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.
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