060-38 Wyo. Code R. §§ 38-6 - Application Procedure

(a) Applications.

(i) Each applicant shall submit a written loan application to the Office on the form furnished by the Office. Applicants seeking a loan for an Airport Project shall also submit a copy of the application to the Division. At a minimum, the application shall include:

(A) A signed resolution stating the amount of the loan being requested, name of project and repayment source(s), and agreeing to maintain the project for the life of the loan;

(B) A detailed project summary which includes a breakdown of total project costs, a project timeline and proposed repayment source(s);

(C) Commitment letters from all funding sources, if applicable;

(D) Engineer's Feasibility Statement;

(E) A formal maintenance plan documenting how the borrower will adequately maintain the project for the life of the loan;

(F) If the applicant is a special district, documentation of the formation of the special district and certification by the Board of County Commissioners that the special district currently exits; and

(G) If the applicant is a Joint Powers Board, a copy of the joint powers agreement approved by the Attorney General and a copy of the certification of organization filed with the Secretary of State.

(ii) Incomplete applications shall not be submitted to the Board for consideration.

(iii) Any false or misleading statements made by the applicant in an application shall be grounds for summary rejection of the application.

(iv) Timing.

(A) All loan applications must be received by the Office at least ninety (90) calendar days prior to any regularly scheduled meeting of the Board. Applicants must cure any defects in their application no later than forty-five (45) calendar days before any regularly scheduled meeting of the Board.

(B) Applications for Airport Projects loans must also be received by the Division at least fifteen (15) working days before a regular Commission meeting prior to the Board meeting to consider the Loan.

(b) Consideration.

(i) The Office shall conduct a preliminary review of all applications received. If the Office identifies issues with the application which would result in a negative recommendation to the Board, the Office shall notify the applicant within 30 days of receiving the application of the issue and the applicant shall have the opportunity to correct the application or withdraw the application. Applicants must cure any defects in their application no later than forty-five (45) calendar days before any regularly scheduled meeting of the Board. The Office may summarily reject any applications with uncured defects or that are otherwise clearly ineligible.

(ii) All applications shall be reviewed by the Attorney General to certify the legality of the transaction and to determine if an election is required by law.

(iii) The following will be considered when reviewing applications:

(A) The project's contribution to health, safety and welfare of the citizens in the political subdivision as demonstrated by:

(I) The extent the project will protect the citizens from exposure to hazards that may result in adverse consequences;

(II) Achieving compliance with state and federal mandates; or

(III) Any other relevant information demonstrating the project's contribution to the health, safety and welfare of the citizens.

(B) The applicant's need for the project and financial need of the applicant in relation to the project; and

(C) The applicant's ability to repay the loan.

(iv) For applications for Airport Project loans, the Division shall evaluate the applications for airport related projects and the Administrator shall formulate a recommendation the Commission using the following criteria:

(A) Whether the proposed project is in compliance with the current Division accepted Airport Layout Plan and the overall development of the airport;

(B) Whether the applicant is meeting any and all current and past repayment obligations to the Commission; and

(C) The proposed project's merit in relation to the overall state system planning and its usefulness in achieving state goals.

(v) For applications for Airport Project loans, the Commission shall:

(A) Consider each airport loan project application and allow for comments from the applicant and the Administrator of the Division; and

(B) Make a written recommendation to the Board whether to award a loan and documenting any concerns. If the recommendation is to award a loan, the Commission shall recommend the loan amount and comment on the appropriateness and nature of the type of security offered for the loan.

Notes

060-38 Wyo. Code R. §§ 38-6

Adopted, Eff. 11/13/2018. Amended, Eff. 10/11/2021. Amended, Eff. 9/25/2023.