Wyo. Code R. 060-0003-17
Loan and Investment Board
Chapter 17: Trans. Enterprise Fund Grants or Loans
Effective Date: 04/08/1999 to 08/06/1999
Rule Type: Expired Emergency Rules & Regulations
Reference Number: 060.0003.17.04081999
STATE LOAN AND INVESTMENT BOARD
(a) This chapter is adopted pursuant to W.S. 11-34-131(a) (i).
(a) As used in this chapter:
(i) 'Board' means the State Loan and Investment Board.
(ii) 'Director' means the Director of the Office of State Lands and Investments.
(iii) 'Office' means the Office of State Lands and Investments.
(iv) 'Joint Transportation and Highways Interim Committee' means a state legislative committee comprised of 5 members from the Wyoming State Senate and 9 members from the Wyoming State House of Representatives.
(a) The Board shall award grants or loans under the provisions of this chapter to foster investments in publicly owned transportation projects for the greatest benefit of the citizens of the state and represent a prudent use of funds.
(a) Wyoming counties, municipal corporations, other public entities, and joint powers boards specifically involved in providing governing authority over airport boards created pursuant to W.S. 10-5-101 though W.S. 10-5-204 may be eligible to apply for assistance under this chapter. If the applicant is a joint powers board, it must be legally formed and approved prior to grant or loan application.
(b) Grants or loans may be awarded for planning, construction, acquisition, improvement, or replacement of improvement and maintenance of airline service and facilities and for the acquisition of public transportation vehicles.
(a) A letter of intent shall be prepared for each application. The letter of intent shall contain the following information:
(i) The grant or loan amount requested and percentage split of total project costs;
(ii) A full description of the proposed project including a description of all other project funding sources.
(b) The Board shall consider applications under this chapter at any regular monthly meeting. Applications must be received at least five (5) working days before the Board meeting.
(c) Within two (2) working days of receipt of an application, the Office shall notify the applicant, in writing, if the application lacks any of the items required in subsection (a) of this section. The applicant shall have two (2) working days to submit the required information.
(d) Incomplete applications shall not be presented to the Board for consideration.
(a) The Board shall evaluate and prioritize all applications for funding under this chapter on a individual basis, and award funding for projects, that in the judgement of the Board, foster investments in publicly owned transportation projects for the greatest benefit of the citizens of the state and represent a prudent use of funds.
(b) Applications will be awarded subject to review and recommendation of the Joint Transportation and Highways Interim Committee.
(c) The Director may request that pertinent state agencies assist in the review of the applications and provide written comments to the Office within ten (10) working days for the Director's and Board consideration.
(a) The Board shall consider each application individually, allow for comments from the applicant and from the Director, and establish the maximum amount of the grant or loan.
(a) Grant or loan funds shall be disbursed to the applicant only as needed to discharge obligations incurred in accordance with the percentage split of eligible project costs approved by the Board. Requests for disbursements shall be made on a form supplied by the Office and supported by adequate proof that such obligations have been incurred for project purposes and are due and owing.
(b) The minimum grant or loan disbursement shall be five hundred dollars ($500.00) unless it is the final disbursement of grant or loan funds for the project.
(c) Reversion of grant or loan funds awarded under this chapter will be dealt with in the following manner:
(i) If the Director determines that the project has not been commenced within one year from date of initial grant or loan approval, the grant or loan will automatically expire. Based upon information supplied by the applicant, the Director may grant an extension of time in which to commence the project. The Director will notify the Board of all extensions and provide the basis for his decision.
(ii) If the Director determines that the project has not been completed within a reasonable time, he shall notify the grantee in writing at least thirty (30) days prior to presenting the matter for Board review. The Board, upon review of the project circumstances, may terminate or modify the grant or loan award.
(iii) If based upon a review of current information in the files of the Office it appears that the project is complete and the full amount of the grant or loan has not been expended, following written notification to the applicant the Director may cause the unused portion of the grant or loan to revert to uncommitted status.
(a) The Board may, at its expense, conduct an audit of the records of the applicant and inspect the construction and operation of the project.
(a) Any amendments to these rules shall not apply to applications filed after the effective date for phased construction projects which have already received partial funding under this chapter.