004-3 Wyo. Code R. § 3-6

Current through April 27, 2019

Section 3-6 - Determination of Eligibility

(a) Other requirements. In addition to compliance with these rules, projects shall not be eligible for financing unless they satisfy the criteria set forth in Sections 2(b) and 2(d) of the Act.

(b) Eligible projects and expenses. Eligible projects must generally consist of an applicant's prospectively planned, well-defined business endeavor, and the project shall have a set beginning and completion date. A loan or loan guarantee hereunder shall not be used to fund past business or construction expenditures. Expenses eligible for reimbursement from loan proceeds following execution of applicable loan or loan guarantee documents shall relate back no earlier than the submission of the request for the loan or loan guarantee to the Governor pursuant to Section 5(a)(i) above. Financing under this program shall not primarily serve as a refinance mechanism or otherwise serve to substitute the loan or loan guarantee for an applicant's current lenders.

(c) Examples of eligible projects. The following economic development projects, to the extent they satisfy the criteria set forth in Sections 2(b) and (d) of the Act and these rules, may be eligible for large project fund financing:

(i) Manufacturing, fabrication or other industrial production facilities;

(ii) Agricultural development or food processing;

(iii) Development of, or improved utilization of, natural resources;

(iv) Research and development projects that will add economic value to goods, services or resources within or outside the State;

(v) Destination facilities, other than retail or food service businesses;

(vi) Product distribution and/or warehousing facilities;

(vii) Transportation or freight facilities;

(viii) Scientific testing including, but not limited to, medical, clinical or engineering testing services;

(ix) Utilities;

(x) Facilities associated with the management of waste; and

(xi) Other activities that represent a new technology or type of economic enterprise.

(d) Large project. All loans and loan guarantees issued under this large project program must meet the requirements of a large project as described in Section 2(d) of the Act. In addition, for a loan or loan guarantee to be eligible for the large project program, it must be a minimum of $5,000,000. If the character, scope or size of the project should change at any time after its approval by the Wyoming State Loan and Investment Board, the Governor and the State Treasurer pursuant to Section 2(c) of the Act, then the project must be resubmitted for approval under the process outlined in Section 2(c) of the Act for the project as so revised or modified.

(e) Non-disclosed litigation or threats of litigation. A request for a loan or loan guarantee hereunder shall be ineligible if pending litigation or threats of litigation are not disclosed with the project application or timely disclosed thereafter.

(f) Six month deadline. A submission shall become ineligible if the applicant is unable to close on all loan or loan guarantee documents with the State Treasurer within the six (6) month closing deadline set forth in Section 5(g) above, and if the applicant is unable to obtain a written extension from the State Treasurer. If the loan or loan guarantee fails to close, the applicant shall remain responsible for all costs incurred in the due diligence process including, without limitation, the costs of the Wyoming Business Council and any counsel, appraisers, engineers and accountants hired in connection with the State Treasurer's review of the proposed loan or loan guarantee.

004-3 Wyo. Code R. § 3-6

Adopted, Eff. 4/7/2015.