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

Universal Citation: WY Code of Rules 1-3

Current through September 21, 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.

Disclaimer: These regulations may not be the most recent version. Wyoming may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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