Wyoming Administrative Code
Agency 085 - Business Council
Sub-Agency 0019 - Agricultural Processing Revenue Bond Program
Chapter 1 - AGRICULTURAL PROCESSING REVENUE BOND
Section 1-5 - Default Application Information

Universal Citation: WY Code of Rules 1-5

Current through September 21, 2024

(a) All applications for bond issuances shall be submitted on the required forms. Applications will be accepted at any time and scheduled for staff review and recommendation by the Board of Directors, and final approval by the State Loan and Investment Board on a first-come, first-served basis;

(b) One (1) copy of the application shall be submitted electronically via email or physically to the Council offices located at:

Wyoming Business Council

214 West 15th Street

Cheyenne, WY 82002

(c) Every application for the proposed project shall include, unless waived by the Council:

(i) The name, title and address of the person to whom notices should be sent and from whom information can be obtained;

(ii) Five (5) years of financial statements (of the existing business and parent company, if applicable, receiving the bond issuance), plus current financial statements;

(iii) Pro-forma financial projections (income statement, balance sheet, and statement of cash flows) of the existing or proposed business, and parent company, if applicable, receiving the bond issuance for three (3) years;

(iv) A certificate of incorporation of the existing or proposed business receiving the bond issuance;

(v) A certificate of good standing from the Wyoming Secretary of State's office;

(vi) By-laws of the borrower and parent company, if applicable, or a copy of the Borrower's operating agreement demonstrating borrowing authority of the existing or proposed business;

(vii) The business plan of the existing or proposed business;

(viii) An itemized list of the proposed collateral and collateral value;

(ix) A detailed proposal explaining how the bond proceeds will be utilized;

(x) Certification that the business will allow an examination of its books and records at the request of the Council;

(xi) Certification that the business will report jobs, wages, and capital expenses at the request of the Council;

(xii) An identification of the issuing authority;

(xiii) The date of adoption of the initial intent to apply for bond allocation;

(xiv) The name and address of bond counsel and a letter from bond counsel confirming that it has been retained by the applicant for purposes of advising applicant with respect to the proposed project and any bond issuance;

(xv) The amount of the general allocation pool the applicant is requesting;

(xvi) A statement summarizing the benefit of the project to the state or local community, the impact of the project on other businesses in the state or local community and the ability of the project to meet the objectives set forth in W.S. 15-1-701(b);

(xvii) A proposed starting date and estimated completion date of construction of the project;

(xviii) Information relating to the feasibility of the proposed project, showing that the project will generate revenues and cash flow sufficient to make payments to pay debt service on the bonds;

(xix) The amount, source, type and terms and conditions of all capital that will be used for the project in addition to bond financing;

(xx) Actions that have been taken in anticipation of the bond issue and the anticipated date of bond issuance;

(xxi) An explanation of the impact on the project if the total allocation is not received; and

(xxii) A statement of any significant risks to the project or the project's financing and any mitigating factors to those risks.

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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