Wyoming Administrative Code › Agency 004 - Treasurer's Office › Sub-Agency 0010 - Industrial Development Bond Investment Program › Chapter 2 - INDUSTRIAL DEVELOPMENT BOND INVESTMENT PROGRAM › Section 2-3 - Program Structure and Process

Current through July 13, 2024
(a) Officials,
				agencies, political subdivisions and others involved in the IDB investment
				application and approval process are as follows:
(i) Applicant. An applicant shall consist of
				the principal owner of a business venture engaged in an industrial development
				project which, if funded, must "add economic value to goods, services or
				resources within or outside this state[,]" as mandated by
				W.S.
				9-4-715(m)(ii)(A). Such
				economic value must manifest through activities described in W.S. W.S.
				W.S.
				9-4-715(m)(ii)(A) 
				(I-III).
(ii) Issuer. A joint
				powers board, municipality or county, must resolve to act, or otherwise
				affirmatively act, as issuer of an IDB pursuant to W.S.
				W.S.
				15-1-701 through
				15-1-710.
See
W.S. W.S.
				W.S.
				9-4-715(m).
(iii) Wyoming Business Council. The Wyoming
				Business Council shall first receive an applicant's application for an IDB
				investment, and, after review and consideration, may recommend the State
				Treasurer's purchase of the proposed IDB investment in the underlying
				industrial development project. An IDB shall incorporate, and be conditioned
				upon, all limitations and requirements imposed by the Wyoming Business Council.
				An IDB investment cannot occur without the Wyoming Business Council's
				recommendation.
See
W.S.
				W.S.
				9-4-715(m)(i).
(iv) Governor. Upon the Wyoming Business
				Council's recommendation, the applicant must receive the State Governor's
				approval of the IDB-financed project in writing.
See
W.S.
				W.S.
				9-4-715(m)(i). The IDB
				documents shall incorporate and comply with all limitations and conditions
				identified by the Governor.
(v)
				Bond Counsel. Bond counsel shall be involved throughout the entire process.
				Bond counsel shall deliver the bond counsel opinion letter for the IDB. In
				addition, bond counsel responsibilities shall include, without limitation,
				overseeing issuer bond proceedings, drafting all bond documents necessary for
				the IDB and insuring applicant's submission of all due diligence materials
				which are satisfactory to the issuer and the State Treasurer.
(vi) Attorney General's Office. The Attorney
				General's Office must approve all final documents, including, without
				limitation, the Indenture, the Financing Agreement and the Mortgage or any
				other document which creates a security interest in the applicant's property in
				favor of the Trustee or the State Treasurer.
(vi) State Treasurer. Upon receiving the
				Wyoming Business Council's recommendation and subsequent to the Governor's
				recommendation and the Wyoming Attorney General's approvals, the State
				Treasurer will make all final decisions as to whether the State shall purchase
				the IDB. The State Treasurer may concur with the Wyoming Business Council's
				recommendation and purchase the IDB or the State Treasurer may reject the
				recommendation of the Wyoming Business Council and make the decision not to
				purchase the IDB. A favorable recommendation by the Wyoming Business Council
				does not create a requirement of the State Treasurer to purchase the
				recommended IDB. The State Treasurer may impose any additional conditions, and
				those shall be incorporated within the IDB documents as well. The State
				Treasurer may not unilaterally reduce or remove conditions placed on the IDB by
				the Wyoming Business Council or Governor. Review of the application or due
				diligence materials by the State Treasurer does not imply approval by the State
				Treasurer.
(vii) Trustee. The State
				Treasurer shall require the involvement of a trustee to hold and enforce the
				IDB rights and obligations.