Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0001 - Business Ready Community Grant And Loan Program › Chapter 3 - BUSINESS READY COMMUNITY LOAN INFORMATION › Section 3-3 - Application Submittal Requirements

Current through July 13, 2024
(a) In addition to
				the application requirements in Chapter 1, the following items are required:
(i) A copy of the signed resolution of
				support from the applicant or the member agencies if the applicant is a joint
				powers board that includes source of repayment of the loan and the proposed
				security for the loan;
(ii) If
				applicable, documentation of any environmental remediation or review
				requirements to be undertaken or that have been or will be undertaken at the
				expense of the applicant. Council staff shall determine the level of
				environmental review required and, if after consultation with the Attorney
				General's Office, Council staff determine that further review or remediation is
				required, the applicant shall undertake that review or remediation at its own
				expense;
(iii) If applicable,
				determination whether the real property is subject to federal flood
				regulations. An applicant must include a federal floodplain map and identify
				location of proposed collateral. If necessary, flood and hazard insurance will
				be required at the expense of the applicant;
(iv) If applicable, an applicant shall
				include guarantees, letters of credit and any other proposed security for the
				loan;
(v) A letter from the
				applicant's attorney addressing the following in detail:
(A) The applicant's authority to enter into
				the loan;
(B) The applicant's
				current indebtedness and borrowing capacity;
(C) Whether or not the loan will require an
				election;
(D) The proposed method
				of repayment and identified revenue sources for that repayment; and
(E) An affirmation that the Wyoming State
				Constitution debt provisions and all other applicable statutory duties of the
				applicant will be followed.
(vi) In order for the Council to determine
				the ability of the applicant to repay a loan and to aid the applicant's
				attorney in evaluating the legality of the proposed indebtedness, each
				applicant shall provide:
(A) An annual budget
				for the preceding and current fiscal years; and
(B) A completed financial statement provided
				on a "General Financial Information" form provided by the Council staff, that
				includes, but is not limited to the following information:
(I) Assessed valuation for the current and
				two (2) preceding fiscal years;
(II) Total bonded and non-bonded
				indebtedness, including outstanding principal balance, interest rate and
				remaining term;
(III) Total mills
				levied within the jurisdiction of the applicant for the current and two (2)
				preceding years: and a breakdown of the mill levy for the current fiscal
				year;
(IV) Sales and use tax
				imposed within the jurisdiction of the applicant; and
(V) A summary of the applicant's total
				investments and cash balances for the three (3) preceding fiscal
				years.
(vii)
				Council staff may require additional information in accordance with Council
				loan policies.