Wyo. Code R. 001-0003-6
Tax Exempt Bonds, Allocation for
Chapter 6: Carryforward Allocations
Effective Date: 04/26/2006 to Current
Rule Type: Current Rules & Regulations
Reference Number: 001.0003.6.04262006
Section 1. Date of Allocation. After November 10th and through December 31st, any issuer of private activity bonds within the state, regardless of whether such issuer is at the state or local level, may submit an application for a carryforward allocation from the general allocation pool. Except as provided in this Chapter, said applicant shall not be entitled to a carryforward allocation but may, if the Governor so determines, receive a substitute allocation made available from the WCDA's annual $90,000,000 allocation up to the amount of carryforward for that particular year as provided in this Chapter and Chapter 2 of these Rules.
Section 2. Automatic Allocation to WCDA. After December 31st, the remaining balance of the General Allocation Pool shall be allocated to the WCDA and carried forward as a carryforward allocation. WCDA shall first be required to provide an application with the certifications identified in Section 3(a) and (b) of this Chapter and shall attach to the application the documents required in Section 4 of this Chapter. The Governor may refuse to grant the carryforward allocation to WCDA if WCDA fails to submit any required application materials, certifications or attachments required by this Chapter, in which event other qualified applicants may receive a carryforward allocation. 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. 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.
Section 3. Application Information. An application for a carryforward allocation shall contain the same information as an application for a preference allocation, as applicable. The application shall also provide certifications:
(a) of the issuing authority's intent to issue private activity bonds with respect to the project(s)/program(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; and
(b) that any carryforward elected for a project by the issuing authority in any previous calendar year will receive an absolute priority over the current project /program such that the carryforward elected with respect to any project/program shall be used in the order of the calendar year in which they arose.
Section 4. Attachments to Application. The application for carryforward shall include an opinion from bond counsel that the project qualifies for carryforward under the Act and any U.S. Secretary of the Treasury rules or regulations. For purposes of this requirement, Abond 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 ARed 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. Finally, where applicable, the application shall include a detailed accounting and explanation of how past carryforward allocations have been, or are currently used, including a certification that the applicant has complied with 26 U.S.C. ' 146(f)(3) & (5), as amended.
Section 5. Advisory Board. An Allocation Advisory Board, consisting of the Executive Director of the WCDA, the Chief Executive Officer of the Wyoming Business Council, the Director of the Wyoming Student Loan Corporation, the Executive Director of the Wyoming County Commissioners' Association and the Executive Director of the Wyoming Association of Municipalities, may review carryforward applications and any other applications, as deemed necessary, and may make recommendations to the Governor regarding the applications. The Governor shall decide whether or not to grant a carryforward application or allocate the WCDA's substituted annual allocation to any other applicant(s) under these rules.
Section 6. Carryforward Certification Allocation. Within ninety (90) calendar days from the date of bond issuance, the WCDA or any other Issuing Authority shall submit to the Governor a copy of a complete and properly executed IRS Form 8038, any carryforward forms required to be submitted to the IRS and any other form required by the Governor and shall have attached a copy of the original carryforward allocation. Within ten (10) working days following receipt of a copy of the IRS Form 8038 and any other form required by the Governor, the Governor shall issue a carryforward certification allocation. The carryforward certification allocation shall be issued for the amount of the carryforward allocation.