Wyo. Code R. 001-0003-4
Tax Exempt Bonds, Allocation for
Chapter 4: Preference Allocations
Effective Date: 06/26/2000 to 04/26/2006
Rule Type: Superceded Rules & Regulations
Reference Number: 001.0003.4.06262000
Section 1. Grant or Denial of Application. Within fifteen (15) working days following the January 15th and June 15th application deadlines or any application submitted thereafter for an 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. All applications received by the January 15th deadline shall be granted or denied during the fifteen (15) working day period following the deadline. All applications received by the June 15th deadline shall be granted or denied during the fifteen (15) working day period following the deadline. All applications accepted, in the Governor's sole discretion, after the June 15th deadline, shall be granted or denied during the fifteen (15) working day period following the date of the application. The intent of this rule is that an application may be reviewed upon receipt, and supplemental information may be requested anytime after receipt, but the application shall not be acted upon until the applicable deadline passes. 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 properly 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 ninety (90) 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 period, provided that before the date of expiration of the preference allocation, a request for extension is received by the Governor, on the form prescribed 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. The Governor may grant an extension of an entire preference allocation or part of a preference allocation. 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.