Wyoming Administrative Code › Agency 001 - Governor's Office › Sub-Agency 0003 - Tax Exempt Bonds, Allocation for › Chapter 1 - GENERAL PROVISIONS › Section 1-3 - Governor's Discretion and Consideration

Current through July 13, 2024
In apportioning the state ceiling, the Governor, in his sole
				  discretion, shall prioritize and determine how the volume cap shall be
				  allocated. The Governor, in determining how to apportion the state ceiling,
				  will be guided by the following general principles:
(a)
Readiness.
An
				applicant must demonstrate to the Governor's satisfaction that it can use the
				allocation promptly to issue bonds.
(b)
Prevention of Waste or
				Unproductive Use.
In making allocations, the Governor intends to
				prevent the unproductive use or waste of any part of the state ceiling. An
				applicant must therefore document the demand for its program or project. In
				considering the productive use of allocations, the fact that particular
				projects or programs could not go forward without tax-exempt financing shall be
				a factor in determining whether to make any allocation.
(c)
Public Benefit.
(i)
Housing.
The
				Governor shall consider the availability of adequate, affordable housing in
				Wyoming and the availability of funding to finance new and existing
				owner-occupied and rental housing at reasonable rates and rents, and the impact
				of the program or project on these needs.
(ii)
Industrial Development
				Projects (Small Issue Bonds).
The Governor shall consider the
				number, duration, type and average wage of jobs that will be created or
				retained for Wyoming residents,
e.g.,
whether the project
				creates semi-skilled or skilled jobs as well as unskilled jobs and whether the
				employment will provide special training and promotion opportunities to
				employees. The Governor shall also consider the potential impact of the project
				on existing businesses in the local market and the economic needs of the local
				community in comparison to the economic needs of other communities.
(iii)
Exempt Facility
				Projects.
The factors considered for an allocation to an
				industrial development project bond issue shall also be considered for exempt
				facility projects. Additionally, the Governor shall consider the following
				public benefits of exempt facilities: the degree to which the project helps to
				eliminate air or water pollution; the degree to which the project produces
				energy; the degree to which the project disposes of solid waste in an
				environmentally safe manner that meets or exceeds state and federal criteria;
				and the degree to which the project helps carry out other articulated state or
				local policies with regard to pollution reduction.
(iv)
Student Loan
				Programs.
The Governor shall consider the issuer's projected
				demand for student loan allocations; the services that the loan program
				provides to schools and borrowers; the degree to which lower income households
				benefit from the program; and the degree to which the program helps carry out
				other articulated state or local policies. In the event an Issuing Authority
				requests to enter into additional or extended obligations under Wyo. Stat.
				'
											21-16-113 to obtain financing, the Governor
				shall also consider the role and actions of the Issuing Authority, past
				allocations to the Issuing Authority, debt service on outstanding bonds, and
				the potential liability to the State of Wyoming or any of its agencies for
				payment of interest, principal or any financial obligation or potential
				financial consequence resulting from outstanding bond issues by said Issuing
				Authority, including, but not limited to, the possible need for allocation of
				additional bonds to the Issuing Authority to refinance or otherwise pay
				outstanding bond obligations.
(v)
General Considerations.
The purpose of private
				activity bonding in this state is to maximize the economic benefits of such
				bonding to the citizens of this state. To this end, the Governor shall make
				allocations that will further economic development, housing, education,
				redevelopment, public works, energy, waste management, transportation and other
				activities that the Governor determines will benefit the citizens of the
				state.