Wyo. Code R. 001-0003-3
Tax Exempt Bonds, Allocation for
Chapter 3: General Allocation Pool Applications
Effective Date: 06/26/2000 to 04/26/2006
Rule Type: Superceded Rules & Regulations
Reference Number: 001.0003.3.06262000
(a) An application for a preference allocation from the general allocation pool shall be submitted to the Governor before issuance of the affected private activity bonds.
(b) Applications for the first distribution of preference allocations shall be due on or before January 15th. Applications for the second distribution, if any portion of the general allocation pool remains, shall be due on or before June 15th. 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.
(a) An application for a preference allocation from the general allocation pool shall be submitted on the forms prescribed by the Governor.
(b) An application for a preference allocation from the general allocation pool shall contain the following information:
(A) the amount of the general allocation pool the applicant is requesting be allocated to private activity bonds;
(B) the nature (by classification under the Act and, if applicable, SIC number) and the location of the project or area of operation of the program;
(C) benefit of the project/program to the state or local community, the impact of the project/program on other businesses in the state or local community and the ability of the project/program to meet the objectives set forth in Chapter 1, Section 3;
(D) the present use or conditions of the project site and a statement that the user of the project has obtained a legally enforceable right to acquire the project site;
(E) a proposed starting date and estimated completion date of construction of the project;
(F) information relating to the feasibility of the proposed project, showing that the project or the user will generate revenues and cash flow sufficient to make payments to pay debt service on the bonds;
(G) the amount, source, type and terms and conditions of all capital that will be used for the project in addition to bond financing;
(H) actions that have been taken in anticipation of the bond issue and the anticipated date of the bond issue;
(I) an explanation of the impact on the project if the total allocation is not received;
(J) if the allocation is requested in the same year in which the applicant has already received an allocation, an explanation of why an additional allocation is needed and beneficial to the state or local community, and if an allocation was received in the same or any previous year and the allocation expired or was not fully used, an explanation of why the previous allocation expired before being used or was not fully used;
(K) if the State of Wyoming, or any of its agencies, may be required to pay or assume responsibility for any debt or financial obligation resulting from the issuance of private activity bonds, as a guarantor, assignee or otherwise, the Issuing Authority applying for the allocation shall include a comprehensive and detailed identification and explanation of all existing debts or financial obligations, for which the State of Wyoming or its agencies may be held liable, and an explanation of how an additional allocation may affect, increase or otherwise impact the State’s or state agency’s potential liability for said debts or financial obligations. The Governor may request or require that the Issuing Authority provide a plan designed to reduce or eliminate debts or financial obligations, for which the State of Wyoming or its agencies may be held liable. The Governor may limit, deny or otherwise subject any allocation(s) to compliance with the Governor’s request for any such plan or adherence to any approved plan;
(L) statement of the source(s) and use(s) of all funds; and, (M) statement of any significant risks to the project or the project’s financing and any mitigating factors to those risks.
Section 3. Attachments to Application. An application for an allocation from the general allocation pool shall include the following:
(a) a copy of a fully executed inducement resolution or similar official action passed by the Issuing Authority with respect to the project/program; and
(b) a letter from bond counsel for the Issuing Authority or the user, with supporting citations to state law, the Act and any federal regulations, stating that the private activity bonds are eligible for an allocation of the state ceiling and that the Issuing Authority is authorized under the laws and constitution of the state to issue such bonds. For purposes of this requirement, “bond counsel” means an attorney or a firm of attorneys listed in the most recently available “Directory of Municipal Bond Dealers of the United States,” published by the Bond Buyer and commonly known as the “Red Book,” in the section listing municipal bond attorneys of the United States, or the successor publication thereto. The letter from bond counsel 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 of the state ceiling. 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 4. Supplemental Information. The Governor may request that an applicant provide additional written information or make an oral presentation, if the Governor determines such additional information would be useful in evaluating the application. If the Governor requests supplemental information on an application, action shall be suspended until the supplemental information is received. All supplemental information shall be provided promptly to allow the Governor to evaluate and compare applications within the fifteen (15) working day period set forth in Chapter 4, Section 1. If the supplemental information is not received in a timely manner, so as to allow the Governor’s evaluation of the application, as provided for in Chapter 4, Section 1, the application shall be denied.