Wyoming Administrative Code › Agency 085 - Business Council › Sub-Agency 0019 - Agricultural Processing Revenue Bond Program › Chapter 1 - AGRICULTURAL PROCESSING REVENUE BOND › Section 1-3 - Definitions

Current through July 13, 2024
(a) "Applicant"
				means all existing or proposed businesses applying for a bond
				allocation;
(b) "Board of
				Directors" means the Board of Directors of the Council;
(c) "Bond Counsel" means an attorney or a
				firm of attorneys with expertise in bonding of projects;
(d) "Borrower" means the business which
				applies for, commits to, and is responsible for repayment of funds provided
				under this program;
(e) "Business"
				means an existing enterprise, incorporated in the state, which employs people
				within the state, provides services within the state, uses resources within the
				state, or otherwise adds economic value to goods, services, or resources within
				the state, and includes farm and ranch operations;
(f) "Cash or cash equivalent" means liquid
				assets including savings, checking and money market accounts, CDs, stocks,
				bonds, or cash value life insurance or similar assets. Equity in real estate
				holdings and other fixed assets is not to be considered liquid
				assets;
(g) "Commercial Lender"
				means commercial institutions that loan money, including banks, credit unions,
				mutual savings banks, savings and loan associations, stock savings banks, or
				trust companies;
(h) "Council"
				means the Wyoming Business Council;
(i) "Council staff" means the staff of the
				Wyoming Business Council;
(j)
				"Financial records" means an applicant's financial statements, balance sheets,
				income statements, tax returns, or any other financial records deemed necessary
				for review;
(k) "Land development
				loan" means an extension of credit for the purpose of improving unimproved real
				property prior to the erection of structures. The improvement of unimproved
				real property may include the laying or placement of sewers, water pipes,
				utility cables, streets, and other infrastructure necessary for future
				development.
(l) "Issuing
				Authority" means the state agency responsible for issuing the bond
				allocation;
(m) "Owner" means an
				individual/entity possessing an interest in the applicant's business, at or
				more than twenty percent (20%) or a guaranteeing entity;
(n) "Parent Company" means an entity
				possessing an interest in the applicant's business, at or more than ten percent
				(10%) or a guaranteeing entity;
(o)
				"Project" means any land, building, pollution control facility or other
				improvement and all necessary and appurtenant real and personal properties,
				whether or not in existence, suitable for manufacturing, industrial, commercial
				or business enterprises, for manufacturing, processing or assembling
				agricultural or agricultural-related products.
(p) "Recipient" means a proposed or existing
				enterprise that has been awarded funds under the Agricultural Processing
				Revenue Bond Program;
(q)
				"Renovation" means construction or reconstruction-type work on a building
				including: facade, roof, exterior wall assembly, foundation, windows, doors,
				cornice treatment, awnings and canopies;
(r) "Servicing agent" means the qualified
				entity contracted by the Council to service the loans in the portfolio and to
				provide administrative services for the program;
(s) "State Loan and Investment Board" means
				the approving body of a proposed bond issuance comprised of the State of
				Wyoming's Governor, Secretary of State, Auditor, Treasurer, and Superintendent
				of Public Instruction.