Wyo. Code R. 001-0003-2
Tax Exempt Bonds, Allocation for
Chapter 2: Volume Cap Allocation
Effective Date: 06/26/2000 to 04/26/2006
Rule Type: Superceded Rules & Regulations
Reference Number: 001.0003.2.06262000
Section 1. Wyoming Community Development Authority. On January 1st of each calendar year, Wyoming Community Development Authority (WCDA) shall receive a set allocation of the state ceiling in the amount of $90,000,000.
(a) On or before July 15th of each calendar year, the WCDA shall file a written report with the Governor. The report shall describe WCDA's actual and expected bond issuances for the year and shall identify any allocation WCDA anticipates it will not use before December 31st of the reporting year. The report shall demonstrate WCDA's need to retain the amount of the allocation it does not anticipate using before December 31st of the reporting year.
(b) If the Governor determines that the state and local benefits of tax-exempt financing will be better served by transferring the portion of WCDA's allocation that it does not anticipate using by December 31st to the general allocation pool, the Governor may, any time after July 15th, declare such portion of the WCDA's allocation expired, and such portion shall revert to the general allocation pool.
(c) Any portion of the WCDA's $90,000,000 annual allocation not used by December 31st of the year in which it was allocated shall expire on December 31st and revert to the general allocation pool.
d. WCDA, if it satisfies all requirements of Chapter 6, shall automatically receive as a carryforward any unused portion of the general allocation pool as provided in Chapter 6 of these rules.
e. Between January 1st and March 31st of each year following allocation of a carryforward to the WCDA, WCDA shall, upon request of the Governor, relinquish and make available for general allocation a portion of its annual $90,000,000 allocation up to or equal to the carryforward allocation received by the WCDA, as provided in Chapter 6 of these rules. Between April 1st and June 30th of each year following allocation of a carryforward to the WCDA, WCDA shall, upon request of the Governor, relinquish and make available for general allocation a portion of its unused or uncommitted annual $90,000,000 allocation up to or equal to the carryforward allocation received by WCDA, as provided in Chapter 6 of these rules.
(f) WCDA may apply for an allocation from the general allocation pool only after the available annual WCDA allocation is committed to private activity bonds. Any application by WCDA for an allocation from the general allocation pool shall comply with the requirements of Chapter 3.
Section 2. General Allocation Pool. The balance of the state authorization after taking into account the program allocations for WCDA shall be available for allocation to private activity bonds issued by issuers of such bonds within the State of Wyoming, regardless of whether such issuers are at the state or local level.
(a) Preference allocations from the general allocation pool shall be made in only two distributions per year. The first distribution shall be made following the January 15th application deadline set forth in Chapter 3, Section 1. The second distribution shall be made, contingent upon allocation availability, following the June 15th application deadline set forth in Chapter 3, Section 1. If the entire general allocation pool has not been allocated in a preference or certified allocation after the June 15th applications have been processed, the Governor may consider additional applications requesting a preference allocation after the June 15th application deadline. Any such application and consequent preference allocation are subject to all requirements and deadlines imposed by these rules, and said applicant(s) must receive a certified allocation before December 31st. Therefore, an applicant who submits an application after the June 15th application deadline and receives a preference allocation, must complete the entire process required by these rules and obtain a certified allocation by December 31st, notwithstanding the ninety (90) day expiration deadline stated in Chapter 4 of these rules or any other deadline.
(b) Applications for allocations from the general allocation pool shall comply with the requirements of Chapter 3. Allocations shall be granted based upon consideration of the objectives set forth in Chapter 1, Section 2.