Wyo. Code R. 060-0003-11
Loan and Investment Board
Chapter 11: Water Pollution Control Revolving Loan Acct
Effective Date: 01/04/1993 to 02/06/1998
Rule Type: Superceded Rules & Regulations
Reference Number: 060.0003.11.01041993
Program FARMLOAN Farm Loan Board
Chapter Name Water Pollution Control Revolving Loan Acct Loans
Chapter No.11
Date Filed 01/04/93
Expr Date
Supr Date
Repeal Date
Document Type RULES
FARM LOAN BOARD
Section 1. Authority. This chapter is adopted pursuant to W. S. 16-1-203(a).
Section 2. Definitions.
Section 3. General Policy. The Board shall extend loans under the provisions of this chapter in such a manner and to such applicants as shall, in the judgment of the Board, inure to the greatest benefit of the citizens of the state and represent a prudent use of loan funds.
Section 4. Loan Eligibility.
Section 5. Application Procedure.
Thursday of each January and July to consider applications for non-emergency loan/grant combinations. Applications for the January Mineral Royalty Grant meeting must be received by the third Thursday of the preceding October. Applications for the July Mineral Royalty Grant meeting must be received by the third Thursday of the preceding April.
(c) Preliminary Review. Within 45 days of receipt of any application, the Director shall notify the applicant, in writing, if the application lacks any of the information required. The applicant shall have 15 days to submit the required information.
(d) Incomplete Applications. Incomplete applications shall not be presented to the Board for consideration.
(a) Criteria. The Board shall evaluate applications utilizing the following criteria:
(i) Whether the applicant is current on all its repayment obligations to the Board.
(ii) Whether the applicant's dedicated source of revenue will be sufficient to repay the loan.
(iii) Whether the applicant is ready to proceed with construction or implementation of the project.
(b) Interagency Consultation. The Board may request that pertinent state agencies review the applications and provide comments to the Director for Board consideration. The Board shall request the DEQ to provide the services required under W. S. 16-1-201 through W. S. 16-1-207.
Section 7. Board Consideration. The Board shall consider each application individually, allow for comments from the applicant and from the Director and establish the amount of the loan and the term of the loan. The term shall not exceed 20 years.
(a) Loans to the DEQ for corrective actions at leaking underground storage tank sites shall be noninterest bearing pursuant to W.S. 16-1-206 (b).
(b) The interest rate for loans to all other applicants shall be 4 percent per annum.
Section 9. Delinquent Payments. The Board shall assess penalty interest for late payments at a rate of 10% per annum on the delinquent payment amount.
Section 10. Repayment. Annual payments for all loans shall be due April 1st of each year.
Section 11. Disbursement of Loan Proceeds. The loan proceeds shall be disbursed in minimum draws of $1,000 in accordance with a schedule that has been agreed upon and stipulated in the loan agreement. Requests for disbursements shall be submitted on a form provided by the Director. Requests for disbursements shall only be for project costs which have been incurred and shall be subject to review by the DEQ.
Section 12. Audits and Inspections. The Board may, at its expense, conduct an audit of the records of the applicant and inspect the construction and operation of the project. Borrowers shall maintain project accounts in accordance with generally accepted government accounting standards.
Section 13. Reports. The Director shall review all reports prepared by DEQ for submission to the U. S. Environmental Protection Agency.
Section 14. Funds Reserved. Four (4) percent of the federal capitalization grants shall be reserved to pay administrative costs of this program.
Section 15. Program Compliance. The Board shall administer the water pollution control revolving loan account program in accordance with all applicable federal laws and regulations. The Board shall enter into a Memorandum of Understanding with the DEQ to implement the program and facilitate program compliance.