidence of the public hearing notification, minutes from the public hearing and a signed resolution passed by the applicant or participating agencies to a joint powers board after the public hearing is held and public comments are considered.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 10 Funding Cycles

Applications shall be accepted according to an annual deadline schedule posted on the Wyoming Business Council website.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 11 Application Procedures

(a) The applicant shall schedule a consultation with a Wyoming Business Council Regional Director to discuss the project at least one month prior to project submission.

(i) Final draft applications and final draft application materials must be provided to the Regional Director no less than two weeks prior to submission.

(b) An application shall be reviewed by the Council staff to determine eligibility and completeness.

(i) Council staff shall utilize a scoring matrix to evaluate a grant application.

(ii) Each applicant shall submit the required application form and any supplemental documentation required by Council Staff.

(c) Incomplete or ineligible applications will be sent back to the applicant with an explanation of the Council staff's findings and recommendations.

(d) Council Staff shall provide statewide notice of Council and Board meetings at which CFP applications will be discussed.

(e) Council Staff shall provide the Council with a summary of each application and a recommendation as to that application.

(f) Council Staff shall provide the Board with a summary of each application including the Council's recommendation.

(g) Council Staff may, at its expense, hire a qualified third party to verify project cost estimates and the structural stability of the project facility. In addition, the Council Staff may, at its expense, hire a qualified third party to determine if any environmental hazards exists and to determine the condition of the facility or building components such as the plumbing, electrical, roof and mechanical systems.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 12 Demonstration of Need

To qualify for a grant, an applicant shall demonstrate:

(a) A commitment by the applicant to adequately maintain and ensure the project facility for which the grant is requested for at least four (4) years.

(b) A partnership or other working arrangement or agreement with other local governmental entities to ensure the viability of the project facility for at least four (4) years.

(c) The project facility is not otherwise provided in the community or that such a facility exists except that the financing of that facility has not been paid in full.

(d) The project facility will not compete with existing governmental organizations or businesses.

(e) The relationship of the project facility to a community economic development plan or to the enhancement of quality of life in the community.

(f) That all project costs will be funded at the time of receipt of a grant under this article with funding sources specified within the project application.

(g) The availability of funds sufficient to maintain the project facility. The grant application shall clearly identify maintenance funding sources sufficient to cover maintenance costs for a period of at least four (4) years.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 13 Grant Match Requirements

(a) The total required match is based on total eligible project costs.

(b) Category One applicants require a twenty percent (20%) match, and Category Two applicants require a ten percent (10%) match.

(c) Half of the required match must be in the form of cash. The remaining fifty percent (50%) can be in the form of in-kind matches, subject to the following conditions:

(i) Eligible in-kind sources of match funds include real or personal property, building(s) and other sources as determined by Council staff.

(ii) Ineligible in-kind sources of match funds include operations, maintenance, grant writing, grant administration and other as determined by Council staff.

(d) Applicants for all projects are categorized based on population and local government share of state sales and use tax per capita. Categories determine the required match. Sales and use tax figures are updated annually by the Wyoming Department of Revenue and population figures are updated every five years by the U.S. Census Bureau. Sales and use tax figures used for category determinations will be an average of the three most recent years' data available. A schedule of categories will be regularly updated and posted on the Wyoming Business Council website.

(i) Category One applicants are those municipalities with a population greater than 1,300.

(ii) Category Two applicants are those municipalities with a population under 1,300 or are located in a county where the three-year average of the local government share of state sales and use tax per capita is less than seventy percent (70%) of the statewide average.

(iii) In the event the applicant is a joint powers board, the project's location will determine its categorization.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 14 Fund Disbursement, Project Monitoring, Performance Measures and Revenue Recapture Reporting

(a) Procurement Standards. Applicants must follow state procurement regulations applicable to cities and towns and the Wyoming Preference Act. If a non-municipal applicant has a procurement policy, Council staff or qualified consultants reserve the right to review that policy prior to fund disbursements and to disburse funds in accordance with that policy to the extent it is consistent with State law.

(b) Funds Disbursement. Funds shall be disbursed to the applicant only as needed to discharge obligations incurred in accordance with Board-approved eligible project costs. Request for disbursement shall be made via the online grant management system, access to which shall be provided by Council staff. Requests for fund disbursement must be supported by adequate proof that such an obligation has been incurred for the project purpose and is due and owing.

(c) Funds Reversion.

(i) If the Council staff determines that a project has not been completed within a reasonable time, Council staff shall notify the applicant in writing at least thirty (30) days prior to presenting the matter for Council review.

(ii) If the Council staff determines that the project is complete, but the full amount of the grant has not been expended, Council staff shall notify the award recipient of this determination. Thirty (30) days following the notification, the unused portion of the grant shall revert to the CFP Fund.

(iii) For projects that have not been started within one year: Council staff shall notify an award recipient of a pending expiration prior to the one-year anniversary of the grant approval. The award recipient may submit a written request to continue the project. Council staff may request new or updated information and documentation. Council staff may recommend and the Council may grant an extension of time in which to start or terminate the project.

(iv) For projects with contingencies, applicant must provide a quarterly update on the status of any project contingency. The award recipient has the option to submit a new application or may request an extension or modification of the contingency terms through the Council staff. Council staff may recommend and the Council may grant an extension of time or grant a modification to the contingency terms.

(d) Construction Monitoring.

(i) Reports. Within fifteen (15) calendar days of the conclusion of each calendar quarter during the term of the award contract, the applicant shall provide Council staff with a progress report. Each progress report shall set forth, in narrative form, the work accomplished under the grant during the quarter and shall include a financial status report.

(ii) Audits and inspections. The Council staff may, at its expense, conduct an audit of the records of the applicant and inspect the construction and operation of the project.

(iii) At the end of the construction period, the applicant shall provide Council staff a comprehensive report of the project and a cumulative financial statement that reflects the total fund expenditure pursuant to the award contract.

(e) Project Evaluation.

(i) Reports. Once the construction period is complete, the applicant shall submit annual reports for an additional five years to evaluate project outcomes against established measures on an annual basis. The Board may approve a longer reporting period on a finding that a longer reporting period would be beneficial to the State for the project. Council staff shall tailor reports to the specific nature of each grant, in agreements between the Council and award recipient. This requirement shall transfer with the transfer of any ownership interest in the infrastructure or building constructed with CFP funds.

(ii) Evaluation results. The Council shall use the evaluation report information to measure program outcomes, to promote learning from experience and to improve program performance. Evaluation results shall be available to other award recipients.

(iii) Project outcomes reported shall be substantiated by the applicant.

(iv) At the end of the five-year reporting requirement and/or at the sale of the public asset (if applicable), the award recipient shall provide a comprehensive report to the Council staff in a format prescribed by the Council staff that is a cumulative financial and performance report of the project. This report shall, at a minimum, include:

(A) A detailed accounting of project expenditures that were paid for with CFP grant funds;

(B) The match contributed and the source of the match monies;

(C) Recapture revenue(s) received, including an accounting of how recaptured revenues were or will be used, how recaptured revenue use complies with the rules of the CFP program and the project grant agreement; and

(D) The accomplishments that resulted from the grant. An authorized official of the award recipient shall certify, under penalty of false swearing, that the information in the report is true.

(v) Council Staff reserve the right to require the award recipient to request a CFP project audit be conducted by the director of the department of audit or his designee. The award recipient shall be responsible to pay the cost of this audit.

(vi) Record retention. Award recipients shall agree to retain all records related to the project for five (5) years following Council Staff's date of notice to award recipient of closeout of the grant.

History

• Effective 2025-02-12

Wyo. Code R. 085.0020.1.02122025 § 15 Public Comments on Applications Submitted and Under Board Consideration for Funding Recommendations

(a) Comments regarding any application submitted under this program may be offered by any interested party.

(b) Written comments shall be received by Council Staff no less than fourteen (14) calendar days prior to the public meeting at which the application is to be considered by the Council and:

(i) May be submitted using an online form to be prescribed by the Council staff;

(ii) May be submitted by email to the wbc.public-comment@wyo.gov; or

(iii) May be submitted by mail or courier service as follows:

Wyoming Business Council

Attn: Public Comment

214 West 15th Street

Cheyenne, WY 82002

(c) Written comments submitted by any means other than those set forth in Subsection 15(b) of this Chapter shall not be considered.

(d) Prior to taking action on any application, the Council may accept oral comments during public session from any interested party. In accordance with W.S. 16-4-403(b), any party wishing to offer oral comments shall notify the Council as set forth below. Such notification shall include:

(i) The first and last name of the person offering comment; and

(ii) The affiliation(s) of the person offering comment; and

(iii) If applicable for commenters participating virtually, the unique identifier (such as screen name or user name) of the person offering comment such that the Council can identify the person offering comment and enable them to speak.

(e) Notwithstanding Subsection 15(d) of this Chapter, the Council reserves its right to forego public comments during any meeting of the Council or to otherwise impose reasonable limitations, such as limitations on comment length, on any comment period.

History

• Effective 2025-02-12

384 Kickstart:Wyoming

Chapter 1 Kickstart:Wyoming Program

Wyo. Code R. 085.0014.1.06262024 § 1 Authority

The Wyoming Business Council, pursuant to Wyoming Statute § 9-12-105(c), is required to promulgate such rules as are necessary to administer a "kickstart:Wyoming" program to provide funding to early stage ventures of Wyoming based entrepreneurs.

History

• Effective 2024-06-26

Wyo. Code R. 085.0014.1.06262024 § 2 Purpose

These rules are promulgated for the purpose of providing a regulatory framework for providing funding to early-stage high-growth ventures of Wyoming based entrepreneurs to commercialize services, products, concepts, designs or other marketable assets.

History

• Effective 2024-06-26

Wyo. Code R. 085.0014.1.06262024 § 3 Definitions

(a) As used in this chapter:

(i) "Council" means the Wyoming Business Council Board of Directors.

(ii) "Council Staff" the staff of the Wyoming Business Council assigned to administer the "kickstart:Wyoming" program.

(iii) "High-growth potential company" means a company with a globally differentiated concept, scalable product and business model, defined value proposition, large target addressable market and potential for exit via initial public offering or acquisition.

(iv) "Applicant" means a business entity or individual who applies for funding under the "kickstart:Wyoming" program.

(v) "Awardee" means a business entity or individual who has been awarded funds under the "kickstart:Wyoming" program.

History

• Effective 2024-06-26

Wyo. Code R. 085.0014.1.06262024 § 4 Application Requirements and Program Eligibility

(a) In addition to the statutory requirements under W.S. § 9-12-105(c), to be eligible, an applicant must:

(i) Employ twenty-five (25) individuals or less;

(ii) Produce or propose to produce a service, product, concept, design or any other marketable asset that aligns with the State of Wyoming's Economic Development Strategy;

(iii) Provide a good faith declaration of intent to remain in Wyoming;

(iv) Own or manage a high-growth-potential company;

(v) Agree to provide a report, as described in Section 5(e), describing in detail its efforts to and success in commercializing the service, product, concept, design or other marketable asset to be developed with the assistance of State funds; and

(vi) Commit to seeking additional investment funding, whether from federal or private sources; and

(vii) Have some or all founding members that have, through this company or another:

(A) Have been a finalist in a pitch competition; or

(B) Be a graduate of an accelerator program; or

(C) Have previously founded and either failed or exited a previous company; or

(D) Have previously helped raise meaningful equity funding in a meaningful capacity.

(b) Awardees are limited to one (1) award under this chapter per fiscal year (July 1 through June 30) with a maximum award amount that does not exceed seventy-five thousand dollars ($75,000.00) over the lifetime of the company.

History

• Effective 2024-06-26

Wyo. Code R. 085.0014.1.06262024 § 5 Application process

(a) Prioritization criteria.

(i) Council Staff shall prioritize awards under this chapter based on the following criteria:

(A) Applicant's ability to lead to scalable, commercially successful product, concept, or design within a reasonable period of time;

(B) Applicant's potential for stimulating innovation-driven economic growth within Wyoming; and

(C) The amount of funds applicant has requested and its demonstrated need for those funds.

(ii) In addition to the criteria listed under Section 5(a)(i) of this chapter, Council Staff may, in their sole discretion, consider the following additional criteria to prioritize awards:

(A) The commercialization potential of the proposed service, product, concept, design or other marketable asset;

(B) The viability and thoughtfulness of the individual or business entity's technology, funding, commercialization, and exit strategy;

(C) The degree of success in prior commercialization, if any, of an existing service, product, concept, design or other marketable asset supported by previous funding and the return on investment for that funding;

(D) The individual or business entity's ability to attract follow-on funding;

(E) The management quality, potential and experience of the individual or the business entity's management team; and

(F) Likely public benefit to Wyoming were the individual or business entity to receive the requested funds and develop the service, product, concept, design or other marketable asset as proposed.

(b) Application.

(i) Council Staff shall provide a "Kickstart:Wyoming" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to information that establishes the applicant's eligibility for a grant under the "kickstart:Wyoming" Program.

(ii) Each applicant shall file its application for "kickstart:Wyoming" funds with Council Staff online at a website provided by Council Staff.

(c) Application process, procedure and approval. Applications are received on a quarterly basis and reviewed in the following manner:

(i) Council staff reviews to ensure accuracy, eligibility and completeness, and provides a recommendation based upon these rules and W.S. § 9-12-105(c).

(ii) The Council or Council Staff have the sole discretion to make award decisions based upon these rules and W.S. § 9-12-105(c). The Council or Council Staff may consult with subject matter experts for assistance and advice in making funding decisions.

(iii) Following the Council's decision or the decision of Council Staff, requests for funding will be routed through the Governor or the Governor's designee for approval. Council Staff shall thereafter submit the invoice for payment to the State Auditor's Office.

(d) Amount of award; annual allocations. Applicants may seek funding between $5,000 and $50,000 per application. Annual allocations to this program are detailed in the startup:Wyoming Subaccount Allocation Plan.

(e) Reporting.

(i) Awardees shall provide a report to the Wyoming Business Council between six (6) and eighteen (18) months after the award is granted. The report should address the company's:

(A) Progress toward commercialization of service, product, concept, design, or other marketable asset;

(B) Progress toward seeking and receiving additional funding, whether from State, federal or private sources;

(C) Plans for growth, market, commercialization and capitalization in the upcoming year;

(D) Proof of proper use of funds;

(E) Maintenance of nexus in Wyoming that is substantial and continuous. To prove nexus, awardee must provide documentary evidence showing the majority of the awardee's employees work in Wyoming.

(ii) Additional reporting requirements may be outlined in the grant agreement between the awardee and the Council.

(f) Allowable use of funds; consequence for misuse of funds and repayment.

(i) Funds may be spent on materials or activities that facilitate development or commercialization of a company's service, product, concept, design or any other marketable asset.

(ii) Any other use of "Kickstart:Wyoming" funds is prohibited. Business Council will conduct an audit between thirteen (13) and sixteen (16) months of the award date for the purpose of verifying that "Kickstart:Wyoming" funds are spent on appropriate materials and activities. The Council may seek return of the disbursed funds if it at any time determines that an awardee has failed to submit any part of the required annual report, has made a prohibited use of the funds, or has breached the agreement between itself and the Council. In that instance, the awardee shall repay all funds provided under this chapter plus interest at the rate of four percent (4%) per annum compounded annually from the date the funds were granted. This provision is in addition to, and does not replace, any other potential cause of action the Council may have against the awardee based on its conduct.

History

• Effective 2024-06-26

Wyo. Code R. 085.0014.1.06262024 § 6 Program administration

The Council may designate Council Staff to approve applications and make award decisions. If the Council chooses to designate Council Staff with this responsibility, Council Staff shall make a quarterly report to the Council on the number of applications approved, the status of the approved applications, and the amount of funds distributed to awardees.

History

• Effective 2024-06-26

367 Main Street Program, Wyoming

Chapter 1 Wyoming Main Street Program

Wyo. Code R. 085.0007.1.12112018 § 1 Authority

Pursuant to authority vested in the Wyoming Business Council by virtue of W.S. 9-12-1104(c), the following rules are hereby promulgated and adopted.

History

• Effective 2018-12-11

Wyo. Code R. 085.0007.1.12112018 § 2 Definitions

(a) As used in these rules:

(i) "Board" means the Wyoming Main Street Advisory Board;

(ii) "Business" means any existing enterprise which employs people within the state, provides services within the state, uses resources within the state or otherwise adds economic value to goods, services or resources within the state, and includes farm and ranch operations;

(iii) "Business area" means a commercial area existing at the time a municipality requests services under the Wyoming Main Street Program;

(iv) "Council" means the Wyoming Business Council Board of Directors;

(v) "Council staff" means the staff of the Wyoming Business Council;

(vi) "CEO" means the Chief Executive Officer of the Wyoming Business Council;

(vii) "Municipality" means a city, town, county or district;

(viii) "Program" means the Wyoming Main Street Program;

History

• Effective 2018-12-11

Wyo. Code R. 085.0007.1.12112018 § 3 Purpose of rules

These rules establish the application process and criteria used to determine the participants in the program.

History

• Effective 2018-12-11

Wyo. Code R. 085.0007.1.12112018 § 4 Wyoming Main Street community application process

(a) An application shall be submitted to the Council staff on the prescribed form.

(b) The Council staff will distribute copies of the applications to the board for review. The Board will prioritize the applications using the following criteria:

(i) Support and funding demonstrating a widespread collaborative effort between public and private sectors;

(ii) Historic building data and evidence of past and current historic preservation activities;

(iii) Potential for economic growth using realistic and justifiable goals to achieve the Main Street Four-Point Approach;

(iv) Current community demographics including patterns of development, ownership, and use which indicate that the raw materials for a downtown revitalization effort is in place;

(v) Previous history of downtown revitalization activities with the support and involvement of different groups in the community;

(vi) Readiness of individuals in the public and private sectors who demonstrate an understanding of and enthusiasm for the Main Street Approach.

History

• Effective 2018-12-11

Wyo. Code R. 085.0007.1.12112018 § 5 Wyoming Main Street community selection

Applicants will be selected by the CEO of the Wyoming Business Council with the recommendation of the Wyoming Main Street Advisory Board.

History

• Effective 2018-12-11

383 Small Business Innovation Research Matching Program

Chapter 1 Small Business Innovation Research Matching Program

Wyo. Code R. 085.0013.1.07052023 § 1 Authority

The Wyoming Business Council, pursuant to Wyoming Statute § 9-12-105(d), is required to promulgate such rules as are necessary to administer a Small Business Innovation Research (SBIR) program to match federal funds approved for Wyoming companies conducting research and development activity in the State.

History

• Effective 2023-07-05

Wyo. Code R. 085.0013.1.07052023 § 2 Purpose

These rules are promulgated for the purpose of establishing a regulatory framework for providing matching funding to small businesses headquartered in and organized under the laws of Wyoming that have received federal funds for the purpose of research and development.

History

• Effective 2023-07-05

Wyo. Code R. 085.0013.1.07052023 § 3 Definitions

(a) As used in this chapter:

(i) "Council" means the Wyoming Business Council Board of Directors.

(ii) "Council Staff" means the staff of the Wyoming Business Council assigned to administer the SBIR program.

(iii) "Applicant" means a Wyoming based company that applies for funding under the SBIR program.

(iv) "Awardee" means a business entity or individual who has been awarded funds under the SBIR program.

(v) "Phase I award" is as specified by the federal granting agency.

(vi) "Phase II award" is as specified by the federal granting agency, including variations or related programs of Phase II federal programs.

History

• Effective 2023-07-05

Wyo. Code R. 085.0013.1.07052023 § 4 Application requirements and program eligibility

(a) In addition to the statutory requirements under W.S. § 9-12-105(d), to be eligible, an applicant must:

(i) Have received an SBIR or Small Business Technology Transfer (STTR) Phase I or II award from a federal agency targeted at the development of qualified research or technologies on or after July 1, 2018;

(ii) Be a for-profit partnership, limited liability company, limited liability partnership, or corporation registered with the Wyoming Secretary of State;

(iii) Agree to provide a report, as described in Section 5(e), describing in detail its efforts to and success in commercializing the service, product, concept, design or other marketable asset to be developed with the assistance of State funds;

(iv) Produce or propose to produce a service, product, concept, design or any other marketable asset that aligns with the State of Wyoming's Economic Development Strategy;

(v) Certify that, to the extent practical, all of the research described in any proposal for Phase I or Phase II funding will be conducted in Wyoming; and

(vi) Commit to seeking additional investment funding investment funding, whether from federal or private sources.

(vii) Additional eligibility requirements may be outlined in the SBIR matching grant program guidelines.

(b) Awardees are limited to one (1) award per phase under this chapter per fiscal year (July 1 through June 30), for a maximum of two (2) SBIR awards per year, and four (4) SBIR awards over the life of the company.

History

• Effective 2023-07-05

Wyo. Code R. 085.0013.1.07052023 § 5 Application process

(a) Application.

(i) Council shall provide an SBIR application online that includes a requirement to provide information relevant for funding decisions, including but not limited to information that establishes the applicant's eligibility for SBIR funding.

(ii) Each applicant shall file its application for SBIR funds with Council Staff online at a website provided by Council Staff.

(b) Application process, procedure and approval. Applications are received on a quarterly basis and reviewed in the following manner:

(i) Council Staff reviews to ensure accuracy, eligibility and completeness, and provides a recommendation based upon these rules and W.S. § 9-12-105(d).

(ii) The Council or Council Staff has the sole discretion to make award decisions based upon these rules and W.S. § 9-12-105(d). The Council or Council Staff may consult with subject matter experts for assistance and advice in making funding decisions.

(c) Award amounts, disbursement schedules, and annual allocations.

(i) Number of awards.

(A) Council Staff, in their sole discretion, may make up to twenty (20) Phase I awards per fiscal year.

(B) Council Staff, in their sole discretion, may make up to twenty (20) Phase II awards per fiscal year.

(C) Council Staff, in their sole discretion, may award up to five million dollars ($5,000,000.00) in total SBIR awards per fiscal year.

(ii) Disbursement schedules and annual allocations to this program are detailed in the startup:Wyoming Subaccount Allocation Plan and Procedures adopted by the Council.

(d) Reporting.

(i) Upon project completion, awardees shall provide a report on or before July 1 of each year for three (3) years prior to commercialization, and for three (3) years after commercialization, or a maximum of five (5) years, highlighting the elements required under Wyoming Statute § 9-12-105(d)(i)(E).

(ii) In addition to the elements required under Wyoming Statute § 9-12-105(d)(i)(E), the required annual report to the Council must address the awardee's:

(A) Development of the proposed service, product, concept, design or other marketable asset in sufficient detail to allow Council Staff to review the awardee's progress towards commercialization;

(B) Progress toward seeking and receiving additional funding, whether from State, federal or private sources;

(C) Plans for growth, market, commercialization and capitalization for the upcoming year;

(D) Proof of proper use of funds in the form of receipts or invoices;

(E) Maintenance of nexus in Wyoming that is substantial and continuous. To prove nexus, awardee must provide documentary evidence showing the majority of the awardee's employees work in Wyoming.

(iii) An awardee must provide material to the Council or Council Staff as requested for purposes of promoting Wyoming's entrepreneurial ecosystem and lifestyle.

(iv) Additional reporting requirements may be outlined in the SBIR matching grant program guidelines.

(e) Allowable use of funds; consequence for misuse of funds and repayment.

(i) Funds may be spent on materials or activities that facilitate development or commercialization of a company's service, product, concept, design or any other marketable asset. Any other use of State-provided SBIR funds is prohibited.

(ii) In addition to the repayment requirement under W.S. § 9-12-105(d)(iv), the Council may seek return of the disbursed funds if it at any time determines that an awardee has failed to submit any part of the required annual report, including disclosure of its efforts to seek additional nonstate investment funding; has made a prohibited use of the funds; or has breached the agreement between itself and the Council. In that instance, the grant recipient shall repay all funds provided under this chapter plus interest at the rate of four percent (4%) per annum compounded annually from the date the funds were granted. This provision is in addition to, and does not replace, any other potential cause of action the Council may have against the awardee based on its conduct.

(f) Conflict with federal rules

(i) To the extent these rules are inconsistent with or otherwise conflict with rules for the federal grant program under which the Applicant has received federal funds, the contrary rules and requirements of the federal program shall control. This provision shall not apply if the conflict results from a statutory provision.

History

• Effective 2023-07-05

Wyo. Code R. 085.0013.1.07052023 § 6 Program administration

The Council may designate Council Staff to approve applications and make award decisions. If the Council chooses to designate Council Staff with this responsibility, Council Staff shall make a quarterly report to the Council on the number of applications approved, the status of the approved applications, and the amount of funds distributed to awardees.

History

• Effective 2023-07-05

369 Small Business Investment Credit Program, Wyoming

Chapter 1 Wyoming Small Business Investment Credit Program

Wyo. Code R. 085.0009.1.11192010 Wyoming Small Business Investment Credit Program

CHAPTER 1

WYOMING SMALL BUSINESS INVESTMENT CREDIT PROGRAM

Section 1. Purpose. The rules are adopted in order to implement W.S. 9-12- 1301 through 9-12-1312, which provide for the requirements for certification as a small business investment company, providing requirements for participating investors, providing for determination of qualified investments, providing for requirements for continuance of certification, providing a credit against certain taxes for certain investments, providing reporting requirements and providing for certification of compliance.

Section 2. Authority. Authority for the promulgation of these rules is granted in W.S. 9-12-104(a)(iv).

Section 3. Definitions.

(a) "The article" means W.S. 9-12-1301 through 9-12-1312;

(b) "Fiscal year" means the twelve (12) month period that a company uses when reporting to the Internal Revenue Service;

(c) "Follow-on capital" means any additional investments of capital made in a qualified business that has received a qualified investment;

(d) "Headquartered" means an organization's principal office is located in Wyoming and at least sixty percent (60%) of the organization's employees are employed in Wyoming or 60% of the business payroll is paid to individuals living in Wyoming;

(e) "Liquid assets" means an investment that can be converted to cash in less than 20 days;

(f) "Person" means a natural person or entity, including a corporation, general or limited partnership, trust or limited liability company;

(g) "Principal office" means the main administrative functions of the organization and the original books and records are maintained in the Wyoming office;

(h) "Qualified debt instrument" means a debt instrument issued by a Wyoming small business investment company which:

(i) Is issued at par value or a premium;

(ii) Has an original maturity date of at least four (4) years from the date of issuance and a repayment schedule which is not faster than a level principal amortization over four (4) years. A repayment schedule is not faster than a level principal amortization over four (4) years if the repayment schedule for the debt instrument issued by a Wyoming small business investment company has a scheduled outstanding principal balance greater than a hypothetical note with the same price and yield as the Wyoming small business investment company's debt instrument that provided for principal to be amortized over equal, consecutive daily payments, where payments are first allocated to accrued interest and then to principal. However, a participating investor may receive payments at any time for future earned interest, provided the amount received does not exceed the present value of that future interest payment, discounted by a factor that is not less than the stated interest rate of the debt instrument;

(iii) Satisfies the rating criteria to qualify as "NAIC 1" as determined by the securities valuation office of the national association of insurance commissioners; and

(iii) Has no interest, distribution or payment features that are related to the profitability of the Wyoming small business investment company or the performance of the Wyoming small business investment company's investment portfolio.

(j) "Qualified distribution" means any distribution or payment made by a Wyoming small business investment company in connection with:

(i) The costs and expenses of forming, syndicating and organizing the Wyoming small business investment company, including any fee paid for professional services, and the costs of financing and insuring the obligations of the Wyoming small business investment company provided that the distribution or payment is not made directly or indirectly to a participating investor, including:

(A) That at the time the Wyoming small business investment company closes its investment from its participating investors and after deducting the aggregate of the costs of organizing, forming, syndicating, insuring and defeasing the obligations, the Wyoming small business investment company must have cash or other liquid assets available for qualified investments, in an amount equal to at least fifty percent (50%) of the amount of designated capital initially received from its participating investors.

(ii) An annual management fee not to exceed three percent (3%) of designated capital on an annual basis to offset the costs and expenses of managing and operating a Wyoming small business investment company;

(iii) Reasonable and necessary fees in accordance with industry custom for ongoing professional services, including, but not limited to, legal and accounting services related to the operation of a Wyoming small business investment company;

(iv) An increase or projected increase in federal or state taxes, including penalties and related interest, of the equity owners of a Wyoming small business investment company resulting from the earnings or other tax liability of a Wyoming small business investment company to the extent that the increase is related to the ownership, management or operation of a Wyoming small business investment company; and

(v) Payments of principal and interest to holders of qualified debt instruments issued by a Wyoming small business investment company.

(k) "Qualified Investment" means the investment of money by a Wyoming small business investment company in a qualified business for the purchase of any debt, debt participation, equity or hybrid security of any nature and description, including a debt instrument or security which has the characteristics of debt but provides for conversion into equity or equity participation instruments such as options or warrants, but shall not include any purchase of a guaranteed portion of a federally guaranteed loan; provided that the investment must not have a final stated maturity or be subject to mandatory redemption or repurchase prior to two (2) years from the date of initial investment and, provided further, that not more than fifty percent (50%) is used to refinance existing non-Wyoming small business investment company debt. Notwithstanding the foregoing, a qualified investment shall not include an investment that results, or could result, in a Wyoming small business investment company owning fifty percent (50%) or more of the voting or non-voting stock of a qualified business as evidenced by a proforma capitalization table presented to the Wyoming small business investment company, unless;

(i) Such ownership is the result of:

(A) The Wyoming small business investment company's exercise of its rights and remedies following a default in the obligations of the qualified business;

(B) The Wyoming small business investment company's exercise of preemptive rights granted to it in connection with its initial investment in a qualified business, provided such rights are exercised in connection with an investment in such qualified business by a party other than the Wyoming small business investment company or an affiliate of the Wyoming small business investment company;

(C) The operation of any anti-dilution rights granted to a Wyoming small business investment company in connection with its initial investment in

a qualified business; or

(D) Such investment is approved by the Council prior to its being made.

(l) "Remaining uninvested designated capital" means the difference between designated capital and the cumulative amount of all qualified investments in qualified businesses.

Section 4. Application and certification as a Wyoming small business investment company.

(a) The Council shall provide a form for applying for certification as a Wyoming small business investment company. The form shall include a complete list of required documentation from an applicant, as outlined in the article, along with the following additional required documentation:

(i) The applicant shall submit a nonrefundable application fee as set forth by rule in the fee schedule.

(ii) The applicant shall submit with the application copies of all organizational documents including articles of incorporation or organization, bylaws or operating agreements and a commitment that if certified, the Wyoming small business investment company will establish in Wyoming its headquarters within 60 days of certification.

(iii) The applicant shall submit biographical, personal, financial, investment and historical data for each manager, principal, and the entity itself that provides the following, as applicable:

(A) Prior venture capital firms with which the manager or principal was employed that specifically includes details on:

(I) the valuation of portfolio investments, including the manager or principal's ability to structure and execute timely and effective exits from portfolio investments;

(II) historical investment performance of prior firms managed by the same managers or principals;

(III) the investment philosophy of the firm;

(IV) the history and strategy of the firm and its managers or principals for obtaining investors and making investments;

(V) disclosure of any fines, penalties, or other sanctions or actions by any state federal, or other regulatory entity, including the Securities and Exchange Commission against the firm or its managers or principals, relating to violations of any type; and

(VI) a five-year business plan, which shall include the applicant's investment strategy and investment criteria. If the Council determines that an applicant's investment strategy or investment criteria would not effectively further economic development in Wyoming the applicant's certification may be denied.

(b) Any other documents deemed necessary by the Council to determine the quality of the firm's management, reputation, code of ethics, investment strategy and practices and to ensure that the applicant is acquainted with requirements of this article.

(c) Any false, inaccurate or misleading information provided in the application may be grounds for rejection of the application and denial of further consideration, as well as decertification, if the information, discovered at a subsequent date, would have resulted in the denial of the certification. If an applicant discovers that any information provided to the Council is inaccurate or because business conditions have changed, they shall notify the Council within ten (10) business days and submit updated information within an additional ten (10) business days. The applicant shall also notify the Council as soon as possible or within ten (10) business days when the applicant is unable to continue as a viable going concern and when the applicant is subject to litigation that may affect its viability as a going concern.

(d) The date of receipt of an application is the postmark date of the date of the independent delivery. Incomplete applications shall be treated as not received. All submissions to the Council may be either by hand delivery or via overnight common carrier. The delivery address shall be noted on the application.

(e) After an application and supporting documents are received, the Council shall consult with the Wyoming state banking commissioner if an applicant is a commercial bank or bank holding company so that the principals' experience as an officer and business qualifications can be determined as described in the article.

(f) Council staff shall determine if an applicant is eligible and if the application is complete. If an application is determined to be incomplete, staff shall notify the applicant within 10 business days, where practical, of deficiencies and a deadline for submitting additional information.

(g) The Council reserves the right to contract with an independent party to review, investigate and certify that the applications received meet the requirements of statute. The cost for such review shall be paid for by the applicant according to a fee schedule adopted by the Council sufficient to cover actual direct and indirect costs of the review.

(h) Once applications are complete, they shall be forwarded to the board of directors of the council for their review and evaluation.

(j) The board of directors of the Council shall review applications and approve the issuance of a certification as a Wyoming small business investment company or provide the grounds for the refusal.

(k) Any offering material used by a Wyoming small business investment company shall include the following statement: BY AUTHORIZING THE FORMATION OF A WYOMING SMALL BUSINESS INVESTMENT COMPANY, THE STATE OF WYOMING DOES NOT ENDORSE THE QUALITY OF MANAGEMENT OR THE POTENTIAL FOR EARNINGS OF THE COMPANY AND IS NOT LIABLE FOR DAMAGES OR LOSSES TO A PARTICIPATING INVESTOR IN THE COMPANY. USE OF THE WORD "QUALIFIED" IN AN OFFERING DOES NOT CONSTITUTE A RECOMMENDATION OR ENDORSEMENT OF THE INVESTMENT BY THE WYOMING BUSINESS COUNCIL. IF APPLICABLE PROVISIONS OF LAW ARE VIOLATED, THE STATE OF WYOMING MAY REQUIRE FORFEITURE OF UNUSED PREMIUM TAX CREDITS AND REPAYMENTS OF USED PREMIUM TAX CREDITS.

Section 5. Aggregate limitations on investment tax credits; Allocation.

(a) The aggregate amount of investment tax credits to be allocated to all participating investors of Wyoming small business investment companies under this article shall not exceed thirty million dollars ($30,000,000.00).

(b) Tax credits shall be allocated to participating investors as specified in the article.

(c) As specified in the article, the Council may impose a civil penalty upon a participating investor which does not invest the full amount of designated capital required to fund the credits allocated to it by the Council in accordance with the credit allocation claim filed on its behalf. The Council shall provide notice to the participating investor that a civil penalty is being imposed. Any hearing requested shall be administered according to rules promulgated by the Wyoming Office of Administrative Hearings. The cost of the hearing shall be paid by the participating investor that requested the hearing. The Office of Administrative Hearings will determine if the penalty is adequate to cover the direct and indirect cost to the state as a result of the investor's failure to invest the full amount of designated capital. The Office of Administrative Hearings shall make a recommendation to the Council board of directors who will issue a final decision on the civil penalty.

(d) A participating investor may sell or transfer its premium tax credits one hundred eighty (180) days or more from the date on which the participating investor invested designated capital, provided that the participating investor who is transferring or selling the credits notifies the Insurance Commissioner of the sale or transfer and includes with that notification a copy of the transfer documents. In no instance shall a participating investor transfer or sell premium tax credits that have already been applied to its or another participating investor's premium tax liability.

(e) Any transfer or sale of credits shall not affect the time schedule for claiming a credit. Notification of the transfer or sale of credits shall be filed with the Insurance Commissioner within fifteen (15) days of the effective date of the sale or transfer.

Section 6. Request for determination of qualified investment and requirements for continuance of certification.

(a) Before making a proposed qualified investment in a specific business, a Wyoming small business investment company shall request from the Council a written determination that the proposed investment is a qualified investment in a qualified business. The Council shall notify a Wyoming small business investment company within ten (10) business days from the receipt of a request of its determination and an explanation thereof. If the Council does not notify the Wyoming small business investment company of its determination within ten (10) business days, the proposed investment is deemed to be a qualified investment in a qualified business.

(b) The Council shall provide a form for Wyoming small business investment companies to request a determination whether a proposed investment is a qualified investment in a qualified business. The Wyoming small business investment company shall provide all information it has gathered on the business including its plan of operation and plans for future expansion.

(c) The date of receipt of an application is the postmark date of the date of the independent delivery. Incomplete applications shall be treated as not received. All submissions to the Council may be either by hand delivery or via overnight common carrier. The delivery address shall be noted on the application.

(d) A request shall not be considered until all requested information is provided. If the requested documentation is incomplete, Council staff shall notify the Wyoming small business investment company of what is missing and provide a deadline to submit additional information so that a determination can be made.

(e) A Wyoming small business investment company shall pay a nonrefundable annual certification fee, set by rule, to the Council not later than April 1 of each year, except that an annual certification fee is not required if the payment date is within six (6) months of the date a Wyoming small business investment company is first certified by the Council.

(f) If a Wyoming small business investment company fails to pay its annual certification fee on or before April 30 of each year, the company must pay, in addition to the annual certification fee, a late fee of five thousand dollars ($5,000.00) to continue its certification.

(g) If a Wyoming small business investment company fails to pay its annual certification fee and late fee as stated in paragraph (f) of this subsection within 60 days after April 1, the Wyoming small business investment company shall be subject to decertification.

(h) On the 6th anniversary of a Wyoming small business investment company's allocation date, the Council shall determine if at least seventy percent (70%) of its designated capital has been invested in qualified investments. If the seventy percent (70%) threshold has not been met, the Council shall notify the Wyoming small business investment company that they are not permitted to receive management fees. Any fees paid after the notice shall reduce the amount considered as a qualified investment in qualified businesses.

(j) On the 8th anniversary of a Wyoming small business investment company's allocation date, the Council shall determine if at least one hundred percent (100%) of its designated capital has been invested in qualified investments. If the one hundred percent (100%) threshold has not been met, the Council shall notify the Wyoming small business investment company that they are not permitted to receive management fees. Any fees paid after the notice shall reduce the amount considered as a qualified investment in qualified businesses.

(k) Any investment returns or profits received by the Wyoming small business investment company from a qualified investment in a qualified business may be invested in another qualified investment in a qualified business and counted towards any requirement in this section with respect to investments of designated capital.

(l) Any amounts received by a Wyoming small business investment company from a qualified business as commitment fees, closing fees, license fees, royalties or similar charges shall be considered as reductions in the Wyoming small business investment company's qualified investments in qualified businesses in the computation of the percentage requirements of this article.

(m) If a qualified business that receives a qualified investment from a Wyoming small business investment company moves its principal office outside Wyoming or fails to relocate its principal office to Wyoming before the 90th day after a Wyoming small business investment company makes an investment in it, the investment

(n) Any transfer, sale, acquisition, purchase, assignment or merger of a Wyoming small business investment company ownership interest shall be pre-approved by the Council. In no event shall an owner or any affiliate, having an ownership interest of ten percent (10%) or greater, of a Wyoming small business investment company, acquire an ownership interest of ten percent (10%) or greater in another Wyoming small business investment company without the written approval of the Council. The Council may request any information deemed necessary to evaluate changes in Wyoming small business investment company ownership.

Section 7. Wyoming small business investment company reporting requirements.

(a) In addition to the reporting requirements specified in the article, each Wyoming small business investment company shall report to the Council the following:

(i) The North American Industry Classification System (NAICS) code for each qualified business that receives a qualified investment.

(ii) A complete copy of the most recent tax return filed with the Internal Revenue Service for each qualified business that receives a qualified investment as soon as practicable after receiving it from the qualified business.

Section 8. Decertification; certification of compliance.

(a) The Council shall conduct an annual review of each Wyoming small business investment company to determine if each Wyoming small business investment company is abiding by the requirements of statute and to ensure that no investment has been made in violation of this article. The fee for annual reviews shall be set by the board of directors of the Council and shall cover the actual direct and indirect costs of the review or certification.

(b) The Council shall notify a Wyoming small business investment company as soon as practicable if any material violation of statute has occurred that will cause decertification of the Wyoming small business investment company. The Council shall give up to 15 business days for a Wyoming small business investment company to cure any material violation that will lead to decertification.

(c) The Council shall provide written notice to the Insurance Commissioner and participating investor within ten (10) business days of any decertification proceedings and the amount of credits that will be disallowed due to the decertification.

History

• Effective 2010-11-19

Chapter 2 Wyoming SBIC Fee Schedule

Wyo. Code R. 085.0009.2.01162015 Wyoming SBIC Fee Schedule

CHAPTER 2

WYOMING SMALL BUSINESS INVESTMENT CREDIT PROGRAM

FEE SCHEDULE

Section 1. Purpose. These rules are adopted in order to implement W.S. 9-12-1301 through 9-12-1312, specifically setting the application fees and annual certification fees for Wyoming small business investment companies.

Section 2. Authority. Authority for the promulgation of these rules is granted in W.S. 9-12-104(a)(iv).

Section 3. Fee Schedule.

(a) The application fee to become a Wyoming small business investment company shall be equal to the annual certification fee for a Wyoming small business investment company. The annual certification fees collected from Wyoming small business investment companies shall be adequate to cover direct and indirect costs of program administration. Annual certification fees may vary over time depending on the number of Wyoming small business investment companies that are operating in Wyoming.

(b) The annual certification fee shall be set at thirty thousand dollars ($30,000).

(c) On or before April 1 of each year, individual certified Small Business Investment Companies shall submit to the council a pro-rata share of the annual certification fee in a percentage equal to the amount of their designated capital divided by the aggregate amount of investment tax credits of thirty million dollars ($30,000,000). In the event there is only one Small Business Investment Company, that company shall submit 100% of the annual certification fee.

History

• Effective 2015-01-16

415 State Small Business Credit Initiative Program

Chapter 1 Venture Capital Programs

Wyo. Code R. 085.0018.1.01302023 Venture Capital Programs

Chapter 1

Venture Capital Programs

Section 1. Authority. These rules are adopted by the Wyoming Business Council pursuant to the American Rescue Plan Act of 2021 (ARPA), which reauthorized and amended the Small Business Jobs Act of 2010 (SBJA). Rulemaking for this program is the responsibility of the Wyoming Business Council as authorized by W.S. 9-12-104(a)(iv) and W.S. 9-1-216.

Section 2. Purpose. These rules are promulgated for the purpose of providing a structure for disbursement of State Small Business Credit Initiative (SSBCI) Venture Capital Funds through the Wyoming Business Council.

Section 3. Definitions.

(a) As used in this program:

(i) "Council" means the Wyoming Business Council Board of Directors.

(ii) "Council staff" means the staff of the Wyoming Business Council.

(iii) "SSBCI" means State Small Business Credit Initiative.

(iv) "SSBCI Committee" is a five-person Committee consisting of two Wyoming Business Council Board members; board co-chair and investments committee chair, as well as three members of the Council staff; investments director and two other based on areas of expertise.

(v) "Committee Review Threshold" means any investment above two million dollars ($2,000,000).

(vi) "Venture Capital Fund" means any entity that meets the capital fund definition in 17 C.F.R. § 275.203(I)-1.

(vii) "Employees" as defined by 12 CFR §121.106

Section 4. Eligible Applicants.

(a) To be eligible for investment by the Wyoming Venture Fund, a new or existing Venture Capital Fund must:

(i) Be independently owned and operated; and

(ii) Agree to make the overwhelming majority of investments in Wyoming companies that are headquartered in Wyoming, and have less than 200 employees, and are committed to remain in Wyoming or relocate to Wyoming for at least 1 year after the investment closes; and

(iii) Agree to target early-stage investments with a round size of less than $5,000,000; and

(iv) Be headquartered in Wyoming, have its principal operations in Wyoming, have at least sixty percent (60%) of its employees employed in Wyoming, or has committed in writing to make investments with SSBCI dollars in Wyoming; and

(v) Be in good standing with the Wyoming Secretary of State or the equivalent in its home state if not a Wyoming Venture Capital Fund.

(b) To be eligible for investment by the Wyoming Venture Direct, Co-Investment Fund, a business must:

(i) Be independently owned and operated;

(ii) Be headquartered in Wyoming, have its principal operations in Wyoming, have at least sixty percent (60%) of equity owned by residents of Wyoming, have at least sixty percent (60%) of its employees employed in Wyoming, or have committed in writing to move to Wyoming and fulfill one of the other conditions of Section 4. (b)(ii) as a condition of the investment;

(iii) Be seeking institutional investment or growth capital funding;

(iv) Have a lead investor or other investment fund with committed funds as well as a term sheet defined and be willing to share current diligence;

(v) Have strong growth potential;

(vi) Provide evidence acceptable to the council of its intent to remain in Wyoming for at least 1 year after receipt of investment;

(vii) Have 200 employees or less; and

(viii) Be in good standing with the Wyoming Secretary of State.

Section 5. Application Process.

(a) Wyoming Venture Fund Application.

(i) The Council shall provide a "Wyoming Venture Fund" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to:

(A) Information that establishes the application's eligibility under Section 4(a) of this chapter;

(B) The applicant's number of full-time, part-time, and contract employees;

(C) The applicant's funding history, organizational documents, operating agreement, financial statements, bylaws, investment thesis, or other relevant documentation;

(D) The amount of applicant's funding request and total fund target;

(E) All information necessary for the Wyoming State Auditor's Office to set up the applicant as a vendor in its vendor payment system, including electronic funds transfer documents; and

(F) Any other information necessary to determine the adequacy of the applicant's funding request.

(b) Wyoming Venture Direct - Co-Investment Application.

(i) The Council shall provide a "Wyoming Venture Direct" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to:

(A) Information that establishes the application's eligibility under Section 4(b) of this chapter;

(B) The applicant's number of full-time, part-time, and contract employees;

(C) The applicant's organizational documents, operating agreement, financial statements, bylaws, business plan, capitalization table, or other relevant documentation regarding the company or any owner exceeding 25% ownership;

(D) The amount of the applicant's funding request, funding series, and total round size;

(E) All information necessary for the Wyoming State Auditor's Office to set up the applicant as a vender in its vendor payment system, including electronic funds transfer documents; and

(F) Any other information necessary to determine the adequacy of the applicant's requested funding.

Section 6. Review and Recommendation.

(a) Applications are reviewed on a rolling basis until funds have been expended. Applications shall be reviewed in the following manner:

(i) Council staff shall review applications and make a determination of eligibility and completeness with consideration to Section 4 of this Chapter of these Rules. Additional review will be completed by Council staff to ensure compliance with all SSBCI guidance and regulations.

(ii) Upon successful review of (i) above, each applicant shall be asked to pitch their fund or investment to Council staff and the Investments Director or the SSBCI Committee dependent upon the request size in relation to the Committee Review Threshold.

(b) Applications will be recommended in the following manner:

(i) Council staff shall document and present their findings and analysis from applications that are less than the Committee Review Threshold to the Investments Director for final approval or denial.

(ii) Council staff findings and analysis from applications greater than or equal to the Committee Review Threshold will be documented and presented to the SSBCI Committee for final approval or denial.

(c) In the event an application is denied, Council staff shall disclose to the applicant the reasons for not approving the request and any remedial actions the applicant may take in order for the application to be reconsidered.

Section 7. Terms and Conditions. In addition to the terms set forth in other Sections of this Chapter of these Rules, the following terms and conditions apply to all applications for and investments of funds made under this Chapter:

(a) Each applicant shall agree to comply with U.S. Department of Treasury SSBCI Capital program guidelines;

(b) The maximum contribution from the Council shall be five million dollars ($5,000,000) for any investment, fund or direct co-investment;

(c) The direct co-investment round size maximum from the Council shall be twenty million dollars ($20,000,000); and

(d) The Council's contribution shall not be, at any time, more than fifty percent (50%) of any fund or investment.

Section 8. Reporting requirements; audit compliance.

(a) Each applicant agrees to provide quarterly and annual reports to the Council to comply with state and federal laws and regulations.

(i) Reports may include but are not limited to:

(A) Certifications from the businesses;

(B) Terms and performance of individual investment(s);

(C) Private financing leveraged to date;

(D) Total portfolio performance; and

(E) Any other report required by council staff.

(ii) Failure to provide to the Council on the date specified by the Council any required reports shall result in future funding being held until the applicant provides those reports to the Council.

(b) Council staff may conduct and contract random audits of applicants receiving SSBCI funds under this section to ensure awarded funds are expended in compliance with state and federal law. By accepting an award under this Chapter, the applicant agrees to assist and provide the information requested by the auditors.

History

• Effective 2023-01-30

376 Uniform Rules

Chapter 1 Uniform Procedures, Fees, Costs, and Charges for Inspecting, Copying and Producing Public Records

Wyo. Code R. 085.0012.1.11012018 § 1 Authority

(a) Pursuant to Wyoming Statute 16-3-103(j)(ii), the Wyoming Business Council hereby adopts the Department of Administration and Information's uniform rules pertaining to procedures, fees, costs, and charges for inspecting, copying, and producing public records.

History

• Effective 2018-11-01

Wyo. Code R. 085.0012.1.11012018 § 2 Adoption of Uniform Rules

(a) The Wyoming Business Council hereby incorporates by reference the following uniform rules:

(i) Chapter 2 - Uniform Procedures, Fees, Costs, and Charges for Inspecting, Copying, and Producing Public Records adopted by the Department of Administration and Information and effective on September 6, 2016, found at: http://rules.wyo.gov.

(ii) For these rules incorporated by reference:

(A) The Wyoming Business Council has determined that incorporation of the full text in these rules would be cumbersome or inefficient given the length or nature of the rules;

(B) The incorporation by reference does not include any later amendments or editions of the incorporated matter beyond the applicable date identified in subsection (a) of this section; and

(C) The incorporated rules are maintained at the Wyoming Business Council's office and are available for public inspection and copying at the same location.

History

• Effective 2018-11-01

399 Wyoming Business Relief Program

Chapter 1 General Provisions

Wyo. Code R. 085.0016.1.08282020 General Provisions

Chapter 1

General Provisions

Section 1. Authority. These emergency rules are adopted by the Wyoming Business Council ("WBC") pursuant to 2020 Spec. Session 1, HEA 001.

Section 2. Purpose. These rules are promulgated for the purpose of providing a regulatory framework for the issuance of stipends to Wyoming businesses who have been adversely affected by the COVID-19 pandemic.

Section 3. Definitions.

(a) As used in these programs:

(i) "Council" means the Wyoming Business Council Board of Directors.

(ii) "Council Staff" means the staff of the Wyoming Business Council.

(iii) "Eligible business" means a business that:

(A) Was established on or before the date of enactment of any applicable public health order issued by the state or any local government of Wyoming that required closures of businesses in response to the COVID-19 pandemic; and

(B) Is independently owned and operated; and

(C) Is headquartered in Wyoming or has its principal operations located in Wyoming; and

(D) As of March 31, 2020, had employed fifty (50) full-time employees or less for applicants requesting Business Interruption Stipend Program funds; or

(E) As of March 31, 2020, had employed one hundred (100) full-time employees or less for applicants requesting Coronavirus Business Relief Stipend Program funds. Upon a finding of good cause, the Council may grant a stipend to a business that on March 31, 2020, employed one hundred ten (110) or fewer employees.

(iv) "Full-time employee" means any employee who works thirty (30) hours or more per week.

(v) "Applicant" means an eligible business who applies for funding under the Wyoming Business Recovery Project programs;

(A) An applicant may only submit one (1) application per program.

(vi) "Awardee" means an eligible business who has been awarded funding under the Wyoming Business Recovery Project programs;

(A) Receipt of stipends under this chapter shall not disqualify a business from receiving other COVID-19 related state or federal grants or stipends, including those established in HB 1004 Section 2, HB1004 Section 3, or HB1004 Section 4.

(vii) "Required closure" means the closure of a business that was ordered by the state or any local government of Wyoming in an order issued or in effect beginning on the date of enactment of any applicable public health order in response to the COVID-19 pandemic, or the interruption of a business's normal business as a result of any closures or state or local public health orders associated with the COVID-19 pandemic.

(viii) "COVID-related expenses" means actual expenses incurred in Wyoming for the health and safety of Wyoming employees and expenses incurred by Wyoming employers to comply with public health guidelines for the health and safety of Wyoming employees as a result of the COVID-19 pandemic and includes cleaning products, sanitizers, personal protection equipment, other safety equipment, expenses related to training and implement necessary and required protocols to continue operating the business, expenses related to the hiring and paying of employees necessary to implement protocols associated with screening, safety, security, cleaning, and sanitizing business premises.

(ix) "Independently owned and operated" means a business is privately or publicly owned. This excludes governmental entities and government-owned entities.

(x) "Headquartered in Wyoming" means a business's principal place of business is located in Wyoming.

(xi) "Principal operations in Wyoming" means more than fifty percent (50%) of a company's primary work is located in Wyoming and,

(A) At least sixty percent (60%) of the organization's employees are employed in Wyoming; or

(B) At least sixty percent (60%) of the business payroll is paid to individuals living in Wyoming.

(xii) "Business Interruption" means any interruption to a business as a result of the COVID-19 health emergency and resulting closures. Interruptions may include those inside and outside Wyoming. These may include, but are not limited to:

(A) Supply chain disruptions;

(B) Decreased demand for products or services;

(C) Required closures; and/or

(D) Regulatory requirements that make operating unprofitable

(xiii) "Intend to maintain a meaningful nexus to the state of Wyoming" means a company remains headquartered in Wyoming or its principal operations remain in Wyoming for not less than three (3) years after receiving a stipend.

(xiv) "Costs of business interruption" means lost business revenue due to required closures, plus additional expenses incurred due to required closures, less cost savings realized as a result of required closures and any Paycheck Protection Program funds received.

(xv) "Lost business revenue" means substantiated revenue that would have been earned in the absence of required closures, including but not limited to actual revenue, accounts receivable or contracts for work. Applicants must be able to substantiate their lost business revenue.

(xvi) "COVID-19 related expenses" means actual expenses that the business incurred that it would not have incurred in the absence of the COVID-19 health emergency, including but not limited to expenses for personal protective equipment, signage and cleaning.

(xvii) "Cost savings realized" means costs the business did not incur, that it would normally incur as a result of the COVID-19 emergency, including but not limited to costs of supplies, inventory, and labor.

(xviii) "Preference" means eligible businesses that have not received any funding from the paycheck protection program established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. No. 116-136 will have primary consideration as determined by the Council from the implementation date of the Business Interruption Stipend Program.

(xix) "Payroll Costs" means business expenses during the COVID-19 emergency that may include but are not limited to:

(A) Salaries, wages, or commissions;

(B) Vacation, parental, family, medical, and/or sick leave;

(C) Allowance for separation or dismissal;

(D) Payments for the provisions of group health care benefits including insurance premiums;

(E) Payment of any retirement benefit;

(F) Payroll taxes;

(G) For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment.

(xx) "Business Supplies" means items needed to operate the eligible business, these may include but are not limited to office supplies, serving supplies, and other supplies needed to maintain normal business operations.

(xxi) "Business Equipment" means equipment necessary to resuming normal business operations and equipment necessary to modify business operations including but not limited to computers and equipment for telework, protective barriers, telephones, food serving equipment, and thermometers.

(xxii) "Other business expenses" means other expenses necessary to maintain business operations during the COVID-19 emergency. Other business expenses could include; mortgage/rent expenses, utility expenses, and other operational costs.

(xxiii) "Any other expenditure or expense" means any actual expenditure or expenses that occurred during the COVID-19 emergency.

(xxiv) "Primary activity/purpose" means fifty percent (50%) or more of the eligible business' time is devoted to the said activity/purpose.

Section 4. Certification.

(a) Applicants certify that:

(i) Applicant complied with all applicable state and local public health orders.

History

• Effective 2020-08-28

Chapter 2 Business Interruption Stipend Program

Wyo. Code R. 085.0016.2.08282020 § 1 Authority

These emergency rules are adopted by the Wyoming Business Council ("WBC") pursuant to 2020 Spec. Session 1, HEA 001, Section 2(d);

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 2 Purpose

These rules are promulgated for the purpose of providing a regulatory framework for the issuance of stipends to Wyoming businesses who have experienced business interruptions caused by required closures due to COVID-19 pandemic.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 3 Eligible Applicants

(a) In addition to the General Provisions in Chapter 1 and the requirements set forth in HEA 01, an Applicant must be an eligible business and must have incurred actual losses as a result of business interruptions due to the COVID-19 health emergency and required closure; and;

(b) Tribal government-owned businesses are not eligible to apply for the Business Interruption Stipend Program;

(c) Any government-owned entity is not eligible to apply for the Business Interruption Stipend Program;

(d) Non-profit entities of any kind are not eligible to apply for the Business Interruption Stipend Program;

(e) Receipt of stipends under this chapter shall not disqualify a business from receiving other COVID-19 related state or federal grants or stipends, including the Coronavirus Business Relief Stipend program and the Coronavirus Mitigation Stipend program.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 4 Application Process

(a) Prioritization criteria.

(i) The Council shall prioritize stipends under this chapter based on the following criteria:

(A) The Council will give preference to those Applicants that have not received any funding from the Paycheck Protection Program established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. No. 116-136 and/or were required to be closed by applicable public health orders. These businesses will receive preference in funding. The preference will be applied through the timing of when applications are received and processed by the Council. The Council will establish and publish the timing for all applications. The priority preference will go in the following order:

(I) Applicants that did not receive Paycheck Protection Program funding and were specified in the following health orders;

(1.) The following businesses are deemed "required to be closed" for priority purposes: theaters, bars, nightclubs, coffee shops, employee cafeterias, self-serve buffets, salad bars, unpackaged self-serve food service, gyms, conference rooms, museums, restaurants, nail salons, hair salons, barber shops, massage therapy services, tattoo, body art and piercing shops, and cosmetology, electrology, and esthetic services.

(II) Applicants that may have received funding from the Paycheck Protection Program, but were specified in the preceding health orders and/or applicants that were not specified in the preceding health orders, but did not receive funding from the Paycheck Protection Program;

(III) Any other Applicant;

(b) Application.

(i) The Council shall provide a "Business Interruption Stipend Program" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to:

(A) Information that establishes the applicant's eligibility and prioritization criteria listed under Section 2(a) and Section 3(a) of this Chapter.

(B) Certification of cost of business interruption due to/caused by the COVID-19 health emergency and required closure(s).

(ii) Each applicant shall file its application for "Business Interruption Stipend Program" funds with the Council online at a website provided by the Council.

(iii) Applicants must report the amount of federal loans, grants, or aid provided for COVID-19 related purposes, including from the CARES Act, or other similarly purposed federal act, including funds from the Wyoming Community Development Authority funded by the CARES Act for which the applicant:

(A) Believes they are eligible;

(B) Has applied; or

(C) Has received.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 5 Amount of award

(a) The amount of award is the amount to reimburse the business for the cost of business interruption. This amount is determined by calculating lost revenue and COVID-19 related expense and subtracting from that amount the businesses Cost Saving Realized and any federal or state funding that the business has received to compensate for these same losses, including Paycheck Protection Program funds the business received and expects to be forgiven.

(b) Cost of business interruption must have occurred after March 13, 2020;

(c) In no event shall an Applicant's award exceed fifty thousand dollars ($50,000.00).

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 6 Review and Recommendation

(a) Applications are received on a rolling basis until funds have been expended and will be reviewed in the following manner:

(i) Council staff reviews to ensure accuracy, eligibility, and completeness, with consideration to Section 4(a);

(ii) Each Application will be assigned a unique identifying number and be given prioritization, if applicable, according to Section 4(a);

(iii) Monies will be expended on a first come, first served basis, with the exception of the consideration to the preference in Section 4(a);

(iv) Monies will be disbursed either via electronic funds transfer or by paper check from the Wyoming State Auditor's Office;

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 7 Certification

Applicants shall certify that:

(a) The statements contained in the application are true, complete and accurate to the best of applicant's knowledge;

(b) The funds will only be used for purposes allowed under the program; and

(c) The funds are requested to reimburse costs of business interruptions caused by COVID-19. Applicant understands and acknowledges that failure to comply with these terms and certifications may result in the WBC requiring a total or partial refund of the grant funds.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.2.08282020 § 8 Program Administration and Audit

Council staff may conduct and contract for random audits of eligible businesses receiving awards under this section to ensure awarded funds are expended in compliance with state and federal law. By accepting an award under this Chapter, the Applicant agrees to assist and provide the information requested by the auditors.

History

• Effective 2020-08-28

Chapter 3 Business Relief Stipend Program

Wyo. Code R. 085.0016.3.08282020 § 1 Authority

These emergency rules are adopted by the Wyoming Business Council ("WBC") pursuant to 2020 Spec. Session 1, HEA 01, Section 3(d).

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 2 Purpose

These rules are promulgated for the purpose of providing a regulatory framework for the issuance of stipends to Wyoming businesses which have experienced business interruptions caused by required closures due to the COVID-19 pandemic.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 3 Eligible Applicants

(a) In addition to the General Provisions in Chapter 1 and the requirements set forth in HEA 01, an Applicant must be an eligible business and must have been adversely impacted as a result of the COVID-19 pandemic or as a result of business interruptions due to a required closure or public health order.

(b) The following non-profit entities are eligible:

(i) Non-profits classified as 501(c)(3), 501(c)(6), 501(c)(12) and 501(c)(19) and are registered with the Internal Revenue Service may apply for the Business Relief Stipend Program.

(ii) Non-profits with at least one (1) full-time paid employee.

(iii) Non-profits whose primary activity/purpose is lobbying are not eligible.

(c) Exclusions;

(i) Tribal government-owned businesses are not eligible to apply for the Business Relief Stipend Program.

(ii) Any governmental or government-owned entity is not eligible to apply for the Business Relief Stipend Program.

(d) Receipt of stipends under this chapter shall not disqualify a business from receiving other COVID-19 related state or federal grants or stipends, including the Coronavirus Business Interruption Stipend program and the Coronavirus Mitigation Stipend program.

(e) Any eligible business that was required to close by public health order may apply to the Council for a "Closure Stipend" under this Chapter. The following businesses are deemed "required to close" for the purposes of the Closure Stipend: theaters, bars, nightclubs, coffee shops, employee cafeterias, self-serve buffets, salad bars, unpackaged self-serve food service, gyms, conference rooms, museums, restaurants, nail salons, hair salons, barber shops, massage therapy services, tattoo, body art and piercing shops, cosmetology, electrology, child care facilities, and esthetic services.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 4 Application Process

(a) Application.

(i) The Council shall provide a "Business Relief Stipend Program" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to:

(A) Information that establishes the applicant's eligibility under Section 3(a) of this Chapter;

(B) An Expenditure Plan as defined by the Council in the application process;

(C) Certification that claimed expenditures and expenses are associated with the COVID-19 health emergency and required closure(s); and

(D) Any additional information necessary to determine the adequacy of the applicant's requested award.

(ii) Each applicant shall file its application for "Business Relief Stipend Program" funds with the Council online at a website provided by the Council.

(iii) The Council shall provide a "Closure Stipend Program" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to:

(A) Information that applicant's eligibility under Section 3 of this

Chapter;

(B) Certification that revenue loss is as a result of the ordered closures;

and;

(C) Certification of the change in the amount of expenses are a result

of the ordered closure.

(iv) Each applicant shall file its application for "Closure Stipend Program" funds with the Council online at a website provided by the Council.

(v) Applicants who are eligible for the Closure Stipend Program may only submit one (1) application to either the Closure Stipend Program or the Business Relief Stipend Program.

(vi) Applicants must report the amount of federal loans, grants, business interruption stipend program funds, or other aid provided for COVID-19 related purposes, including from the CARES Act, or other similarly purposed federal act, including funds from the Wyoming Community Development Authority funded by the CARES Act for which the applicant:

(A) Believes they are eligible;

(B) Has applied; or

(C) Has received.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 5 Eligible Expenditures and Expenses

(a) Stipends awarded under this Chapter shall be used by the eligible business to compensate for actual losses for the following expenditures and expenses associated with the COVID-19 pandemic including:

(i) Payroll costs;

(ii) Business supplies;

(iii) Business equipment including equipment necessary to resuming normal business operations and equipment necessary to modify business operations in response to the COVID-19 pandemic or public health guidelines;

(iv) Other business expenses, including but not limited to rent or mortgage payments, utilities and other operational costs; and

(v) Any other expenditure or expense related to business interruption due to the COVID-19 pandemic.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 6 Closure Stipend Award Calculation

(a) Eligible business' that were required to close in the Supplemental Closure Stipend Program must choose either the Supplemental Closure Stipend Program worksheet or the Business Relief Stipend Worksheet.

(b) Closure Stipend Program Calculation. To calculate the Supplemental Closure Stipend Program award amount, the following formula shall be used:

(i) Lost gross revenue (between March 13, 2020 and the application date); plus

(ii) COVID-19 related expenses (between March 13, 2020 and the application date); plus

(iii) Extraordinary expenses as calculated in the Expenditure Plan; minus,

(iv) Business Interruption Stipend program funds received (if applicable); minus

(v) Any other grant funds including, but not limited to, funds from the Paycheck Protection Program, Economic Injury Disaster Loan Advances, or Pandemic Unemployment Assistance.

(A) Eligible businesses that received Business Interruption Stipend program funds must only deduct any additional grants received after the Business Interruption Stipend program application.

(a) In no event shall an Applicant's award exceed three hundred thousand dollars ($300,000.00).

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 7 Business Relief Stipend Award Calculation

(a) To calculate the Business Relief Stipend award amount, the following formula shall be used:

(i) Aggregate loss of revenue as a percent (%) (between March 13, 2020 and the application date); multiplied by

(ii) Aggregate eligible expenditures and expenses as noted in Section 5 (between March 13, 2020 and the application date); plus

(iii) Extraordinary expenses as calculated in the Expenditure Plan; minus,

(iv) Business Interruption Stipend program funds received (if applicable); minus

(v) Any other grant funds including but not limited to funds from the Paycheck Protection Program, Economic Injury Disaster Loan Advances, or Pandemic Unemployment Assistance.

(A) Eligible business' that received Business Interruption Stipend program funds must only deduct any additional grants received after the Business Interruption Stipend program application.

(b) In no event shall an Applicant's award exceed three hundred thousand dollars ($300,000.00).

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 8 Review and Recommendation

(a) Applications are received on a rolling basis until funds have been expended and will be reviewed in the following manner:

(i) Council staff reviews to ensure accuracy, eligibility, and completeness, with consideration to Section 3;

(ii) Each Application will be assigned a unique identifying number;

(iii) Monies will be expended on a first come, first served basis;

Monies will be disbursed either via electronic funds transfer or by paper check from the Wyoming State Auditor's Office.

(b) Appeal process.

(i) Applicants must first notify the Council of their intent to appeal via email at wbc.brp@wyo.gov within three (3) business days of the application denial date.

(A) After three (3) business days the application will no longer be eligible for funding.

(ii) Denied applications may appeal with a typed summary of business' activities, history, industry, etc. plus one or more of the following documentation;

(A) Tax Return forms filed with the IRS;

(B) Schedule C of IRS form 1040, Schedule F of IRS form 1040, any other form necessary to establish a business' existence.

(C) Documentation of EIN from IRS.

(iii) Failure to submit the aforementioned documentation within three (3) business days will result in denial of the application.

(c) Any eligible business found using multiple methods (EIN and SSN) to apply for numerous awards may be denied any or all applications at the Council's sole discretion.

(d) The approval or denial determination of the Council is final.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 9 Certification

Each Applicant shall certify that:

(a) The statements contained in the application are true, complete and accurate to the best of the applicant's knowledge;

(b) The funds represent actual losses the business suffered as a result of the COVID-19 pandemic and resulting business interruptions.

(c) The funds will only be used for purposes allowed under the grant;

(d) The funds shall be used by the eligible business for the expenditures and expenses associated with the COVID-19 pandemic in accordance with Section 5(a);

(i) Applicants must provide a report to the Council not later than December 1, 2020 which describes how the funds were expended as authorized by Section 5(a).

(e) Applicant understands and acknowledges that failure to comply with these terms and certifications may result in the WBC requiring an eligible business to repay all funds provided under this Chapter plus interest at a rate of two percent (2%) per annum from funding date of the stipend; and

(f) Applicant agrees to maintain a meaningful nexus to the state of Wyoming for not less than three (3) years after receiving an award under this Chapter.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.3.08282020 § 10 Program Administration and Audit

Council Staff may conduct and contract for random audits of eligible businesses receiving awards under this section to ensure awarded funds are expended in compliance with state and federal law. By accepting an award under this Chapter, the Applicant agrees to assist and provide the information requested by the auditors during any such audits.

History

• Effective 2020-08-28

Chapter 4 Coronavirus Mitigation Stipend Program

Wyo. Code R. 085.0016.4.08282020 § 1 Authority

These emergency rules are adopted by the Wyoming Business Council ("WBC") pursuant to 2020 Spec. Session 1, HEA 01, Section 4(c).

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 2 Purpose

. These rules are promulgated for the purpose of providing a regulatory framework for the issuance of stipends to Wyoming businesses which have experienced business interruptions caused by required closures due to the COVID-19 pandemic.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 3 Eligible Applicants

(a) In addition to the General Provisions in Chapter 1 and the requirements set for in HEA 01, an Applicant must be an eligible business and must have incurred actual expenses as a result of the COVID-19 pandemic or as a result of business interruptions due to a required closure or public health order.

(b) Any non-profit entity registered with the Internal Revenue Service may apply for the Coronavirus Mitigation Stipend Program.

(c) Excluded Entities;

(i) Tribal government-owned businesses are not eligible to apply for the Coronavirus Mitigation Stipend Program.

(ii) Any governmental or government-owned entity is not eligible to apply for the Coronavirus Mitigation Stipend Program.

(d) Receipt of stipends under this chapter shall not disqualify a business from receiving other COVID-19 related state or federal grants or stipends, including the Coronavirus Business Interruption Stipend program and the Coronavirus Business Relief Stipend program.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 4 Application Process

(a) Application.

(i) The Council shall provide a "Coronavirus Mitigation Stipend Program" application online that includes a requirement to provide information relevant for funding decisions, including but not limited to:

(A) Information that establishes the applicant's eligibility under Section 3 of this Chapter; and

(B) Certification of actual COVID-related expenses incurred in Wyoming for the health and safety of Wyoming employees and expenses incurred by Wyoming employers to comply with public health guidelines for the health and safety of Wyoming employees as a result of the COVID-19 pandemic.

(ii) Each applicant shall file its application for "Coronavirus Mitigation Stipend Program" funds with the Council online at a website provided by the Council.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 5 Amount of Award

(a) Awards made under this chapter are intended to reimburse COVID-related expenses that an eligible business actually incurred between March 1, 2020 and December 1, 2020.

(b) In no event shall an Applicant's award exceed the lesser of five hundred thousand dollars ($500,000.00) or the amount of actual COVID-related expenses that the eligible business incurred between March 1 and December 1, 2020.

(c) Eligible businesses cannot recover for amounts that were already accounted for by the Business Interruption Stipend, the Business Relief Stipend, the Closure Stipend, or any other CARES Act funding.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 6 Review and Recommendation

(a) Applications are received on a rolling basis until funds have been expended and will be reviewed in the following manner:

(i) Council staff reviews to ensure accuracy, eligibility, and completeness, with consideration to Section 3.

(ii) Each Application will be assigned a unique identifying number;

(iii) Monies will be expended on a first come, first served basis;

(iv) Monies will be disbursed either via electronic funds transfer or by paper check from the Wyoming State Auditor's Office.

(b) Appeals

(i) Applicants must first notify the Council of their intent to appeal via email at wbc.brp@wyo.gov within three (3) business days of the application denial date.

(A) After three (3) business days the application will no longer be eligible for funding.

(ii) Denied applications may appeal with a typed summary of business' activities, history, industry, etc. plus one or more of the following documentation;

(A) Tax Return forms filed with the IRS;

(B) Schedule C of IRS form 1040, Schedule F of IRS form 1040, any other form necessary to establish a business' existence.

(C) Documentation of EIN from IRS.

(iii) Failure to submit the aforementioned documentation within three (3) business days will result in denial of the application.

(c) Any eligible business found using multiple methods (EIN and SSN) to apply for numerous awards may be denied any or all applications at the Council's sole discretion.

(d) The approval or denial determination of the Council is final.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 7 Certification

Applicants shall certify that:

(a) The statements contained in the application are true, complete and accurate to the best of applicant's knowledge;

(b) The funds shall be used by the eligible business to reimburse COVID-related expenses; and

(c) Applicant understands and acknowledges that failure to comply with these terms and certifications may result in the Council requiring a total or partial refund of the stipend funds.

History

• Effective 2020-08-28

Wyo. Code R. 085.0016.4.08282020 § 8 Program Administration and Audit

Council Staff may conduct and contract for random audits of eligible businesses receiving awards under this section to ensure awarded funds are expended in compliance with state and federal law. By accepting an award under this Chapter, the Applicant agrees to assist and provide the information requested by the auditors.

History

• Effective 2020-08-28

371 Wyoming Minerals to Value Added Products Program

Chapter 1 Wyoming Minerals to Value Added Products Program

Wyo. Code R. 085.0011.1.01272016 Wyoming Minerals to Value Added Products Program

STATE OF WYOMING

WYOMING MINERALS TO VALUE ADDED PRODUcrS PROGRAM

Rules and Regulations

CHAPTER 1-WYOMING MINERALS TO VALUE ADDED PRODUCTS PROGRAM

Section 1. Purpose.

(a) These rules are adopted in order to implement W.S. 9-20-101 through 9-20-104, which provide for entering into a contractual agreement with eligible mineral to value added products facilities. The rules provide for a method of application, review and recommendations, the establishment of terms and a hearing process;

(b) The legislature finds that the state of Wyoming has an abundance of natural mineral resources which provide the basis of the state's economy. The vast majority of Wyoming's extracted mineral wealth is consumed or converted to higher value products outside of the state of Wyoming;

(e) The legislature finds that it is in the interest of the state of Wyoming to encourage the development of industries in the state which convert the state's mineral resources to higher valued products prior to exportation from the state.

Section 2. Authority.

(a) Authority for the promulgation of these rules is granted in W. S. 9-20-102 through 9-20­104

Section 3. Definitions

(a) "Minerals to value added products facility" includes a commercial scale mineral to liquid fuels or other value added products facilities but shall not include any facility which will derive fifty percent (50%) or more of its anticipated revenues from the generation of electricity;

(b) "Tolling fee" means a negotiated fee for the conversion of feedstock mineral provided by the state of Wyoming under a contract with the operator of a value added facility;

(c) "Council" means the Wyoming Business Council;

(d) "Board" means the Wyoming State Loan and Investment Board.

Section 4. Applicants. An Applicant shall consist of an enterprise which operates or intends to operate a conunercial-scale facility which manufactures fuels or products in Wyoming using mineral feedstock materials substantially produced in Wyoming as further described in W.S.9­20-103 (c).

Section 5. Proposal Review and Approval Process; Due Diligence

(a) Any commercial scale minerals to value added products facility shall first submit a proposal to the governor. The governor may provide recommendations for the size and parameters of the proposed contract.

(b) An application to participate in the program shall then be submitted to and reviewed by the Council under the process set forth in W.S. 9-12-601 through 9-12-603.

(c) The Council shall provide recommendations for terms and conditions contained in a proposed contract. The Council's recommendations shall be forwarded to the Board for final consideration of the application.

(d) Attorney General's Office. The Attorney General's Office shall provide a written opinion certifying the legality of the transaction and all documents.

(e) The Governor, Council or Board is authorized to employ such experts as necessary to fully evaluate an application and negotiate the terms and conditions of a contract under the act. If experts are retained, the cost for the experts shall be paid by the applicant.

(f) The Council may contract with such experts as necessary to assist in determining proof of performance of its obligations under any contract entered into, including assistance with feed stock purchases and the sale of value added products.

(g) Material change or new information. After Board's final approval of application/project the Council may request from the applicant any materials or information the Council deems necessary to create a contract.

Section 6. Materials Required for Council Review

(a) Project application. An application including any recommendations by the Governor to participate in the program shall be submitted to and reviewed by the Council under the process set forth in W.S. 9-12-60 I through 9-12-603. The project application must contain the following comprehensive information:

i. Tab A -A detailed overview of the applicant's business entity, including identification of all executive management and all owners including the names of the owners and the percentage interest of each owner with greater than or equal to ten percent (10%) of the entity making the proposal. For clarity, the ten percent (10%) disclosure requirement shall apply to any entity or individual with an option to increase ownership to equal 10 grealer than len percent (10%) of the entity making the proposal;

ii. Tab B -A detailed description of the proposal;

iii. Tab C -A business plan accurately describing the existing business, and its history;

iv. Tab D -A comprehensive chart and detailed description identifying all business entities related to the applicant, whether by contract or through a corporate affiliation;

v. Tab E -Annual audited financials which contains an unqualified opinion of an independent certified public accountant for the preceding three (3) years, including tax returns. If the enterprise is a new entity without historical financial reports, the applicant must submit an audited balance sheet which contains an unqualified opinion of an independent certified public accountant issued not more than sixty (60) days before the application;

vi. Tab F -A balance sheet and projected cash flow for the duration of the contract term proposed;

vii. Tab G -Commitments to sell the finished product and other indices necessary to demonstrate the applicant'S ability to perform under the contract as determined by these rules and regulation;

viii. Tab H -Detail of the costs associated to the value added conversion facility and associated financial comments including terms and structure. This detail shall demonstrate private investment in the county or counties in buildings, equipment and direct project infrastructure of not less than three (3) times the amount of any contract;

ix. Tab I -A list of all permits and environmental analysis required for the project including the parties who will be responsible for each permit submission, permit issuance and environmental review;

x. Tab J -Third party engineering and economic analysis

xi. Tab K -A project timeline indicating key dates for engineering review, permit application, permit receipt, environmental clearance, and any third party construction of facilities completion that are required for the commissioning and operation of the proposed facility;

xii. Tab L -Notice and identification of any threatened or pending litigation involving the anticipated project andlor the applicant;

xiii. Tab M -Industry-specific information and documentation concerning the applicant's business activities within that industry, including without limitation, regulatory information related to the project to be undertaken;

xiv. Tab N -Inventory and evaluation of social and economic conditions and impact assessment from the project. If the Wyoming Industrial Development Information and Siting Act is applicable to project, the contained Socieconomic Baseline and Impacts analysis may be submitted to the application;

xv. Tab 0 -Any relevant ongoing or new information that arises any time after applicant's initial submission of the above information which may influence or bear upon the review of the proposal, including without limitation, new or altered financing arrangements, statutory, regulatory or rule changes which may impact applicant's project or operations or the proposal thereof, or changes in ownership.

xvi. All of the foregoing requirements (i through xv) are a continuing obligation of disclosure by the applicant during the pendency of the application.

(b) Additional Information. In addition to information in the project application, the Council may ask for additional information necessary to conduct its due diligence and review of the project. Applicants shall respond to such requests in a timely manner with complete and current information. Any documents, materials or information provided to the Council may be shared with any other State agency, including without limitation, the Attorney General, Governor's office, and Board. If the Applicant provides any additional information or documents to the Governor's office in connection with their review of the project outside the information contained in the original proposal, the applicant must also provide such additional information or documents to the Council.

Section 7. Contract Review; Approval Process; Closing

(a) After an application to participate in the program is approved by Board, the Council may complete negotiations to contract to supply not more than twenty percent (20%) of the expected mineral supply to the facility for the duration of the contract. Total contract amounts for anyone (I) facility shall be set by rule of the Board based on the provisions of the act and the expected return to the state of Wyoming, but in no event shall a contract exceed fifty million dollars ($50,000,000)

(b) The proposed contract shall be submitted to the Council for review and determination under the process set forth in W.S. 9-12-601 through 9-12-603;

(c) The Council's recommendations shall be forwarded to the Board for final consideration of the contract;

(d) The Applicant is required to close the contract within six (6) months of the final approval of state Board. The Applicant may request an extension of the closing deadline in writing and must demonstrate good cause why the deadline should not apply and why a new deadline should be set. The Board may agree to extend the closing deadline. In no event will Board provide an extension which would allow the loan or loan guarantee to close more than one (1) year after the final approval without resubmitting the request to the Council and the approval of the Board.

History

• Effective 2016-01-27

414 Wyoming Partnership Challenge Loan Program

Chapter 1 General Provisions

Wyo. Code R. 085.0017.1.02122025 General Provisions

CHAPTER 1

GENERAL PROVISIONS

Section 1. Purpose. These rules are adopted in order to implement W.S. 9-12-301 through 9-12-308, which provide for the making of loans to eligible community development organizations, state development organizations, and businesses. The rules provide for a method of application, review and recommendation, the establishment of terms and conditions of loans, and a hearing process;

Section 2. Authority.

(a) Authority for the promulgation of these rules is granted in W.S. 9-12-302.

Section 3. Definitions. As used in these rules, unless otherwise specified:

(a) "Applicant" means all eligible entities that can apply for loans and then using that term where both CDO/SDO and businesses have the same requirements;

(b) "Board of Directors" means the Board of Directors of the Council;

(c) "Borrower" means the community development organization, state development organization, or business which applies for, commits to, and is responsible for repayment of funds provided under this program;

(d) "Business" means any existing enterprise, incorporated in the state, which employs people within the state, provides services within the state, uses resources within the state or otherwise adds economic value to goods, services or resources within the state, and includes farm and ranch operations;

(e) "Cash or cash equivalent" means liquid assets including savings, checking and money market accounts, CDs, stocks, bonds or cash value life insurance or other similar assets. Equity in real estate holdings and other fixed assets is not to be considered liquid assets;

(f) "Community development organization (CDO)" means a group of private citizens organized as a business entity authorized to do business in this state for the purpose of providing financing for new, existing, or expanding businesses and other economic or community development purposes in Wyoming, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof;

(g) "Commercial Lender" means commercial institutions that loan money, including banks, credit unions, mutual savings banks, savings and loan associations, stock savings banks, or trust companies;

(h) "Contract Financing" means a provision of financing for a business to gain liquidity and in which the business assigns the proceeds of a valid contract as collateral for the financing;

(i) "Council" means the Wyoming Business Council;

(j) "Council staff" means the staff of the Wyoming Business Council;

(k) "Economic development account" means the economic development enterprise account within the revolving investment fund created under article XVI, section 12 of the Wyoming constitution. The account shall consist of funds from payments as provided in W.S. 9-12-306 and other funds as provided by law;

(l) "Economic Disaster Area" means as defined in W.S. 9-12-301 (a)(v);

(m) "Economic Disaster Loan(s)" means loans made to eligible businesses, up to a maximum of five hundred thousand dollars ($500,000.00) where such loans are funded by the Challenge Loan Program;

(n) "Fifty-fifty (50-50) financing program" means a provision of financing for that portion of the total project cost that is calculated by subtracting from the total project cost the sum of the business's debt. The Council shall not consider a proposal in which the fifty-fifty (50-50) financing component exceeds fifty percent (50%) of the total project cost or two million five hundred thousand dollars ($2,500,000.00), whichever is less; or the business contributes less than fifteen percent (15%) of the total project cost;

(o) "Financial Records" means an applicant's financial statements, balance sheets, income statements, tax returns, or any other financial records deemed necessary for review;

(p) "Land development loan" means an extension of credit for the purpose of improving unimproved real property prior to the erection of structures. The improvement of unimproved real property may include the laying or placement of sewers, water pipes, utility cables, streets, and other infrastructure necessary for future development;

(q) "Large Project Loan Program" means a provision of financing for a business to promote a stable, balanced, and diversified economy. The project must have a minimum project cost of five million dollars ($5,000,000.00), a high likelihood of completion, create jobs, increase sales and property taxes, and demonstrate a significant increase in the assessed valuation of the county or counties in which the project is located;

(r) "Loan Review Committee" means a Committee comprised of the Governor or his designee, the Treasurer or his designee, and a member of the Council who has expertise in banking or experience in the banking industry designated by the Chief Executive Officer of the Wyoming Business Council;

(s) "Lost revenues" shall only include actual losses incurred and shall not include any future losses;

(t) "Natural gas fueling infrastructure loan" means a loan issued by the Council for the costs of the engineering, design, real property, equipment, and labor necessary to install a functioning natural gas filling station to fuel motor vehicles, which operate on natural gas as a transportation fuel;

(u) "New Owner" means an individual or entity purchasing or acquiring majority control over a business's operations and assets and which is responsible for the business's debt and existing obligations.

(v) "Participant" means any Financial Institution(s) sharing a portion of the loan with the Wyoming Business Council through a participation agreement;

(w) "Partnership Challenge Loan Program" means a provision of financing to be used to assist any community development organization, as defined in Section 3(f), or state development organization, as defined in Section 3(aa), to build, acquire, purchase, or complete projects for the purpose of economic or community development purposes within the State of Wyoming;

(x) "Recipient" means a proposed or existing enterprise who has been awarded funds under any of the following loan programs;

(y) "Renovation" means construction or reconstruction-type work on a building including: façade, roof, exterior wall assembly, foundation, windows, doors, cornice treatment, awnings and canopies;

(z) "Servicing agent" means the qualified entity contracted by the Council to service the loans in the portfolio and to provide administrative services for the program;

(aa) "State development organization (SDO)" means a corporation organized under W.S. 17-11-101 through 17-11-120 with the authority to provide financing for new, existing, or expanding businesses, and to fulfill other economic or community development purposes throughout the state of Wyoming, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof;

(bb) "Succession financing" means a provision of financing to be used to assist in the transition or succession of a business that has been in existence for not less than seven (7) years immediately before the transfer or succession to a new owner of the business;

(cc) "Third-party loan(s)" means loans made by a community development organization or a state development organization to a business, where such loans are funded partially by the Challenge Loan Program;

(dd) "Wyoming main street loan participation" means a provision of financing by the council in which the council participates with a Commercial Lender that has made a loan to a business for building improvements to maintain the structure's historical character. The

(ee) Maximum participation by the Council shall be seventy-five (75%) of the loan or one hundred thousand dollars ($100,000), whichever is less.

Section 4. Eligible Applicants.

(a) Any of the following applicants are eligible under their respective section(s). All applications shall be reviewed by Council Staff and a recommendation shall be made to the Board of Directors, as defined by legislation. The Council shall not consider incomplete applications;

(i) Any community development organization, as defined in Section 3(f) or state organization, as defined in Section 3(aa) requesting financing utilizing the Partnership Challenge Loan Program as defined in Section 3(w);

(ii) Any business requesting Fifty-Fifty (50-50) financing as defined under Section 3(n);

(iii) Any business(es) requesting Economic Disaster Loan financing as defined in Section 3(m);

(iv) Any business requesting Large Project Loan financing as defined in Section 3(q);

(v) Any business requesting Contract Financing as defined in Section 3(h);

(vi) Any business requesting Succession Financing as defined in Section 3(bb);

(vii) Any business requesting Wyoming Main Street Loan Participation as defined in Section 3(dd);

(viii) Any business requesting a Natural Gas Fueling Infrastructure loan as defined in Section 3(t).

Section 5. Default Application Process.

(a) All applications for loans shall be submitted on the required forms. Applications will be accepted at any time and scheduled for final review and recommendation by the Board of Directors on a first-come, first-served basis;

(b) One (1) copy of the application shall be submitted to the Council offices at:

Wyoming Business Council

214 West 15th Street

Cheyenne, Wyoming 82002

(c) Every application for a community development organization, state development organization shall include, unless waived by the Council:

(i) Three (3) years of financial statements (of the community development organization or state development organization and business receiving the third-party loan), plus current financial statements;

(ii) Pro-forma financial projections (income statement, balance sheet, and cash-flow statement) of the community development organization or state development organization, and the recipient of the third-party loan(s) for two (2) years;

(iii) A certificate of incorporation of the community development organization, state development organization;

(iv) By-laws of the community development organization, state development organization;

(v) A resolution to borrow by the community development organization, state development organization;

(vi) In the case of a community development organization, the use of funds will stimulate economic development in the community or county, or in the case of a state development organization, the use of funds will stimulate economic or community development throughout the state of Wyoming, and that such funds for financing the Business(es) are not available from the private-sector or in the case of a business(es) a letter of recommendation from the city, county or economic development organization where they are located;

(vii) The business plan of the community development organization, state development organization, or the ultimate recipient of the third-party loan(s);

(viii) In the case of a community development organization, a resolution of support from the legislative body of its municipality or county, or in the case of a state development organization, a resolution of support from the Council;

(ix) A certification by the community development organization or state development organization that all statutory requirements will be met;

(x) A certification that the community development organization or state development organization will contribute an amount of cash or cash equivalent not less than twenty percent (20%) of the amount of the loan it receives, plus documented evidence of the cash or cash equivalent reserves which will be pledged for such matching;

(xi) An itemized list of the proposed collateral and collateral value, not to exceed a loan to value of eighty five percent (85%);

(xii) A detailed proposal explaining how the community development organization or state development organization will use any loan funds. If the development organization intends to use loan funds to refinance existing debt, the proposal shall reflect that less than fifty percent (50%) of the funds received can be devoted to this purpose;

(xiii) Proposed personal guarantees; and

(xiv) A certification that the business will allow an examination of its books and records as required in W.S. 9-12-306(a).

(d) With the exception of the Large Loan Program in Chapter 9, all applications shall include, unless waived by the Council:

(i) A complete copy of the originating lender's analysis, recommendation and approval;

(ii) Three (3) years of financial and tax statements (or in the case of a new business the most recent statements available since start-up), plus detailed and complete current financial statements of the Business and owner(s);

(iii) Pro-forma cash flow statement projections, if required by the commercial lender, of the Business for a minimum of two (2) years;

(iv) An itemization of any proposed collateral and the collateral value;

(v) A detailed proposal explaining how the business will use any loan funds. If the business intends to use loan funds to refinance existing debt, the proposal shall reflect that less than fifty percent (50%) of the funds received can be devoted to this purpose;

(vi) Proposed personal guarantees;

(vii) Certification by the lender and business that all statutory requirements will be met;

(viii) Certification that the business will allow an examination of its books and records as required in W.S. 9-12-306(a); and

(ix) Certification that the business will report jobs, wages, and capital expenses at the request of the Council.

Section 6. Default Review and Recommendation.

(a) Completed applications shall be reviewed by Council staff to determine eligibility, completeness, and credit-worthiness.

(b) Council staff shall provide to the applicant of any application determined to be incomplete an explanation of their findings in writing prior to denial of the loan.

(c) Council staff shall formulate a recommendation for complete applications to the Board of Directors utilizing the criteria in W.S. 9-12-303 and 9-12-304, including findings as to whether:

(i) The total loan amount request would exceed:

(A) One Million dollars ($1,000,000.00) to a single community development organization or three million five hundred thousand dollars ($3,500,000.00) to a state development organization;

(B) Whichever is less of fifty percent (50%) of the total project costs or two million five hundred thousand dollars ($2,500,000.00) to a business applying for "fifty-fifty (50-50) financing";

(C) Five hundred thousand dollars ($500,000.00) to a business applying for "economic disaster loan" financing does not exceed;

(D) Two hundred thousand dollars ($200,000.00) to a business applying for "contract financing" loan, if the total of all "contract financing" loans issued does not exceed one million dollars ($1,000,000.00) at any given time;

(E) Five hundred thousand dollars ($500,000.00) to a business applying for a "succession financing" loan;

(F) One hundred thousand dollars ($100,000.00) to a business applying for a "Wyoming main street loan participation";

(G) Seventy-Five percent (75%) of the total costs of real property, construction, and equipment or one million dollars ($1,000,000.00), whichever is less, to a business applying for a "natural gas fueling infrastructure loans" if the total amount of all "natural gas fueling infrastructure loans" issued do not exceed five million dollars ($5,000,000) at any given time;

(ii) There are sufficient funds in the economic development enterprise account to fully fund he instant proposal and all other outstanding commitments and loans;

(iii) Funds provided by the state would be adequately collateralized. The adequacy of the collateral shall be determined by Council staff at no more than eighty-five percent (85%) loan to value;

(iv) All appropriate legal documents are executed;

(v) The community development organization or state development organization contributes an amount of cash or cash equivalent not less than twenty percent (20%) of the loan it receives to a program of investment in its local economic development;

(vi) The community development organization or state development organization has consolidated the loan it receives and its required contribution and makes Third-party loans to Businesses and investments in support of Wyoming business;

(vii) The Board of Directors has taken into consideration that the Third-party loan does not cause unfair competition with existing lenders in the area; and

(viii) The Board of Directors has taken into consideration the likelihood that the Borrower will be able to make sound underwriting decisions in its provision of the Third-party loans, and the Borrower's ability to ultimately repay the loan.

(d) Council staff shall notify each applicant of the time and place of the Board of Directors' meeting at which its application will be evaluated.

(e) At the meeting, the Board of Directors shall consider each application, allowing for comments from the applicant and Council staff. The Board of Directors shall then approve or deny each application subject to the terms and conditions considered necessary by the Board of Directors. In the event the application is denied the Board of Directors will disclose to the applicant the reason for denial in writing and any remedial steps for the application to be reconsidered.

Section 7. Default Terms, Conditions, and Repayment.

(a) In making loans, the Council shall:

(i) Establish an up-front fee of at least one percent (1%) each of the total loan amount;

(ii) Establish a commitment period for disbursement of loan proceeds not to exceed three (3) years;

(iii) Set an interest rate (minimum 3% per annum) for all loans, except Large Project Loan(s) in Chapter 9, after considering:

(A) The proposed source(s) and use(s) of the funds, and specifically, the percentage of owner's equity;

(B) Other interest rates associated with total project financing;

(C) Projected cash flows and business plan of the Borrower as well as the Business;

(D) Credit risk of the community development organization or state development organization and the underlying third-party loans;

(E) Current and projected market interest rates; and Collateral and security package.

(iv) Establish the terms of repayment of the loan, not to exceed ten (10) years, with an additional ten (10) year renewal period upon approval by the Board of Directors of the Council, except for Large Project Loans in Chapter 9;

(v) Establish an amortization not to exceed twenty (25) years;

(vi) Establish that whenever a draw-down of funds is requested by the Borrower, provide to the Council for each third-party loan under consideration by the Borrower, a written loan application made by the Borrower and approved by its board, which is a detailed due-diligence analysis on the creditworthiness of the proposed third-party loan. Such loan application shall at a minimum address and analyze the proposed sources of financing: sources and uses of funds, commercial viability of the business/project, risks and mitigants, rationale for lending, economic development impact, the collateral package, terms of the security agreement, and terms and conditions of the third-party loan;

(vii) Establish that whenever a draw-down of funds is requested by the Borrower, provide to the Council for each third-party loan under consideration by the Borrower, unless waived by the Council, the Business' business plan, three (3) years of historical financial statements and current year-to date financial statements; three (3) years of tax statements; and pro-forma financial projections including the Borrower's income statement, balance sheet, and cashflow statement;

(viii) Establish other terms and conditions determined to be necessary by the Board of Directors prior to the release of funds to the Borrower, as well as other customary and prudent terms and conditions;

(ix) Require written permission from the Borrower agreeing to allow the Wyoming Department of Audit and an auditor designated by the Board of Directors to examine its books and records, upon request;

(x) Reserve the right to terminate the agreement to ensure funds loaned or committed are invested by the community development organization or state development organization in local economic development within thirty-six (36) months; and

(xi) Require all statutory requirements applicable to the loan be met.

Section 8. Servicing Agents.

(a) The Council may undertake to act either directly or to contract for that service through a Servicing Agent;

(b) The Servicing agent may be responsible for loan packaging, closing, documentation, loan portfolio management, collection and reporting, and other duties as required

(c) under the loan servicing agreement. It will remain the responsibility of the Council to monitor the performance of the portfolio through frequent meetings with the Servicing agent.

Section 9. Board of Directors Meeting.

(a) The Board of Directors shall conduct application reviews at a meeting of the Board of Directors;

(b) No requests for changes in loan commitments shall be granted without a vote by the Board of Directors approving the change;

(c) The Board of Directors reserves the right to declare a moratorium upon the acceptance of applications.

Section 10. Reporting and Audit.

(a) The Council shall submit to the State Banking Commissioner a portfolio report of all loans as of December 31 no later than January 15. The State Banking Commissioner shall schedule an audit of the loan portfolio report on or before April 1 with a completed audit report presented to the Council on or before May 1;

(b) On or before July 15 of each year, the Council shall submit a written report to the Joint Minerals, Business and Economic Development Interim Committee reviewing rules adopted by the Council during the reporting period, presenting a portfolio of loans made under the programs and presenting a risk analysis of the portfolio of loans prepared by the State Banking Commissioner.

History

• Effective 2025-02-12

Chapter 2 Partnership Challenge Loans

Wyo. Code R. 085.0017.2.08192022 Partnership Challenge Loans

CHAPTER 2

PARTNERSHIP CHALLENGE LOANS

Section 1. Special Requirements.

(a) The total loan amount to a single community development organization shall not exceed one million dollars ($1,000,000.00) or three million five hundred thousand dollars ($3,500,000.00) to a state development organization as referenced in Chapter 1, Section 6(c)(i) of these Rules.

(b) The community development organization or the state development organization shall contribute not less than twenty percent (20%) of a partnership challenge loan per Chapter 1, Section 6(c)(xii) of these Rules.

History

• Effective 2022-08-19

Chapter 3 50/50 Financing Program

Wyo. Code R. 085.0017.3.08192022 50/50 Financing Program

CHAPTER 3

50/50 FINANCING PROGRAM

Section 1. Special Requirements.

(a) For any applicant under Chapter 1, Section 4(ii) of these Rules, the maximum participation amount is fifty percent (50%) of the project cost(s), not to exceed two million five hundred thousand dollars ($2,500,000.00).

History

• Effective 2022-08-19

Chapter 4 Economic Disaster Loans

Wyo. Code R. 085.0017.4.08192022 § 1 Special Requirements

(a) Any business or group of businesses may apply to the Council for designation of an area of the state as an area in which an economic disaster as defined in W.S. 9-12-301(a)(v) has occurred, through the submission of an application to the Council, as defined by legislation. Only complete applications shall be submitted to the Council.

(b) Any business which has been directly impacted in the form of lost revenues, by an economic disaster, as determined by the Council to have occurred in Wyoming, may apply for an Economic Disaster Loan, through the submission of an application to the Council or its Servicing agent, as defined by legislation. Only complete applications shall be submitted to the Council.

(c) Completed requests for declaration of an Economic Disaster Area shall be reviewed by Council staff to determine eligibility and completeness. The Council may require whatever documentation is necessary to verify the extent of the economic impact, and may use good faith estimates of lost revenues to Businesses in determining whether an event qualifies as an economic disaster.

(d) In addition to the requirements of Chapter 1, Section 5, every application shall include:

(i) A detailed description of the economic disaster event which has occurred, which has resulted in lost revenues to directly affected Businesses;

(ii) Documentation that substantiates the applicant's lost revenue, the geographic area in which the economic disaster occurred, and that the event was not within the control of the affected businesses;

(iii) A statement that such funds for the Economic disaster loan are not available from the private-sector at a like term and interest rate;

(iv) A credit report and personal reference letter from financial institution of borrower;

(v) Commitment from a financial institution to renew the operating line of credit or other debt instrument associated with the borrower for a minimum of one (1) year following the closing of the economic disaster loan;

(vi) Documentation establishing the terms of repayment, not to exceed 10 years; and

(vii) Documentation establishing other terms and conditions determined to be necessary by the Board of Directors, including as well as other customary and prudent terms and conditions, negative and affirmative covenants, cross-default, conditions precedent, security.

History

• Effective 2022-08-19

Chapter 5 Contract Financing Loans

Wyo. Code R. 085.0017.5.08192022 Contract Financing Loans

CHAPTER 5

CONTRACT FINANCING LOANS

Section 1. Special Requirements.

(a) The maximum loan amount of loans made under this Chapter of these Rules shall be two hundred thousand dollars ($200,000.00);

(b) There may be no more than one million dollars ($1,000,000.00) in total obligations in the Wyoming Partnership Challenge Loan Program loan portfolio at any given time;

(c) A borrower under the Wyoming Partnership Challenge Loan Program shall contribute no less than ten percent (10%) of the total cost to acquire the raw material(s) used in the contract;

(d) The borrower shall have no other available assets to collateralize the loan request;

(e) The borrower must acquire and produce with its applications no less than two (2) denial letters from financial institutions;

(f) The Wyoming Business Council shall be listed as a co-payee on the contract alongside the borrower;

(g) The maximum loan term of a loan made under this Chapter of these Rules is two (2) years, unless this provision is specifically waived by a motion of the Board of Directors in a public meeting and a new loan term is established in writing;

(h) Interest shall accrue from the date of loan origination; and

(i) Upon payment of the contract from the payor, borrower shall pay off all principal and accrued interest within fifteen (15) calendar days.

History

• Effective 2022-08-19

Chapter 6 Succession Financing Loans

Wyo. Code R. 085.0017.6.08192022 Succession Financing Loans

CHAPTER 6

SUCCESSION FINANCING LOANS

Section 1. Special Requirements.

(a) The maximum loan amount from the Council under this Chapter of these Rules is the lesser of fifty percent (50%) of the total loan amount or five hundred thousand dollars ($500,000.00); and

(b) The business applying for funding shall have been operating for no less than seven (7) years immediately preceding the application for the loan.

History

• Effective 2022-08-19

Chapter 7 Wyoming Main Street Loan Participation

Wyo. Code R. 085.0017.7.08192022 Wyoming Main Street Loan Participation

CHAPTER 7

WYOMING MAIN STREET LOAN PARTICIPATION

Section 1. Special Requirements.

(a) The maximum loan amount in the Wyoming main street loan participation program is one hundred thousand dollars ($100,000.00); and

(b) The Wyoming Business Council's maximum participation in a Wyoming main street loan participation loan shall be seventy-five percent (75%) of the proposed total loan amount.

History

• Effective 2022-08-19

Chapter 8 Natural Gas Fueling Infrastructure Loans

Wyo. Code R. 085.0017.8.08192022 Natural Gas Fueling Infrastructure Loans

CHAPTER 8

NATURAL GAS FUELING INFRASTRUCTURE LOANS

Section 1. Special Requirements.

(a) The maximum loan amount utilizing the natural gas fueling infrastructure loan program shall be one million dollars ($1,000,000.00);

(b) There shall be no more than five million dollars ($5,000,000.00) of total outstanding loans in the natural gas fueling infrastructure loan program portfolio;

(c) The maximum loan amount for loans made under this Chapter of these Rules is the lesser of seventy-five percent (75%) of the project cost or the appraised value of the completed project;

(d) Loans made under this Chapter of these Rules shall not require interest or principal payments for the first two (2) years of the loan term. All deferred interest during the first two (2) years shall, however, be added to the principal balance; and

(e) The minimum interest rate for loans made under this Chapter of these Rules shall be four percent (4%) per annum.

History

• Effective 2022-08-19

Chapter 9 Large Project Loan Program

Wyo. Code R. 085.0017.9.08192022 § 1 Special Requirements

The Large Project Loan Program is funded by a different appropriation fund than the Partnership Challenge Loan Program(s). Therefore, the special requirements are listed below in accordance with the legislation unique to this program.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 2 Authority

These rules are promulgated in accordance with the Wyoming Administrative Procedure Act, Wyoming Statute 16-3-101 through 16-3-115 and the Wyoming Business Council's rule-making authority in W.S. 9-12-308(m).

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 3 Purpose

These rules are intended to provide detailed procedures by which the applicants for large project loans or loan guarantees shall apply for such loans or loan guarantees.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 4 Materials Required for Review

(a) Project application. Applicants seeking a loan or loan guarantee under this program must submit a project application in compliance with this Chapter of these Rules to Council staff. This project application must contain the following comprehensive information:

(i) Tab A - A detailed overview of the applicant's business entity, including identification of all principal management and owners.

(ii) Tab B - A detailed description of the project to be financed, including all costs to be funded and a specific explanation of how the project satisfies the criteria set forth in W.S. 9-12-308(f);

(iii) Tab C - A business plan accurately describing the existing business and its history, future business endeavors, and all characteristics of the project to be funded through the loan or the financing secured by the loan guarantee. The business plan must address, but should not be limited to, the following components:

(A) The total cost of the project, the amount of financing sought and what costs and expenses for the project will be covered by such financing;

(B) The source of the applicant's required private funds, as described in Section 7(h) of this Chapter, to be used in the completion of the project in an amount which is at least twenty-five percent (25%) of the total cost of the project.

(C) The collateral offered to secure the loan or the loan guarantee, including documentation establishing that the collateral is the property of the applicant and is unencumbered with any other financing or an indication that any such financing will be paid off with proceeds from the loan or the financing obtained in connection with the loan guarantee;

(D) The proposed term of financing, including loan amount, term of the loan, amortization, interest rate, and/or private bank participation; and

(E) Any other information reasonably necessary to inform the Wyoming Business Council staff about the project to be financed, the nature of which may vary depending upon the type of business and facilities at issue;

(iv) Tab D - A comprehensive chart and detailed description identifying all business entities related to the applicant, whether by contract or through corporate affiliations;

(v) Tab E - The applicant's financial records for five (5) years or the life of the applicant, whichever is less, including tax returns;

(vi) Tab F - A balance sheet and projected cash flow for the project for the anticipated term of the loan or loan guarantee evidencing the applicant's ability to repay the loan or the financing guaranteed by the loan guarantee on or prior to maturity;

(vii) Tab G - Existing short-term and long-term financing for property associated with the project to be financed through the loan or loan guarantee;

(x) Tab H - Records concerning the environmental compliance with the applicable environmental regulations of facilities and underlying real property associated with the project and completion of an environmental questionnaire provided by the Wyoming Business Council staff with regards to such property which will serve as collateral. If the environmental questionnaire indicates any environmental problems with the property, then further due diligence may be required, such as a Phase 1 and possibly Phase 2 environmental report;

(xi) Tab I - Notice and identification of any threatened or pending litigation involving the anticipated project or property offered as collateral and/or the applicant (or such entity that will be the borrower) and any guarantor as provided in Section 7(j) below;

(xii) Tab J - Industry-specific information and documentation concerning the applicant's business activities within that industry, including without limitation, regulatory information related to the project to be undertaken; and

(xiii) Tab K - Any relevant ongoing or new information that arises any time after applicant's initial submission of the above information which may influence or bear upon the review of the proposed loan or loan guarantee, including without limitation, new or altered

financing arrangements, statutory, rule or regulatory changes which may impact applicant's project or operations or the proposal thereof, or changes in ownership.

(b) Additional information. In addition to information in the project application, the Wyoming Business Council staff may ask for additional information necessary for the Wyoming Business Council staff to conduct its due diligence and review of the project. Applicants shall respond to such requests in a timely manner with complete and current information. Any documents, materials or information provided to Council staff in connection with its review of the loan or loan guarantee may be shared with any other State agency, including without limitation, the Governor's Office, the Wyoming State Treasurer's Office, and the Wyoming Attorney General's Office. Applicant shall also provide updated information pertinent to the comprehensive information required in Section 4(a)(i)-(xiii) of this Chapter should any of that information change at any point during the application process.

(c) Collateral. Based on the appraisals and information provided by the applicant for the collateral securing the loan or loan guarantee, Council staff shall determine if such collateral is adequate based on the requirements of W.S. 9-12-308. Council staff shall secure a first security interest in the entire project which is the subject of the financing and must approve any subsequent financing which is to exist at the time of closing or which applicant enters into after closing of the loan or loan guarantee. If the applicant shows good cause why the applicant cannot grant the State a first security interest in the entire project, then the applicant must propose substitute collateral which Council staff deems to be sufficient to repay the loan or loan guarantee in the case of a default and in which the Council's interest is before the interest of any and all other lenders in such substitute collateral (if such other lenders have been previously approved by the Council as provided in Section 7(b) of this Chapter).

(d) Value of collateral. Loans or loan guarantees shall be adequately collateralized, such that Council staff may obtain appraisals to assess the value of existing facilities, collateral, and other real or personal property used as collateral.

(i) LTV Table

Loan Category

Loan-to-Value Limit (percent)

Raw Land

65

Land Development

75

Construction

75

Commercial, Multifamily, and other non-residential

80

1- to 4-family residential

85

Improved Property

85

Equipment

80

(e) Fee and Experts. The Council shall charge the applicant a loan origination fee or loan guarantee fee in the amount of one percent (1%) of the total loan or guaranteed loan amount. This fee shall be used to pay for the costs of any experts hired by Council staff to aid in conducting the due diligence of the project, including, without limitation, appraisers, accountants, environmental engineers and attorneys. If the cost of such experts exceeds the amount of the origination or guarantee fee, then the applicant shall pay any such excess costs. Regardless whether the applicant closes on the loan or loan guarantee, the applicant shall pay for, or reimburse the State for, all costs incurred by the Council to review the project and the loan or loan guarantee and to conduct the due diligence necessary for such review, including, without limitation, the costs of such experts.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 5 Program Review and Approval Process; Due Diligence; Closing

(a) Steps of process. The steps necessary to obtain approval of a loan or loan guarantee under the large project program are as follows:

(i) The applicant shall first submit five (5) copies of the complete project application to Council staff, including materials required by Council staff in addition to those items described in Section 4(a) of this Chapter for review.

(ii) After receiving an application, Council staff shall review the project application to ensure completeness under Section 4(a) of this Chapter. Once Council staff ascertain that a submitted application is complete, Council staff shall deliver one (1) copy each of the project application to the Governor or his designee, to the State Treasurer or his designee and to the Wyoming Attorney General's Office. The remaining two (2) copies shall be retained at the Council's main office.

(iii) Council staff shall next review the project application under the process set forth in W.S. 9-12-601 through W.S. 9-12-603. Within sixty (60) calendar days of receipt of a complete application, Council staff and participants (if applicable) shall present the project, the proposed loan or loan guarantee, and its terms to the Loan Review Committee. The Loan Review Committee shall adopt a recommendation and may accept or deny the proposed loan or amend its terms in that recommendation.

(iv) Council staff shall provide electronic notice to all Wyoming financial institutions of the recommended loan terms and shall allow not less than fifteen (15) businessdays to respond with expressions of interest relating to participation. If multiple financial institutions express interest in participating in the proposed loan, council staff shall share proposed terms with the applicant. The applicant shall choose from the provided proposals, and Council staff shall notify the interested financial institutions of the applicant's choice for participation.

(v) Following the favorable recommendation of the Loan Review Committee, the project shall be submitted to the Board of Directors for a vote to accept or reject that recommendation at the next scheduled Board of Directors meeting.

(vi) Upon the recommendation by the Board of Directors, the Wyoming Business Council shall forward its recommendation to the Wyoming State Loan and Investment Board at the next available meeting for its final approval, or rejection, of the loan or loan guarantee.

(vii) If the Wyoming State Loan and Investment Board grants final approval of the application, the application shall return to Council staff to close the loan or loan guarantee in conjunction with participating financial institution(s), if applicable.

(b) Information review. Nothing in these rules shall be interpreted to prevent the Governor or his designee, the State Treasurer or his designee, the Council, the Loan Review Committee or the Wyoming State Loan and Investment Board from evaluating or reviewing any and all other relevant information when that information is available.

(c) Final agency action is subject to judicial review of administrative action under Wyoming Statute Ann. 16-3-114 and Rule 12 of the Wyoming Rules of Appellate Procedure.

(d) Material change or new information. After the Wyoming State Loan and Investment Board's final approval of the loan or loan guarantee, the Wyoming Business Council staff may request from the applicant any materials or information the Wyoming Business Council staff deems necessary to close the loan or loan guarantee. If, after the Wyoming State Loan and Investment Board's final approval of the loan or loan guarantee, new information is revealed that Council staff reasonably determines should have been provided, or Council staff determines that previously provided material information is no longer accurate or sufficient, the Council shall not allow the loan or loan guarantee to proceed to closing, and the applicant shall be required to reapply under Section 5(a) above if the applicant desires to proceed with the loan or loan guarantee.

(e) Attorney General's opinion. No loan or loan guarantee shall be made until Attorney General's Office provides a written opinion certifying the legality of the transaction and all documents connected therewith, including without limitation, the Financing Agreement

and the Mortgage or any other document which creates a security interest in the applicant's property in favor of the Council.

(f) Closing. The applicant is required to close the loan or loan guarantee with Council staff within twelve (12) months of the final approval of the Wyoming State Loan and Investment Board. The applicant may request an extension of the closing deadline in writing and shall demonstrate good cause why the deadline should not apply and why a new deadline should be set. The Board of Directors may agree to extend the closing deadline, but in no event shall the Council provide an extension which would allow the loan or loan guarantee to close more than two (2) years after the final approval of the Wyoming State Loan and Investment Board without resubmitting the request for the loan or the loan guarantee. If greater than two (2) years has passed or would pass between the date of final approval and the closing, the applicant shall resubmit the application for approval.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 6 Determination of Eligibility

(a) Eligible projects and expenses. Eligible projects shall consist of an applicant's prospectively planned and well-defined business endeavor, and the project shall have a set beginning and completion date. A loan or loan guarantee issued pursuant to this Chapter shall not be used to fund past business or past construction expenditures. Expenses eligible for reimbursement from loan proceeds following execution of applicable loan or loan guarantee documents shall relate back no earlier than the submission of the request for the loan or loan guarantee to Council staff. Financing issued under this Chapter shall not primarily serve as a refinance mechanism or otherwise serve to substitute the loan or loan guarantee for an applicant's current lenders.

(b) Examples of eligible projects. The following economic development projects, to the extent they otherwise satisfy the criteria set forth in W.S. 9-12-308 and these rules, may be eligible for large project fund financing:

(i) Manufacturing, fabrication or other industrial production facilities;

(ii) Agricultural development or food processing;

(iii) Development of, or improved utilization of, natural resources;

(iv) Research and development projects that will add economic value to goods, services or resources within or outside the State;

(v) Destination facilities, other than retail or food service businesses;

(vi) Product distribution and/or warehousing facilities;

(vii) Transportation or freight facilities;

(i) Scientific testing including, but not limited to, medical, clinical or engineering testing services;

(ii) Utilities;

(x) Facilities associated with the management of waste; and

(xi) Other activities that represent a new technology or type of economic enterprise.

(c) Large project. All loans and loan guarantees issued under this large project program must meet the requirements of a large project as described in W.S. 9-12-308(b). In addition, for a loan or loan guarantee to be eligible for the large project program, project costs must exceed $5,000,000. If the character, scope or size of the project changes at any time after its approval by the Wyoming State Loan and Investment Board, the project shall be resubmitted for approval as revised or modified.

(d) Non-disclosed litigation or threats of litigation. A request for a loan or loan guarantee made under this Chapter shall be ineligible if pending litigation or threats of litigation are not disclosed with the project application or immediately thereafter.

(e) Twelve-Month deadline. A submission shall become ineligible for a loan or loan guarantee under this Chapter if the applicant is unable to close, or if the applicant is unable to obtain a written extension from the Board of Directors, on all loan or loan guarantee documents with the Council within the twelve (12) month closing deadline set forth in Section 5(f) of this Chapter.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 7 Risk Analysis

(a) Interest rate. The interest rate for any loan under this program shall be consistent with Wall Street Journal Prime (WSJP) as of the date of the application with a floor of WSJP minus one percent (1%) and a ceiling of WSJP plus seven percent (7%). The interest rate shall be proposed by Council staff to the loan review committee for approval, and State Land and Investment Board for approval, after considering applicable risk factors and the economic impact of the project.

(b) Subordinate financing. The loan or loan guarantee documents shall require that the State maintain a first priority lien on all collateral, and no collateral securing the loan or loan guarantee may be used to obtain subordinate financing without the written consent of the Council.

(c) Insurance requirements. Insurance requirements shall vary based on the type of project which is the subject of the loan or loan guarantee but, at a minimum, general liability and property insurance shall be required in amounts and with terms that are acceptable Council staff naming the State as a lien holder. At the discretion of Council staff, other types of insurance may

be required based on the type of project being financed and/or the property that serves as collateral for the loan or loan guarantee, such as business interruption, flood, earthquake, or other insurance class as applicable.

(d) Financial covenants. Council staff may require that the loan or loan guarantee documents include financial covenants with which the applicant must comply for the term of the loan or loan guarantee. Such covenants may include standards relating to debt service coverage, debt limitations, net worth, leverage, interest coverage or any other financial metrics determined by Council staff necessary to ensure the strength and performance of the applicant.

(e) Acceleration upon closure of Wyoming facility or applicant's relocation outside the State. The loan documents may provide that, if the applicant closes the facility or operation that is the subject of the loan or loan guarantee or relocate such facility or operation outside the State of Wyoming prior to maturity of the loan or the applicant's actions indicate that applicant intends to so close or relocate the facility or operation, the outstanding balance of the loan shall be immediately due and payable including all interest accrued to the date of such payment and any and all fees and expenses due and owing. If the State has guaranteed financing pursuant to this Chapter, the guarantee documents shall provide that the guarantee shall terminate immediately and irrevocably as of the decision to close, or relocate the facility or operation or the commencement of any actions indicating a future closure or relocation.

(f) Commencement of project. The loan documents shall require that the applicant commence construction of the project within one (1) year after closing of the loan or loan guarantee. If the applicant fails to commence construction within that time, the outstanding balance of the loan shall become immediately due and payable, including all interest accrued to the date of such payment and any and all fees and expenses due and owing. If the State has guaranteed financing pursuant to this Chapter, the guarantee documents shall provide that the guarantee shall terminate immediately and irrevocably after one (1) year if construction of the project has not commenced.

(g) Other covenants. Council staff may include terms in the documents for the loan or loan guarantee to protect the State's interest, such as:

(i) Escrow accounts;

(ii) Cash sweeps;

(iii) Pledge rights;

(iv) Corporate approval rights;

(v) Acceleration rights for facility closure, failure to meet job creation and tax base requirements and failure to continue to satisfy any requirements necessary to qualify for eligibility for the large project program; and

(vi) Other mechanisms Council staff deems appropriate.

(h) Private funds. Prior to closing a loan or loan guarantee, an applicant must certify to Council staff that the applicant has committed private funds from funding sources not provided by the state of Wyoming in an amount which is at least twenty-five percent (25%) of the total cost of the project and that such private funds may be spent on eligible project costs which may include, but are not limited to, buildings, equipment, and direct project infrastructure. Council staff may require additional information, documentation, escrow of funds, implementation of processes and procedures or any other reasonable materials or terms, to evidence this commitment of private funds.

(j) Guarantees by affiliates. Council staff may determine that, upon examination and review of applicant's due diligence materials and the proposed collateral for the loan or loan guarantee, additional collateral in the form of loan guarantees from affiliates of the applicant may be necessary to provide sufficient security to the State for repayment of the loan or loan guarantee.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 8 Post-closing

(a) Subsequent requirements. Council staff shall continue to monitor the loan or loan guarantee after the closing. The documents shall contain periodic reporting and compliance requirements that the applicant shall be required to satisfy. Each recipient shall provide to Council staff an annual progress report updating the status of the project being financed by the loan or loan guarantee. These reporting and compliance requirements may additionally include, but are not limited to:

(i) An as-built survey;

(ii) Notification of other debt(s);

(iii) Annual financial statements;

(iv) Copies of tax returns;

(v) A report of the number and types of jobs created due to the project financed under this Chapter;

(vi) Property valuation of the project for property tax purposes; and

(vii) Notice of any regulatory violations.

(b) Subsequent disbursements. Loan proceeds will be disbursed only after project expenses have been incurred and/or documented. Each recipient shall provide a disbursement request to Council staff prior to closing for loan proceeds to be disbursed at closing, and loan proceeds shall be disbursed only for expenses related to the project and incurred and/or

documented after the date applicant first submitted the project to Council staff for preliminary recommendations. Any loan proceeds which are not disbursed on the day of closing will be held by the Council until applicant submits a disbursement request and proof of eligible expenses as shall be provided in the loan documents and approved by Council staff.

History

• Effective 2022-08-19

Wyo. Code R. 085.0017.9.08192022 § 9 Confidentiality

Information and any other documentation submitted in support of a request for a loan or loan guarantee pursuant to the large project program, once submitted to a State agency or official, shall be governed by the Public Records Act, W.S. 16-4-201 through 205, as amended. Upon receipt of a request to disclose an application for a loan or loan guarantee or supporting information, the Council shall make a determination as to whether the information must be disclosed pursuant to that Act. The Council, before it makes said determination or discloses an applicant's information, shall inform the applicant of its determination. Should the applicant object to the disclosure of any record the Council has determined must be disclosed under the Act, the applicant shall justify its request to withhold records under the Act or any other authority to the Council in writing. The Council shall not disclose said information if disclosure is likely to result in the impairment of the government's future ability to obtain necessary information and/or result in substantial harm to the competitive position of the recipient that provided the information to the Council.

History

• Effective 2022-08-19