060-13 Wyo. Code R. § 13-6 - Application Procedure

(a) Applications. A separate application shall be prepared for each bond issue that an applicant wants the Board to consider for guarantee. Applicants shall submit five (5) copies of their completed application to the Office. A completed Application for Bond Guarantee form, as provided to applicants by the Office, shall be included with each application.

(b) Timing of Applications. Applications for bond guarantees may be filed with the Office at any time and may be presented for Board consideration at any regular monthly meeting, or any special meeting, of the Board.

(c) Information Required for All Applications. If the principal amount of the bond issue is less than $5 million, the applicant shall submit a letter or other written confirmation that the issue is investment grade or better from one or more nationally recognized bond rating agencies as designated by the Board. If the principal amount of the bond issue is $5 million or greater, the applicant shall submit a letter or other written confirmation that the issue has received a stand-alone bond rating of investment grade or better from one or more nationally recognized bond rating agencies as designated by the Board. Districts shall be responsible for paying any rating agency fee.

(i) All applicants shall also provide the following information:

(A) The amount and purpose of the bond issue;

(B) The district's need for the bond issue;

(C) How the need is assessed in the Department of Education's annual needs assessment under W.S. 21-15-107;

(D) Whether the district would likely remain within constitutional debt limits after the issue, including a listing of all outstanding debt and associated debt service schedules;

(E) Whether the guarantee would likely result in reduced costs and an estimate of the cost savings.

(F) A financial statement describing the district's overall financial status and stability.

(G) The status of the accreditation of the district by the Department of Education.

(H) A listing of the payments that the district received from the common school account of the permanent land income fund under W.S. W.S. W.S. 21-13-301 and from the school foundation program account under W.S. W.S. W.S. 21-13-313 for the five preceding years.

(I) A statement from the county clerk giving the date and results of the election(s) for approval of the bond issue.

(J) A statement from the county treasurer verifying the current valuation of the district and the outstanding indebtedness of the district.

Notes

060-13 Wyo. Code R. § 13-6