Wyoming Administrative Rules 004 — Treasurer's Office

290 Economic Development Large Project Program

Chapter 3 Economic Development Large Project Program

Wyo. Code R. 004.0011.3.04072015 Economic Development Large Project Program

CHAPTER3

ECONOMIC DEVELOPMENT LARGE PROJECT PROGRAM

Section 1. Authority. These rules are promulgated in accordance with the Wyoming Administrative Procedure Act, W.S. 16-3-101 through 16-3-115 and the State Treasurer's rule-making authority in Section 2(j) of 2014 Wyoming Session Laws Ch. 46 (the "Act").

Section 2. 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.

Section 3. Applicant. An applicant shall consist of a proposed or existing enterprise "which will employ people within the state, provide services in the state, use resources in the state or otherwise add economic value to goods, services or resources within the state" as mandated by the Act in Section 2(b ).

Section 4. Materials Required for State Treasurer's Review

(a) Project application. Applicants seeking a loan or loan guarantee under this program must submit a project application to the Governor, the State Treasurer and the Wyoming Business Council. 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 Section 2(d) of the Act;

(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 applicant's required private funds to be used in the completion of the project in an amount which is at least three (3) times the requested loan or loan guarantee amount;

(C) Collateral offered to secure the loan or the loan guarantee and evidence 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) Term offinancing;

(E) Any other information reasonably necessary to inform the State's agencies and officials about the project to be financed, the nature of which may vary depending upon the type ofbusiness 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 a corporate affiliation;

(v) Tab E- Financials for at least three (3) years, 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 ability to repay the loan or the financing guaranteed by the loan guarantee on or prior to maturity;

(vii) Tab G - Existing short- and long-term financing for property associated with the project to be financed through the loan or loan guarantee;

(viii) Tab H - A description and survey of the entire project which shall serve as collateral for the loan or loan guarantee and an estimate of value of the collateral, or, if the applicant desires to propose substitute security, then a description, survey and estimate of value of such substitute collateral;

(ix) Tab I- All real and personal property rights offered as collateral to secure the proposed loan or loan guarantee;

(x) Tab J - Records concerning environmental health of facilities and underlying real property associated with the project and completion of an environmental questionnaire provided by the Wyoming Business Council 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 K - 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 L - 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 M-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, regulatory or rule 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 State Treasurer may ask for additional information necessary for the State Treasurer's Office 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 State Treasurer's Office in connection with its review of the loan or loan guarantee may be shared by the State Treasurer's Office with any other State agency, including without limitation, the Governor's Office and the Wyoming Business Council. If the applicant provides any additional information or documents to the Governor's office and/or the Wyoming Business Council in connection with their review of the project outside the information contained in the project application described in Section 4(a) above, the applicant must also provide such additional information or documents to the State Treasurer.

(c) Value of collateral. To satisfy the private commitment requirement of Section 2( d)(ii)(E) of the Act and to insure adequate collateral as required pursuant to Sections 2(e)(i), 2(e)(vi) and 2(e)(viii) of the Act, the State Treasurer may instruct the Wyoming Business Council to obtain appraisals and to otherwise assess the value of existing facilities, collateral, and other real or personal property. Any commitments or warranties given by the appraisers for such appraisals shall be assigned by the Wyoming Business Council to the State Treasurer.

(d) Fee. The State Treasurer 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 the State Treasurer and the Wyoming Business Council to aid in conducting the due diligence of the project, including, without limitation, appraisers, accountants, environmental engineers and attorneys. Any part of the origination or guarantee fee not used to pay such costs shall be deposited in the 2014 funding account as provided in Section 2(e)(ix) of the Act. If the cost of such experts exceeds the amount of the origination or guarantee fee, then the Wyoming Business Council shall pay any such excess costs. lfthe loan or

loan guarantee fails to close for any reason whatsoever, the applicant shall pay for, or reimburse the State for, all costs incurred by the State Treasurer and the Wyoming Business 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.

Section 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 generally as follows:

(i) The applicant shall first submit the project to the Governor and any materials so required by the Governor for his or her review. See the Act, Section 2( c)(i).

(ii) Simultaneously with submission of the project to the Governor, the applicant shall deliver the project application to the State Treasurer and the Wyoming Business Council.

(iii) Upon the Governor's issuance of any preliminary recommendations for the size and parameters of the proposed loan or loan guarantee under Section 2(c)(i) of the Act, the State Treasurer shall review the application so that the State Treasurer may provide preliminary recommendations under Sections 2(c)(ii) and 2(e) of the Act.

(iv) Upon the State Treasurer's issuance of any recommendations under Section 5(a)(iii) above, the Wyoming Business Council shall review the application under the process set forth in W.S. 9-12-601 through 9-12-603, which includes the formulation of a recommendation by a vote ofthe Wyoming Business Council Board.

(v) The Wyoming Business Council shall forward its recommendation to the Wyoming State Loan and Investment Board for its final approval, or rejection, of the loan or loan guarantee. See the Act, Sections 2(c)(iv) and 2(d).

(vi) Upon the completion of final approval of the Wyoming State Loan and Investment Board, the application as finally approved shall be submitted to the State Treasurer for final approval as to the structure of the loan or loan guarantee. The State Treasurer shall only give final approval to loans or loan guarantees that are structured so that the terms comply with Section 2(e) ofthe Act.

(vii) Upon completion of all of the steps described in Sections 5(a)(i) through (vi) above, the application shall be submitted to the Governor for final approval based on his determinations set forth in Section 2(c)(v) of the Act.

(b) Information review. Nothing in these rules shall be interpreted to prevent the State Treasurer, the Governor, the Wyoming Business Council or the Wyoming State Loan and Investment Board from evaluating or reviewing information when that information is available.

(c) Not subject to contested case procedures. Eligibility for a loan or a loan guarantee under this program shall not be construed as granting a property right, entitlement or expectation in any applicant. Consequently, decisions of State agencies or officials are not subject to contested case procedures and are not otherwise appealable agency decisions pursuant to the Wyoming Administrative Procedure Act.

(d) Experts. The State Treasurer may hire experts as necessary to fully evaluate and negotiate the terms and conditions of the loan or loan guarantee as provided in Section 2(h) of the Act.

(e) Material change or new information. After the Governor's final approval of the loan or loan guarantee, the State Treasurer may request from the applicant any materials or information the State Treasurer deems necessary to close the loan or loan guarantee. If, after the Governor's final approval of the loan or loan guarantee, new information is revealed that the State Treasurer reasonably determines should have been provided to the Governor, the State Treasurer, the Wyoming State Loan and Investment Board, or the Wyoming Business Council, or the State Treasurer determines that previously provided material information is no longer accurate or sufficient, the State Treasurer 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.

(f) Attorney General's Office. The Attorney General's Office must provide 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 State Treasurer. See the Act, Section 2(f).

(g) Closing. The applicant is required to close the loan or loan guarantee with the State Treasurer's Office within six (6) months of the final approval of the Governor pursuant to Section 5(a)(vii). 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 State Treasurer, in his or her sole discretion, may agree to extend the closing deadline. In no event will the State Treasurer provide an extension which would allow the loan or loan guarantee to close more than one ( 1) year after the final approval of the Governor and the State Treasurer without resubmitting the request for the loan or the loan guarantee for the recommendation of the Wyoming    Business Council, the approval of the Wyoming State Loan and Investment Board and the final approval of the Governor and the State Treasurer.

Section 6. Determination of Eligibility

(a) Other requirements. In addition to compliance with these rules, projects shall not be eligible for financing unless they satisfy the criteria set forth in Sections 2(b) and 2( d) of the Act.

(b) Eligible projects and expenses. Eligible projects must generally consist of an applicant's prospectively planned, well-defined business endeavor, and the project shall have a set beginning and completion date. A loan or loan guarantee hereunder shall not be used to fund past business or 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 the Governor pursuant to Section 5(a)(i) above. Financing under this program shall not primarily serve as a refinance mechanism or otherwise serve to substitute the loan or loan guarantee for an applicant's current lenders.

(c) Examples of eligible projects. The following economic development projects, to the extent they satisfy the criteria set forth in Sections 2(b) and (d) of the Act 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;

(viii) Scientific testing including, but not limited to, medical, clinical or engineering testing services;

(ix) Utilities;

(x) Facilities associated with the management of waste; and

(xi) Other activities that represent a new technology or type of economic enterprise.

(d) Large project. All loans and loan guarantees issued under this large project program must meet the requirements of a large project as described in Section 2(d) of the Act. In addition, for a loan or loan guarantee to be eligible for the large project program, it must be a minimum of $5,000,000. If the character, scope or size of the project should change at any time after its approval by the Wyoming State Loan and Investment Board, the Governor and the State Treasurer pursuant to Section 2(c) of the Act, then the project must be resubmitted for approval under the process outlined in Section 2(c) of the Act for the project as so revised or modified.

(e) Non-disclosed litigation or threats of litigation. A request for a loan or loan guarantee hereunder shall be ineligible if pending litigation or threats of litigation are not disclosed with the project application or timely disclosed thereafter.

(f) Six month deadline. A submission shall become ineligible if the applicant is unable to close on all loan or loan guarantee documents with the State Treasurer within the six (6) month closing deadline set forth in Section 5(g) above, and if the applicant is unable to obtain a written extension from the State Treasurer. If the loan or loan guarantee fails to close, the applicant shall remain responsible for all costs incurred in the due diligence process including, without limitation, the costs of the Wyoming Business Council and any counsel, appraisers, engineers and accountants hired in connection with the State Treasurer's review of the proposed loan or loan guarantee.

Section 7. Risk Analysis

(a) Interest rate. The interest rate for any loan under this program shall be a minimum of one percent (I%). The interest rate shall be determined by considering applicable risk factors and the 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 subordinate financing may be placed on any collateral securing the loan or loan guarantee without the written consent of the State Treasurer.

(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 to the State Treasurer naming the State as a lien holder. At the sole discretion of the State Treasurer, other types of insurance may be required based on the type of project being financed and/or the property which serves as collateral for the loan or loan guarantee, such as business interruption, flood, earthquake, etc.

(d) Financial covenants. The State Treasurer 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 the State Treasurer necessary to insure the strength and performance of the applicant.

(e) Acceleration upon closure of facility or relocation outside the State. The loan documents may provide that, if the applicant should decide to close or downsize the facility or operation which is the subject of the project or relocate such facility or operation outside the State of Wyoming prior to maturity of the loan (or if the actions of the applicant indicate that applicant intends to so close, downsize or relocate the facility or operation) then, 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 large project program, the guarantee documents shall provide that the guarantee shall be null and void as of such decision to close, downsize or relocate the facility or operation (or as of the commencement of any actions indicating such a closure, downsize or relocation).

(f) Commencement of project. The 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 such time period, then 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 large project program, the guarantee documents shall provide that the guarantee shall be null and void after one (1) year if construction of the project has not commenced.

(g) Other covenants. The State Treasurer may include terms in the documents for the loan or loan guarantee to protect the State's interest, such as (1) escrow accounts,

(2)  cash sweeps, (3) pledge rights, (4) corporate approval rights, (5) acceleration rights for facility closure or downsizing, 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 (6) other mechanisms the State Treasurer deems appropriate.

(h) Private funds. Prior to closing a loan or loan guarantee, an applicant must certify to the State Treasurer that the applicant has committed private funds in an amount which is at least three (3) times the requested loan or loan guarantee and that such private funds are being spent on buildings, equipment and direct project infrastructure. The State Treasurer, at his or her discretion, 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.

(i) Collateral. Based on the appraisals and information provided by the applicant for the collateral securing the loan or loan guarantee, the State Treasurer shall determine if such collateral is adequate based on the requirements of Sections 2(e)(i), 2(e)(vi), and 2(e)(viii) of the Act. The State Treasurer 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 the State Treasurer deems to be sufficient to repay the loan or loan guarantee in the case of a default and in which the State Treasurer'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 State Treasurer as provided in Section 7(b) above).

(j) Guarantees by affiliates. The State Treasurer may determine that upon examination and review of applicant's due diligence materials and the proposed collateral for the loan or loan guarantee, that 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.

Section 8. Post-Closing

(a) Subsequent requirements. The State Treasurer's Office shall continue to monitor the loan or loan guarantee after the closing. The documents shall contain periodic reporting and compliance requirements that applicant shall be required to satisfy.These reporting and compliance requirements may include, without limitation, (1) an as­ built survey, (2) notification of other debt, (3) annual financial statements, (4) copies of tax returns, (5) number and types of jobs created, (6) property valuation of project for property tax purposes, and (7) notice of any regulatory violations. In addition, applicant shall provide to the State Treasurer's Office, with a copy to the Wyoming Business Council, an annual progress report updating the status of the project being financed by the loan or loan guarantee.

(b) Subsequent disbursements. Loan proceeds will be disbursed only after project expenses have been incurred. A disbursement request must be provided before closing for loan proceeds to be disbursed at closing, and loan proceeds will be disbursed only for expenses related to the project and incurred after the date applicant first submitted the project to the Governor for preliminary recommendations as provided in Section 5(a)(i) above. Any loan proceeds which are not disbursed on the day of closing will be held by the State Treasurer until applicant has submitted a disbursement request and proof of eligible expenses as shall be provided in the loan documents and as described in Section 6(b) above and approved by the State Treasurer's Office.

Section 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 receiving a request to disclose a request for a loan or loan guarantee or supporting information, the State Treasurer's Office will, if it is the custodian, make a determination as to whether the information must be disclosed. The State Treasurer's Office, before it makes said determination or discloses an applicant's information, will inform the applicant. The applicant may be required to justify to the State Treasurer's Office why information submitted should be withheld under the Public Records Act or any other authority.

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History

• Effective 2015-04-07

289 Industrial Development Bond Investment Program

Chapter 2 Industrial Development Bond Investment Program

Wyo. Code R. 004.0010.2.08272014 Industrial Development Bond Investment Program

CHAPTER 2

INDUSTRIAL DEVELOPMENT BOND INVESTMENT PROGRAM

Section 1. Authority. These rules are promulgated in accordance with the Wyoming Administrative Procedures Act, W.S. 16-3-101 through 16-3-115, and the State Treasurer's rule- making authority in W.S. 9-4-715(m).

Section 2. Purpose. The Office of the State Treasurer may invest specified state permanent funds in local government Industrial Development Bonds (hereafter IDBs) in accordance with W.S. 9-4-715(m). Industrial development projects, for which IDB financing is sought, must promote economic development in Wyoming as generally described in W.S.9-4- 715(m), and as recommended by the Wyoming Business Council and approved by the Governor. The Office of the State Treasurer fully expects that each IDB will provide a return to Wyoming which is equal to or better than the opportunity cost to the state permanent funds. These rules shall further define guidelines for IDB investments authorized pursuant to W.S.9-4-715(m).

Section 3. Program Structure and Process.

(a) Officials, agencies, political subdivisions and others involved in the IDB investment application and approval process are as follows:

(i) Applicant. An applicant shall consist of the principal owner of a business venture engaged in an industrial development project which, if funded, must "add economic value to goods, services or resources within or outside this state[,]" as mandated by W.S. 9-4- 715(m)(ii)(A). Such economic value must manifest through activities described in W.S. 9-4- 715(m)(ii)(A)(I - III).

(ii) Issuer. A joint powers board, municipality or county, must resolve to act, or otherwise affirmatively act, as issuer of an IDB pursuant to W.S. 15-1-701 through 15-1-710.

See W.S. 9-4-715(m).

(iii) Wyoming Business Council. The Wyoming Business Council shall first receive an applicant's application for an IDB investment, and, after review and consideration, may recommend the State Treasurer's purchase of the proposed IDB investment in the underlying industrial development project. An IDB shall incorporate, and be conditioned upon, all limitations and requirements imposed by the Wyoming Business Council. An IDB investment cannot occur without the Wyoming Business Council's recommendation. See W.S.9-4-715(m)(i).

(iv) Governor. Upon the Wyoming Business Council's recommendation, the applicant must receive the State Governor's approval of the IDB-financed project in writing. See W.S. 9-4-715(m)(i). The IDB documents shall incorporate and comply with all limitations and conditions identified by the Governor.

(v) Bond Counsel. Bond counsel shall be involved throughout the entire process. Bond counsel shall deliver the bond counsel opinion letter for the IDB. In addition, bond counsel responsibilities shall include, without limitation, overseeing issuer bond proceedings, drafting all bond documents necessary for the IDB and insuring applicant's submission of all due diligence materials which are satisfactory to the issuer and the State Treasurer.

(vi) Attorney General's Office. The Attorney General's Office must approve all final documents, including, without limitation, the Indenture, the Financing Agreement and the Mortgage or any other document which creates a security interest in the applicant's property in favor of the Trustee or the State Treasurer.

(vi) State Treasurer. Upon receiving the Wyoming Business Council's recommendation and subsequent to the Governor's recommendation and the Wyoming Attorney General's approvals, the State Treasurer will make all final decisions as to whether the State shall purchase the IDB. The State Treasurer may concur with the Wyoming Business Council's recommendation and purchase the IDB or the State Treasurer may reject the recommendation of the Wyoming Business Council and make the decision not to purchase the IDB. A favorable recommendation by the Wyoming Business Council does not create a requirement of the State Treasurer to purchase the recommended IDB. The State Treasurer may impose any additional conditions, and those shall be incorporated within the IDB documents as well. The State Treasurer may not unilaterally reduce or remove conditions placed on the IDB by the Wyoming Business Council or Governor. Review of the application or due diligence materials by the State Treasurer does not imply approval by the State Treasurer.

(vii) Trustee. The State Treasurer shall require the involvement of a trustee to hold and enforce the IDB rights and obligations.

(b) IDB investment decisions are wholly discretionary and subject to the "prudent investor standard" pursuant to W.S. 9-4-715(m)(vi). Eligibility for IDB financing under this program shall not be construed as granting a property right, entitlement or expectation in any applicant. Consequently, decisions of state agencies or officials are not subject to contested case procedures and are not otherwise appealable agency decisions pursuant to the Wyoming Administrative Procedures Act

(c) The IDB application process is generally as follows:

(i) The applicant shall submit the application and required materials to the Wyoming Business Council, and applicant shall be required to submit information in accordance with these rules and the Wyoming Business Council's guidelines. A recommendation in favor of the IDB shall be required for the process to continue;

(ii) Upon the Wyoming Business Council's recommendation, the application and recommendation shall be presented to the Governor's Office, with a copy to the State Treasurer's Office. The State Treasurer shall not proceed with final consideration of the application until after receipt of the review and written approval by the Governor's Office;

(iii) The State Treasurer's Office shall consider the application, along with the Business Council's recommendation and Governor's approval, and may conduct additional due diligence in evaluating the IDB investment opportunity. The State Treasurer's Office, if in its sole discretion it determines to proceed with the investment, shall work with the issuer's bond counsel and the applicant to prepare all IDB documents.

(iv) If for any reason the terms and conditions for the IDB substantially and adversely change from those recommended by the Wyoming Business Council, or new information is revealed that the State Treasurer reasonably determines should have been provided to the Wyoming Business Council and/or the Governor, the State Treasurer will seek additional recommendations and approvals before proceeding.

(v) The State Treasurer's determinations are final, and are not subject to the Wyoming Administrative Procedures Act.

(vi) The applicant is required to close the purchase of the IDB with the State Treasurer's Office within six (6) months of the Governor's written approval. 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 State Treasurer, in his or her sole discretion, may agree to extend the closing deadline. Such an extension may require resubmission of the application to the Wyoming Business Council.

Section 4. Materials Required for State Treasurer's Office Review

(a) The process of evaluating an application for IDB financing, which shall include "due diligence" to examine the merits and risks of an application, requires considerable time and resources by all state agencies and officials involved. Likewise, before applying for IDB financing, the applicant should expect that the process will require considerable time and resources depending upon the complexity and nature of the project to be financed.

(b) Applicants seeking the State Treasurer's purchase of an IDB must submit the following comprehensive information which must be consistent with information included in

applicant's application submitted to the Wyoming Business Council and the recommendation of the Wyoming Business Council:

(i) A detailed overview of the applicant business entity, including identification of all principal management and owners;

(ii) 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. 9-4- 715(m);

(iii) A business plan accurately describing the existing business and its history, future business endeavors, and all characteristics of the project to be funded through IDB financing. The business plan must address, but should not be limited to, the following components:

(A) The total cost of the industrial development project and amount of financing sought;

(B) The source of applicant's required contribution of no less than twenty-five percent (25%) of the total cost of the project to be financed through IDB financing.

The source of applicant's contribution may not be borrowed or financed, and the applicant must have an interest in the project free and clear of debt;

(C) Collateral offered to secure the IDB investment and evidence 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 IDB;

(D) Analysis demonstrating that securitization of the IDB financing shall comply with the requirement that a loan-to-value ratio shall not exceed seventy-five percent

(75%) of the appraised value of the collateral;

(E) Term of financing;

(F) Any other information reasonably necessary to inform the State's agencies and officials about the project to be financed, the nature of which may vary depending upon the type of business and facilities at issue.

(iv) A comprehensive chart and detailed description identifying all business entities related to the applicant, whether by contract or through a corporate affiliation;

(v) Financials for at least three (3) years, including tax returns;

(vi) Existing short- and long-term financing for property associated with the project to be financed through an IDB investment;

(vii) Existing appraisals on property associated with the project, as well as property offered as collateral, with the most current appraisals not being more than eighteen (18) months old;

(viii) All real and personal property rights offered as collateral to secure the proposed IDB investment;

(ix) Records concerning environmental health of facilities and underlying real property associated with proposed IDB-financed project, including without limitation, a Phase 1 environmental report for any real property which is a part of the collateral;

(x) Notice and identification of any pending or anticipated litigations involving the anticipated project or property offered as collateral;

(xi) A copy of the application submitted to the Wyoming Business Council, copies of all material provided in support of such application, and all other documents and information provided to the Wyoming Business Council;

(xii) Any and all documents provided to the Governor's office in connection with its review of the IDB; and

(xiii) Any relevant ongoing or new information that arises any time after applicant's submission of its application which may influence or bear upon the review of the proposed IDB, 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.

(c) Applicants must provide industry-specific information and documentation reasonably necessary to inform the State Treasurer's Office concerning the applicant's business activities within that industry. Such submissions should include regulatory information related to the project to be undertaken.

(d) To satisfy loan-to-value criteria set forth in W.S. 9-4-715(m)(iii)(C), it may be necessary to obtain appraisals and to otherwise assess the value of existing facilities, collateral, and other real or personal property. The applicant may be required to incur the cost of appraisals or other services necessary to establish valuations.

(e) In addition to information described herein, the State Treasurer may ask for additional information necessary for the State Treasurer's Office to conduct its due diligence and review of the IDB. Applicants shall respond to such requests in a timely manner with complete and current information. An applicant's failure to provide complete and current information in a timely manner shall be grounds for denial of an application.

(f) Any documents, materials or information provided to the State Treasurer's Office in connection with its review of the IDB may be shared by the State Treasurer's Office with any other State agency, including without limitation, the Governor's Office and the Wyoming Business Council.

Section 5. Determination of Eligibility

(a) Other requirements. In addition to compliance with these rules, projects shall not be eligible for IDB financing unless they satisfy the criteria set forth in W.S. 9-4-715(m)(ii)(A) and any guidelines established by the Wyoming Business Council pursuant to subsection (m)(ii)(B).

(b) Eligible projects and expenses. Eligible projects must generally consist of an applicant's prospectively planned, well-defined business endeavor, and the project shall have a set beginning and completion date. IDBs shall not fund past business or construction expenditures. Expenses eligible for reimbursement following execution of an IDB shall relate back no earlier than the application date. IDB financing shall not primarily serve as a refinance mechanism or otherwise serve to substitute the IDB for an applicant's current lenders.

Furthermore, IDB proceeds may not be used for working capital, but only to finance the cost of acquisition of land or rights-of-way and the purchase, construction, and installation of buildings, appurtenant personal property and equipment related to the industrial development project.

(c) Examples of eligible projects. The following economic development projects, to the extent they satisfy the criteria set forth in W.S. 9-4-715(m) and these rules, may be eligible for IDB 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 facilities;

(vii) Transportation or freight facilities;

(viii) Scientific testing including, but not limited to, medical, clinical or engineering testing services;

(ix) Utilities;

(x) Facilities associated with the management of waste; and

(xi) Other activities that represent a new technology or type of economic enterprise.

(d) Public purpose. The State Treasurer will favorably consider the purchase of IDBs for projects that further a public purpose. These public purposes include among others: economic diversification, creation of new jobs, construction occurring before it otherwise would, economic activity during economic slumps, tax dollars remaining in the state, and increased productivity. The applicant is encouraged to demonstrate as many public purposes for the proposed project as can reasonably be anticipated.

(e) Diversification. In determining whether to purchase an IDB, the State Treasurer will consider whether applications for IDB financing increase or decrease the diversification of investments generally and specifically for the IDB program.

(f) Non-disclosed litigation or threats of litigation. An application for IDB financing shall be ineligible if pending litigation or threats of litigation are not disclosed with the application or timely disclosed thereafter.

(g) Six month deadline. An application shall become ineligible if the applicant is unable to close on all IDB documents with the State Treasurer within the six (6) month closing deadline set forth in Section 3(c)(vi), and if the applicant is unable to obtain a written extension from the State Treasurer. If the IDB fails to close, the applicant shall remain responsible for all costs incurred in the due diligence process including, without limitation, the costs of the Wyoming Business Council and any counsel, appraisers and accountants hired in connection with the State Treasurer's review of the IDB.

Section 6. Risk Analysis

(a) Risk threshold. The State Treasurer is authorized to invest only permanent and inviolate funds in IDBs pursuant to W.S. 9-4-715(m). Accordingly, the State Treasurer's risk threshold for these state funds must be relatively low, and the State Treasurer will take necessary measures to reduce risks associated with IDB investments.

(b) Insurance requirements. Insurance requirements shall vary based on the type of industrial development project which is the subject of the IDB but, at a minimum, general liability and property insurance shall be required in amounts and with terms that are acceptable to the State Treasurer. At the sole discretion of the State Treasurer, other types of insurance may be required based on the type of project being financed and/or the property which serves as collateral for the IDB, such as business interruption, flood, earthquake, etc.

(c) Interest rate. The State Treasurer shall establish the interest rate paid on IDBs purchased under this program, taking into consideration the recommendation of the Wyoming

Business Council. The bonds shall bear interest at a rate commensurate with the risk. The interest rate shall be a fixed or adjustable rate, indexed to the prime or ten-year treasury bill rate, as determined by the state treasurer and as recommended by the Wyoming Business Council; but in no case shall the interest rate on an IDB be less than the average yield for the five prior fiscal years earned by the permanent fund or funds for which the IDB is purchased.

(d) Subordinate financing. The IDB documents shall require that the State maintain a first priority lien on all collateral and no subordinate financing may be placed on any collateral securing the IDB without the written consent of the State Treasurer.

(e) Financial covenants. The State Treasurer may require that the bond documents include financial covenants with which the applicant must comply for the term of the IDB. Such covenants may include standards relating to debt service coverage, net worth, leverage, interest coverage or any other financial metrics determined by the State Treasurer necessary to insure the strength and performance of the applicant.

(f) Differing terms. In his or her sole discretion, the State Treasurer may require terms for the purchase of the IDB that are different than those recommended by the Wyoming Business Council, but in no case less stringent.

Section 7.  Post Closing

(a) Subsequent requirements. The State Treasurer's Office shall continue to monitor the IDB after its purchase thereof. The IDB documents shall contain periodic reporting and compliance requirements that applicant shall be required to satisfy. In addition, applicant shall provide to the State Treasurer's Office an annual progress report updating the status of the industrial development project being financed by the IDB.

(b) Subsequent disbursements. Any IDB proceeds which are not disbursed on the day of closing will be held by the Trustee until applicant has submitted a disbursement request and proof of eligible expenses as shall be provided in the IDB documents and as described in Section 5(b) above and approved by the State Treasurer's Office.

Section 8.  Confidentiality

(a) Application information and any other documentation submitted in support of an application, 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 receiving a request to disclose an application or supporting information, the State Treasurer's Office will, if it is the custodian, make a determination as to whether the information must be disclosed. The State Treasurer's Office, before it makes said determination or discloses an applicant's information, will inform the applicant. The applicant may be required to justify to the State Treasurer's Office why information submitted should be withheld under the Public Records Act or any other authority.

Section 9.  Exceptions

(a) The State Treasurer may make exceptions to the requirements contained in these rules on a case-by-case basis as he or she may determine in his or her sole discretion, but no such exception can result in terms of the IDB that are less favorable to the State than any requirements contained in the Wyoming Business Council's recommendation or the approval of the Governor.

History

• Effective 2014-08-27

283 Local Investment Pool

Chapter 1 Short-Term Local Investment Pool

Wyo. Code R. 004.0004.1.01182025 § 1 Purpose

The purpose of these rules is to set forth procedures for the operation of a short-term local investment pool, pursuant to the provisions of W.S. § 9-1-416.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 2 Authority

These rules are adopted pursuant to W.S. § 9-1-416.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 3 Definitions

(a) "Electronic Transfer" means an Automated Clearing House (ACH) Transfer.

(b) "Holdback" means an amount up to 10% of the total value of a Pool Participant's withdrawal.

(c) "Notification Date" means the date five (5) business days before the Transaction Day on which a Participant expects to make a Transfer.

(d) "Notification Time" means 5:00 pm Mountain Time on the Notification Date.

(e) "Pool Administrator" is the Wyoming State Treasurer.

(f) "Pool Participant" or "Participant" shall be any county, municipality, school district, joint powers board or any other local governmental entity.

(g) "Transaction Day" means the day or days each month that a Participant may make a transaction, which unless otherwise designated by the Pool Administrator, shall be the twentieth (20th) day of each month.

(h) "Transfer" means a Pool Participant's deposit or withdrawal.

(i) "Short-Term Local Investment Pool" or "Pool" is a common fund with short-term redemption options maintained by the Pool Administrator consisting of deposits from Pool Participants.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 4 Form of Investment

(a) The Short-Term Local Investment Pool shall have separate accounts maintained for each Pool Participant, but all monies will be co-mingled for investment purposes.

(b) No Pool Participant shall have a claim on any specific asset of the Pool but shall have an undivided interest based on the proportion of that Participant's cash balance as a percentage of the total cash balance of the Pool.

(c) Participant funds shall only be invested in the Pool.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 5 Income Distribution

(a) All income earned by the Pool, minus fees as provided in Section 11 of this Chapter of these rules, will be distributed to Participants.

(b) Income will be calculated on each Participant's average daily cash balance in the

Pool.

(c) Interest will be calculated and credited to the principal of each Participant account by the fifteenth day of each month. Each Participant shall have the benefit of daily compounding interest regardless of the date on which its account balance is adjusted and reported.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 6 Transfer Amount

The minimum transfer amount for deposit to and withdrawal from the Pool by any Participant shall be one thousand dollars ($1,000.00) unless otherwise designated in writing by the Pool Administrator.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 7 Transfers

(a) Transfers shall be made only by Electronic Transfer.

(i) Deposits are credited to the Participant on the day funds are available for investment.

(ii) Withdrawals, except those amounts subject to a Holdback as determined by the Pool Administrator, are available on the effective date of the transaction. Any Holdback amount shall be held by the Pool Administrator until the completion of the reconciliation of all accounts at the end of the month immediately following the withdrawal, at which time an amount reflecting any adjustments due to fees, costs, valuation changes and/or other prudent accounting adjustments will be remitted to the Pool Participant.

(iii) Transfers shall be made only between the Participant and the Pool Administrator. Third-party transfers are prohibited.

(b) All costs of Electronic Transfers shall be borne by the Participant.

(c) Each Participant must provide complete instructions for Transfers.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 8 Notice of Transfer

Pool Participants must provide notice of any Transfer through the Pool Administrator's designated electronic portal by the Notification Time on the Notification Date.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 9 Reporting Requirements

(a) Pool Participants shall have an electronic means of confirming Transfers.

(b) The Pool Administrator shall report cash balances monthly.

(c) The Pool Administrator shall provide an interest earnings statement monthly.

(d) The Pool Administrator shall respond to all Participant audit confirmations.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 10 Risk

(a) Pool Participants acknowledge there is risk associated with investing in the Pool. The Pool does not have a guaranteed rate of return, and Participants expose their investments to losses as well as gains. All risks associated with the Pool are assumed by the Participant.

(b) Nothing in these Rules shall be construed to require the State of Wyoming to reimburse Pool Participants for any losses that may occur on investments.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.1.01182025 § 11 Fees

The Pool Administrator shall charge Pool Participants for the investment, banking, and administrative fees which the Pool Administrator has incurred in providing the Short-Term Local Investment Pool.

History

• Effective 2025-01-18

Chapter 2 Long-Term Local Investment Pool

Wyo. Code R. 004.0004.2.01182025 § 1 Purpose

The purpose of these rules is to set forth procedures for the operation of a second local investment pool with more long-term redemption options than the local investment pool established under Wyoming Statute 9-1-416, pursuant to the provisions of Wyoming Statute 9-4-831(a)(xxvii) and W.S. 9-1-416.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 2 Authority

.

These rules are adopted pursuant to W.S. 9-1-416 and W.S. 9-4-831(a)(xxvii).

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 3 Definitions

(a) "Early Withdrawal" means withdrawal of funds by the Pool Participant before the next Transaction Day.

(b) "Electronic Transfer" means an Automated Clearing House (ACH) Transfer.

(c) "Holdback" means an amount up to 10% of the total value of a Pool Participant's withdrawal.

(d) "Long-Term Local Investment Pool" or "Pool" is a common fund with long-term redemption options maintained by the Pool Administrator consisting of deposits from Pool Participants.

(e) "Notification Date" means the date five (5) business days before the Transaction Day on which a Participant expects to make a Transfer.

(f) "Notification Time" means 5:00 pm Mountain Time on the Notification Date.

(g) "Pool Administrator" is the Wyoming State Treasurer.

(h) "Pool Participant" or "Participant" shall be any county, municipality, school district, joint powers board or any other local governmental entity.

(i) "Transaction Day" means the day or days each quarter that a Participant may make a transaction, which unless otherwise designated by the Pool Administrator, shall be the tenth (10th) day of February, May, August and November.

(j) "Transfer" means a Pool Participant's deposit or a withdrawal.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 4 Form of Investment

(a) The Long-Term Local Investment Pool shall have separate accounts maintained for each Pool Participant, but all monies will be co-mingled for investment purposes.

(b) No Pool Participants shall have a claim on any specific asset of the Pool, but shall have an undivided interest based on the proportion of that Participant's cash balance as a percentage of the total cash balance of the Pool.

(c) Participant funds shall only be invested in the Pool.

(d) Early withdrawal subjects the withdrawing Pool Participant to a penalty as provided in Section 12 of these rules.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 5 Income Distribution

(a) All income earned by the Pool, minus fees as provided in Section 11 of this Chapter of these rules, will be distributed to Participants.

(b) Income will be calculated on each Participant's average daily cash balance in the

Pool.

(c) Interest will be calculated and credited to the principal of each Participant account by the fifteenth day of March, June, September and December. Each Participant will have the benefit of daily compounding of interest regardless of the date on which its account balance is adjusted and reported.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 6 Transfer Amount

The minimum transfer amount for deposit to and withdrawal from the Pool by any Participant shall be twenty-five thousand dollars ($25,000.00) unless otherwise designated in writing by the Pool Administrator.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 7 Transfers

(a) Transfers shall be made only by Electronic Transfer.

(i) Deposits are credited to the Participant on the day funds are available for investment.

(ii) Withdrawals, except those amounts subject to a Holdback as determined by the Pool Administrator, are available on the effective date of the transaction. Any Holdback amount shall be held by the Pool Administrator until the completion of the reconciliation of all accounts at the end of the quarter immediately following the withdrawal, at which time an amount reflecting any adjustments due to fees, costs, valuation changes and/or other prudent accounting adjustments will be remitted to the Pool Participant.

(iii) Transfers shall be made only between the Participant and the Pool Administrator. Third-party transfers are prohibited.

(b) All costs of Electronic Transfers shall be borne by the Participant.

(c) Each Participant must provide complete instructions for Transfers.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 8 Notice of Transaction

Pool Participants must provide notice of any Transfer through the Pool Administrator's designated electronic portal by the Notification Time on the Notification Date.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 9 Reporting Requirements

(a) Pool Participants shall have an electronic means of confirming Transfers.

(b) The Pool Administrator shall report cash balances quarterly.

(c) The Pool Administrator shall provide an interest earnings statement quarterly.

(d) The Pool Administrator shall respond to all Participant audit confirmations.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 10 Risk

(a) Pool Participants acknowledge there is risk associated with investing in the Pool. The Pool does not have a guaranteed rate of return, and Participants expose their investments to losses as well as gains. All risks associated with the Pool are assumed by the Participant.

(b) Nothing in these Rules shall be construed to require the State of Wyoming to reimburse Pool Participants for any losses that may occur on investments.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 11 Fees

The Pool Administrator shall charge Pool Participants for the investment, banking, and administrative fees which the Pool Administrator has incurred in providing the Long-Term Investment Pool.

History

• Effective 2025-01-18

Wyo. Code R. 004.0004.2.01182025 § 12 Penalty

The Pool Administrator may impose a five percent (5%) penalty for Early Withdrawal.

History

• Effective 2025-01-18

Chapter 3 Long-Term Local Investment Equities Pool

Wyo. Code R. 004.0004.3.10152025 § 1 Purpose

The purpose of these rules is to set forth procedures for the operation of a third local investment pool for investments in equities with longer-term redemption options than the local investment pools established under Wyoming Statute 9-1-416 and 9-4-831(a)(xxvii), pursuant to the provisions of Wyoming Statute W.S. 9-1-419 and 9-4-831(a)(xxviii).

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 2 Authority

These rules are adopted pursuant to W.S. 9-1-419 and W.S. 9-4-831(a)(xxviii).

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 3 Definitions

(a) "Early Withdrawal" means withdrawal of funds by the Pool Participant before the next Transaction Day or meeting the minimum investment term.

(b) "Electronic Transfer" means an Automated Clearing House (ACH) Transfer.

(c) "Holdback" means an amount up to 10% of the total value of a Pool Participant's withdrawal.

(d) "Long-Term Local Investment Equities Pool" or "Equities Pool" is a common fund with long-term redemption options maintained by the Pool Administrator consisting of deposits from Pool Participants.

(e) "Notification Date" means the date five (5) business days before the Transaction Day on which a Participant expects to make a Transfer.

(f) "Notification Time" means 5:00 pm Mountain Time on the Notification Date.

(g) "Pool Administrator" is the Wyoming State Treasurer.

(h) "Pool Participant" or "Participant" shall be any county, municipality, school district, joint powers board or any other local governmental entity.

(i) "Transaction Day" means the day or days each quarter that a Participant may make a transaction, which unless otherwise designated by the Pool Administrator, shall be the tenth (10th) day of February, May, August and November.

(j) "Transfer" means a Pool Participant's deposit or a withdrawal.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 4 Form of Investment

(a) The Long-Term Local Investment Equities Pool shall have separate accounts maintained for each Pool Participant.

(b) Participants shall have a claim to the specific number of shares in their account.

(c) Participant funds shall only be invested through the Pool.

(d) Initial funds must be invested for a minimum term of five (5) years, unless otherwise designated in writing by the Pool Administrator. Early Withdrawal subjects the withdrawing Pool Participant to a penalty as provided in Section 12 of these rules.

(e) Participant accounts shall maintain a minimum balance of one million dollars ($1,000,000.00) unless otherwise designated in writing by the Pool Administrator.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 5 Transfer Amount

(a) The initial minimum transfer amount for deposit to the Pool by any Participant shall be five million dollars ($5,000,000.00) unless otherwise designated in writing by the Pool Administrator.

(b) The minimum transfer amount for subsequent deposits to the Pool, and any withdrawals from the Pool, by any Participant shall be one million dollars ($1,000,000.00) unless otherwise designated in writing by the Pool Administrator.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 6 Transfers

(a) Transfers shall be made only by Electronic Transfer.

(i) Deposits are credited to the Participant on the day funds are available for investment.

(ii) Upon request by a Participant for return of funds, shares will be redeemed at the current market price, resulting in realized capital gains or losses. Withdrawals, except those amounts subject to a Holdback as determined by the Pool Administrator, are available on the effective date of the transaction. Any Holdback amount shall be held by the Pool Administrator until the completion of the reconciliation of all accounts at the end of the quarter immediately following the withdrawal, at which time an amount reflecting any adjustments due to fees as provided in Section 11 of this Chapter, penalties as provided in Section 12 of this Chapter, costs, valuation changes and/or other prudent accounting adjustments will be remitted to the Pool Participant.

(iii) Transfers shall be made only between the Participant and the Pool Administrator. Third-party transfers are prohibited.

(b) All costs of Electronic Transfers shall be borne by the Participant.

(c) Each Participant shall provide complete instructions for Transfers.

Pool Participants shall provide notice of any Transfer through the Pool Administrator's designated electronic portal by the Notification Time on the Notification Date.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 8 Income Reinvestment

All dividends earned on a Participant's shares, minus fees as provided in Section 11 of this Chapter of these rules, will be reinvested in the same security.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 9 Reporting Requirements

(a) Pool Participants shall have a means of confirming Transfers, cash balances and fund performance.

(b) The Pool Administrator shall respond to all Participant audit confirmations.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 10 Risk

(a) Pool Participants acknowledge there is risk associated with investing in the Pool. The Pool does not have a guaranteed rate of return, and by virtue of participating in the Pool, Participants expose their investments to losses, as well as gains. All risks associated with the Pool are assumed by the Participant.

(b) Prior to making an initial Transfer, Pool Participants shall:

(i) Acknowledge in writing that the Participant understands investing in equities involves risk of loss of some or all of the amount invested;

(ii) Provide the Pool Administrator proof of authorization from the Participant's governing body allowing it to invest in equities; and

(iii) Provide the Pool Administrator its investment policy statement allowing for investment in equities.

(c) Nothing in these Rules shall be construed to require the State of Wyoming to reimburse Pool Participants for any losses that may occur on investments.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 11 Fees

The Pool Administrator shall charge Pool Participants for the investment, banking and administrative fees which the Pool Administrator has incurred in providing the Long-Term Equities Investment Pool.

History

• Effective 2025-10-15

Wyo. Code R. 004.0004.3.10152025 § 12 Penalty

The Pool Administrator may impose a five percent (5%) penalty for Early Withdrawal.

History

• Effective 2025-10-15

387 Public Records

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

Wyo. Code R. 004.0012.1.03252019 § 1 Authority

The Treasurer is required under Wyoming Statute 16-3-103(j)(ii) to adopt 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 2019-03-25

Wyo. Code R. 004.0012.1.03252019 § 2 Adoption of Uniform Rules

Except for the unclaimed property list fee set by the Treasurer as provided in W.S. 34-24-119(b), the Treasurer hereby incorporates by reference the following uniform rules:

(a) 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: https://rules.wyo.gov.

(b) For these rules incorporated by reference:

(i) The Treasurer has determined that incorporation of the full text in these rules would be cumbersome or inefficient given the length or nature of the rules;

(ii) 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

(iii) The incorporated rules are maintained at the Treasurer's office and are available for public inspection and copying at the same location.

History

• Effective 2019-03-25