Wyo. Code R. 001-0003-1
Tax Exempt Bonds, Allocation for
Chapter 1: Allocation for Tax Exempt Bonds
Effective Date: 05/04/1988 to 06/26/2000
Rule Type: Superceded Rules & Regulations
Reference Number: 001.0003.1.05041988
(a) The Governor pursuant to W.S. 9-1-219(a) is authorized to promulgate rules governing the allocation of the unified statewide volume limit (“state ceiling”) established by the Tax Reform Act of 1986 (“the Act”) among the governmental units in the state having authority to issue private activity bonds. The objective of the rules is to establish an accessible, equitable and efficient allocation process which advances the state and local benefits of tax-exempt financing.
(b) These rules may be relied upon by issuers of private activity bonds, beneficiaries of the proceeds from and owners of such bonds, and other participants in the issuance of such bonds for the period during which these rules are effective.
(a) “Carryforward” means a specified allocation of the state ceiling issued in accordance with Section 7 in one calendar year, which allocation shall not exceed the amount of the pool allocation reduced by the amount of preference and certified allocations issued in the same calendar year, provided that the allocation is properly elected to be used by an issuer of bonds in a subsequent year consistent with the Act, for one or more specified carryforward project(s) as defined in the Act.
(b) “Certified allocation” means an allocation of the state ceiling to private activity bonds within the State, which authorizes such bonds to be treated as a tax exempt obligation.
(c) “Governor” means the Governor of the State of Wyoming.
(d) “Preference allocation” means an allocation of the pool allocation portion of the state ceiling, which is issued by the Governor prior to any bond issuance, based upon the complete filing of information required by Section 4, and in the amount authorized by Section 4. This allocation assures receipt of a certified allocation following bond issuance in the amount authorized by Section 4, if a timely, complete and properly executed Internal Revenue Service (IRS) Form 8038 is received by the Governor as required by Section 4.
(e) “Private activity bonds” means the same term as defined in the Act. This definition shall not include any issue for which an effective carryforward was elected and used. The definition shall also not include any obligations which are not subject to the state ceilings.
(a) The aggregate amount of the state ceiling for Wyoming shall be allocated for each calendar year beginning January 1, as follows:
(i) $10,000,000 is allocated to private activity bonds issued by issuers of such bonds within the State, regardless of whether such issuers are at the state level or at the local level, in the amounts set forth in executive orders issued by the Governor. This allocation shall be referred to as “the reserve allocation.”
(ii) $90,000,000 is allocation to private activity bonds issued by the Wyoming Community Development Authority (“WCDA”). This preference allocation shall be referred to as “the WCDA allocation.”
(iii) $50,000,000 is allocated to private activity bonds issued by issuers of such bonds within the State, regardless of whether such issuers are at the state level or at the local level, in the amounts set forth in filings made by or on behalf of issuers and in the chronological order of the receipt of such filings, without regard to population or other considerations. This allocation shall be referred to as “the pool allocation.”
(a) In order to assure a preference allocation of the pool allocation portion of the state ceiling to an issue of private activity bonds prior to the issuance (by delivery and payment of such bonds, a filing by or on behalf of the issuer must be made with the Governor prior to the issuance of such bonds.
The filing shall contain:
(i) The issuing authority;
(ii) A copy of a fully executed inducement resolution or similar official action passed by the political subdivision with respect to the project;
(iii) The name and address of the official to whom notices should be sent and from whom information can be obtained;
(iv) The principal amount of the pool allocation which is requested to be allocated to the private activity bonds;
(v) The nature (by Code classification and SIC number) and, if applicable, the location of the project;
(vi) The initial owner or principal user of the project; and
(vii) The name and address of the person who should receive the preference allocation form.
(b) Within five (5) working days from receipt of a complete filing the Governor shall issue a preference allocation of the pool allocation portion of the state ceiling in the amount set forth in filing. If the amount requested in the filing exceeds the amount remaining in the pool allocation (deducting from the pool allocation all preference and certified allocations issued in the current calendar year up to the date of receipt of the filing), the filing shall be ineffective unless the filing requests a specific amount, “or the amount remaining in the pool allocation, whichever is less.” The preference allocation will carry the date of receipt of the complete filing. No private activity bonds shall be issued prior to receipt by the issuer of the preference allocation.
(c) Unless extended pursuant to paragraph (e), the preference allocation shall expire and will not assure a certified allocation unless a complete and properly executed Internal Revenue Service (IRS) Form 8038 is received by the Governor from the issuer or its designees within sixty (60) calendar days after the date appearing on the preference allocation, but not later than December 23 of the current calendar year. The preference or certified allocation date will not change as long as the IRS Form 8038 is received by the Governor as required by this Section, or an extension is obtained under paragraph (e) below.
(d) Within five (5) working days from receipt of the IRS Form 8038, the Governor shall issue a certified allocation of the state ceiling for the principal amount of the bond issue or the amount of the preference allocation, whichever is less. The certified allocation shall carry the same date as the preference allocation. Upon issuance of the certified allocation, the preference allocation will be vacated up to the amount of the certified allocation. Any unused preference allocation will expire upon issuance of the certified allocation.
(e) Any preference allocation may be extended for an additional thirty (30) days, provided that before the date of expiration of the preference allocation a request for extension is received by the Governor. Within five (5) working days of receipt of the extension request the Governor shall approve or deny the extension.
(f) In the event that a preference allocation expires in whole or in part, the allocation shall revert back to the pool allocation and a new filing may be made under this Section, which will be accorded priority in accordance with its new date.
(a) On or before July 1, a report shall be filed with the Governor by the WCDA which describes WCDA's actual and expected issuance actions for the year. WCDA shall identify any expected unused allocation which might be available for transfer to the pool allocation.
(b) On or before October 1, the WCDA shall affirmatively demonstrate a need for any unused WCDA allocation.
(c) Any transfer to the pool allocation of unused WCDA allocation shall be made only after consultation with the WCDA and notice to the WCDA by the Governor of the amount transferred.
(d) Unless waived by the Governor in writing, the WCDA may not file for a preference allocation of the pool allocation until the available WCDA allocation is committed to private activity bonds by certified allocations. Any filing by WCDA shall comply with the requirements of Section 4.
(a) By executive order(s) the Governor may allocate any or all of the reserve allocation to private activity bonds issued by issuers of such bonds within the State, regardless of whether such issuers are at the state level or at the local level, in the amounts and under such terms and conditions as the Governor, in his discretion, deems justified and advisable.
(b) All letters, petitions or requests for allocation under this Section shall be retained on file for public review in the office of the Governor.
(a) After November 10, any issuer of private activity bonds within the State, regardless of whether such issuers are at the state level or at the local level may file for a certified allocation of any unused portion of the pool allocation, to be used as a carryforward for one or more carryforward projects as defined in the Act. the filing shall:
(i) specify the project(s) for which the carryforward is proposed;
(ii) specify the portion of the pool allocation which is requested to be a carryforward for each such project;
(iii) document the issuer's intent to issue obligations (which would otherwise be private activity bonds but for the carryforward), with respect to the project(s) during the three (3) calendar years (or in the case of qualifying pollution control equipment, six (6) calendar years) following the calendar year in which the carryforward arose;
(iv) identify by name and address the official to whom notices should be sent and from whom information may be obtained;
(v) assure that any carryforward elected for a project by the issuer in any previous calendar year will receive an absolute priority over the current project such that the carryforward elected with respect to any project shall be used in the order of the calendar year in which they arose;
(vi) include an opinion from bond counsel that the project qualifies for carryforward under the Act and any regulations promulgated by the United States Secretary of the Treasury; and
(vii) designate the person by name and address who should receive the form for certified allocation to carryforward.
(b) No earlier than December 1, the Governor shall issue a certified allocation to carryforward in the chronological order of receipt of the filing, dated the date of consideration of the filing, and in the amount requested, or the amount remaining in the pool allocation, whichever is less, deducting from the pool allocation all preference and certified allocations issued in the current calendar year up to the date of consideration of the filing. Any such carryforward shall be irrevocable after the last day of the calendar year in which the election is made. Notice of any revocation shall be provided to the Governor before December 31.
(c) In order to assure a certified effective carryforward, a complete and properly executed IRS Form 8038 shall be provided by issuer or its designess within two weeks from bond issuance. The IRS Form 8037 shall attach to it a copy of the original certified allocation to carryforward and an opinion from bond counsel that there have been no substantial deviations from any specification contained in the carryforward election. The certified effective carryforward shall be issued for the principal amount of the bond issue, or the principal amount of the certified allocation to carryforward, whichever is less.
(a) In the event the last day for filing or notice is Saturday, Sunday, or any day on which the office of the Governor is authorized or required to close, then the time for expiration shall be extended to the first day thereafter which is not a Saturday, Sunday or other day described above.
(b) The date of receipt of any filing or notice will be determined on a daily (not hourly) basis. If two (2) or more competing filing are received on the same day, the allocation shall be made by lot unless otherwise agreed by the applicants.
(a) Except as provided for the WCDA allocation, no allocation made under these rules or by the Governor is transferable.
(b) Except as authorized by these rules no carryforward is transferable or revocable.
(a) In performing the functions required under these rules, the Governor may seek the advice and assistance of any other state employee(s) he deems qualified to provide such advice and assistance.
(b) All allocations made under these rules shall carry a certification by the public official responsible for the allocation under penalty of perjury that to the best of his or her knowledge the allocation of the state ceiling to the private activity bond(s) was not made in consideration of any bribe, gift, gratuity, or direct or indirect contribution to any political campaign.