Wyo. Code R. 001-0003-4
Tax Exempt Bonds, Allocation for
Chapter 4: Preference Allocations
Effective Date: 04/26/2006 to Current
Rule Type: Current Rules & Regulations
Reference Number: 001.0003.4.04262006
Section 1. Grant or Denial of Application. Within twenty (20) working days following receipt of an application for allocation from the general allocation pool, the Governor shall issue either a notice of denial of the application or a preference allocation from the general allocation pool, in the amount the Governor determines best meets the objectives set forth in Chapter 1, Section 2. The intent of this rule is that an application may be reviewed upon receipt, and supplemental information may be requested anytime after receipt. Applications shall then be ruled upon based on their relative merits in meeting the objectives set forth in Chapter 1, Section 3. As used in this section, working days shall not include Saturdays, Sundays, legal holidays or any other day on which the Office of the Governor is authorized or required to close. Grant of a preference allocation assures applicant of a certified allocation, conditioned upon applicant's timely completion and submission of the documents required by this Chapter, demonstrating timely use of the allocation.
Section 2. Date of Preference Allocation. The preference allocation shall carry the date of the Governor's approval of the application.
Section 3. Expiration. Unless extended pursuant to Chapter 4, Section 4, a preference allocation from the general allocation pool shall expire and shall not assure a certified allocation unless a copy of a complete and property executed Internal Revenue Service (IRS) Form 8038 and any other form required by the Governor is received by the Governor from the issuer or the user within one hundred twenty (120) calendar days after the date appearing on the preference allocation. In any event, a preference allocation from the general allocation pool shall automatically expire on December 31st at 5:00 p.m.
Section 4. Extension. Any preference allocation may be extended for one additional thirty (30) day periods, provided that before the date of expiration of the preference allocation a request for extension is received by the Governor. In determining whether an extension shall be granted, the Governor shall consider the objectives set forth in Chapter 1, Section 2 of these rules. Within seven (7) working days of receipt of the extension request, the Governor shall approve or deny the extension. As used in this section, working days shall not include Saturdays, Sundays, legal holidays or any other day on which the Office of the Governor is authorized or required to close. A preference allocation may not be extended beyond December 31st.
Section 5. Reversion. In the event that a preference allocation expires in whole or in part, the expired portion of the allocation shall revert back to the general allocation pool, where it shall be subject to application for a new preference allocation, pursuant to Chapter 2. Section 2, or a carryforward allocation, pursuant to Chapter 6.