060-14 Wyo. Code R. § 14-3 - Interest Rates

(a) The Board will charge interest rates on all loans and amortized sales contracts associated with its programs conducted in accordance with the following Board rules:

(i) Chapter 2 - Joint Powers Act Loans:

(A) An interest rate not less than the average rate of return realized on all Permanent Mineral Trust Fund investments as determined by the State Treasurer for the five (5) calendar years immediately preceding the year in which the loan is made; no equity requirement.

(ii) Chapter 7 - Farm Loans:

(A) 8% per annum for loans up to 50% of appraised value;

(B) 9% per annum for loans up to 60% of appraised value.

(C) For "Beginning Agricultural Producer" loans, as defined in Chapter 7, Section 2(c), for the first ten (10) years of the loan the rate shall be the lower of 8% or the average yield on a ten (10) year U.S. Treasury Bond for the previous year, rounded to two (2) decimals, as of the date of loan closing. At the end of ten (10) years the interest rate shall be 8%. Loans to beginning agricultural producers shall not exceed 70% of value.

(D) Sales Contracts - Sales of lands acquired through farm loan foreclosure:

(I) 8% per annum for contracts up to 50% of sale price;

(II) 9% per annum for contracts up to 60% of sale price;

(III) 10% per annum for contracts up to 70% of sale price.

(iii) Chapter 11 - Clean Water State Revolving Fund Loans:

(A) 0% per annum on Department of Environmental Quality Loans for corrective actions at leaking underground and aboveground storage tank sites, pursuant to W.S. 16-1-106(b); no equity requirement;

(B) 0% per annum for all eligible applicants that qualify Green Project Reserve funding as defined by Chapter 11 Rules and Regulations; no equity requirement;

(C) 2.5% per annum on oans when Principal Forgiveness is available; no equity requirement;

(D) If the full amount of Principal Forgiveness an eligible applicant qualifies for is not available, the entity may choose either the decreased amount of Principal Forgiveness available or a decreased interest rate, as detailed below. When Principal Forgiveness is not available, eligible applicants that would have qualified for Principal Forgiveness will qualify for a decreased interest rate as detailed below:

(I) Applicants eligible for 75% Principal Forgiveness are eligible for an interest rate of 0.75% per annum;

(II) Applicants eligible for 50% Principal Forgiveness are eligible for an interest rate of 1 % per annum;

(III) Applicants eligible for 25% Principal Forgiveness are eligible for an interest rate of 1.25% per annum;

(IV) Applicants not eligible for Principal Forgiveness are eligible for an interest rate of 1.75% per annum.

(E) Large Loan Interest Rate Incentive. For loans that are considered large, per the categories below, will qualify for the corresponding decreased interest rate.

(I) Loans in an amount between $7.5 Million and $9,999,999 qualify for an interest rate of 1.5% per annum;

(II) Loans in an amount between $10 million and $14,999,999 qualify for an interest rate of 1% per annum;

(III) Loans in an amount of $15 million or more qualify for an interest of 0.5% per annum.

(iv) Chapter 16 - State Drinking Water Revolving Account:

(A) 0% per annum for all eligible applicants that qualify for Green Project Reserve funding as defined by Chapter 16 Rules and Regulations; no equity requirement;

(B) 2.5% per annum on loans when Principal Forgiveness is available loans; no equity requirement.

(C) If the full amount of Principal Forgiveness an eligible applicant qualifies for is not available, the entity may choose either the decreased amount of Principal Forgiveness available or a decreased interest rate, as detailed below. When Principal Forgiveness is not available, eligible applicants that would have qualified for Principal Forgiveness will qualify for a decreased interest rate as detailed below:

(I) Applicants eligible for 75% Principal Forgiveness are eligible for an interest rate of 0.75% per annum;

(II) Applicants eligible for 50% Principal Forgiveness are eligible for an interest rate of 1 % per annum;

(III) Applicants eligible for 25% Principal Forgiveness are eligible for an interest rate of 1.25% per annum.

(D) Applicants not eligible for Principal Forgiveness are eligible for an interest rate of 1.75% per annum;

(E) Large Loan Interest Rate Incentive. For loans that are considered large, per the categories below, will qualify for the corresponding decreased interest rate.

(I) Loans in an amount between $5 million and $7,499,999 qualify for an interest rate of 1.5% per annum;

(II) Loans in an amount between $7.5 million and $9,999,999 qualify for an interest rate of 1% per annum;

(III) Loans in an amount of $10 million or more qualify for an interest of 0.5% per annum.

(v) Chapter 35 - Municipal Solid Waste Facilities Cease and Transfer Loan and Grant Program:

(A) Interest rates for loans may be at zero percent, up to an annual interest rate equal to the average prime interest rate as determined by W.S. 35-11-528(e). In no event, shall the interest rate exceed an annual interest rate equal to the average prime interest rate as determined by the state treasurer. Interest rates established under this section shall be adjusted on January 1 of each year.

(B) Interest rates shall be established in recognition of the repayment abilities and needs of the applicant eligible for loans under the program.

(vi) Chapter 37 - Student Dormitory Capital Construction Loans:

(A) Loans shall be at an interest rate of one percent (1%) plus seventy-five thousandths of one percent (0.075%) for each year of the loan term in excess of five (5) years.

(B) Refinanced loans under Chapter 37, shall be at the same rate specified under Subparagraph (A) of this Paragraph.

(vii) Chapter 38 - Capital Construction Loans:

(A) Loans to cities, towns and counties shall be at an interest rate of one percent (1%) plus seventy-five thousandths of one percent (0.075%) for each year of the loan term in excess of five (5) years.

(I) In the event of a prepayment of a loan, the interest rate shall be calculated at the actual loan period but no refund of interest payments shall be made to the borrower.

(B) Loans to irrigation districts and water conservation districts shall be at an interest rate of the greater of one percent (1%) plus seventy-five thousandths of one percent (0.075%) for each year of the loan term in excess of five (5) years or the current equivalent yield of a United States treasury security of the same duration of the loan, which may be adjusted every five (5) years.

(I) In the event of prepayment of a loan, the interest rate shall be calculated at the actual loan period, but no refund of interest payment shall be made to the borrowing entity.

(C) Refinanced loans under Chapter 38, shall be at the same rate specified under Subparagraphs (A) and (B) of this Paragraph.

Notes

060-14 Wyo. Code R. § 14-3

Amended, Eff. 7/13/2022. Amended, Eff. 12/8/2022.