004-3 Wyo. Code R. §§ 3-4 - Materials Required for State Treasurer's Review

(a) Project application. Applicants seeking a loan or loan guarantee under this program must submit a project application to the Governor, the State Treasurer and the Wyoming Business Council. This project application must contain the following comprehensive information:

(i) Tab A - A detailed overview of the applicant's business entity, including identification of all principal management and owners;

(ii) Tab B - A detailed description of the project to be financed, including all costs to be funded and a specific explanation of how the project satisfies the criteria set forth in Section 2(d) of the Act;

(iii) Tab C - A business plan accurately describing the existing business and its history, future business endeavors, and all characteristics of the project to be funded through the loan or the financing secured by the loan guarantee. The business plan must address, but should not be limited to, the following components:

(A) The total cost of the project, the amount of financing sought and what costs and expenses for the project will be covered by such financing;

(B) The source of applicant's required private funds to be used in the completion of the project in an amount which is at least three (3) times the requested loan or loan guarantee amount;

(C) Collateral offered to secure the loao or the loan guarantee and evidence that the collateral is the property of the applicant and is unencumbered with any other financing or an indication that any such financing will be paid off with proceeds from the loan or the financing obtained in connection with the loan guarantee;

(D) Term of financing;

(E) Any other information reasonably necessary to inform the State's agencies and officials about the project to be financed, the nature of which may vary depending upon the type of business and facilities at issue;

(iv) Tab D - A comprehensive chart and detailed description identifying all business entities related to the applicant, whether by contract or through a corporate affiliation;

(v) Tab E - Financials for at least three (3) years, including tax returns;

(vi) Tab F - A balance sheet and projected cash flow for the project for the anticipated term of the loan or loan guarantee evidencing ability to repay the loan or the financing guaranteed by the loan guarantee on or prior to maturity;

(vii) Tab G - Existing short- and long-term financing for property associated with the project to be financed through the loan or loan guarantee;

(viii) Tab H - A description and survey of the entire project which shall serve as collateral for the loan or loan guarantee and an estimate of value of the collateral, or, if the applicant desires to propose substitute security, then a description, survey and estimate of value of such substitute collateral;

(ix) Tab I - All real and personal property rights offered as collateral to secure the proposed loan or loan guarantee;

(x) Tab J - Records concerning environmental health of facilities and underlying real property associated with the project and completion of an environmental questionnaire provided by the Wyoming Business Council with regards to such property which will serve as collateral; if the environmental questionnaire indicates any environmental problems with the property, then further due diligence may be required, such as a Phase 1 and possibly Phase 2 environmental report;

(xi) Tab K - Notice and identification of any threatened or pending litigation involving the anticipated project or property offered as collateral and/or the applicant (or such entity that will be the borrower) and any guarantor as provided in Section 7(j) below;

(xii) Tab L - Industry-specific information and documentation concerning the applicant's business activities within that industry, including without limitation, regulatory information related to the project to be undertaken; and

(xiii) Tab M - Any relevant ongoing or new information that arises any time after applicant's initial submission of the above information which may influence or bear upon the review of the proposed loan or loan guarantee, including without limitation, new or altered financing arrangements, statutory, regulatory or rule changes which may impact applicant's project or operations or the proposal thereof, or changes in ownership.

(b) Additional information. In addition to information in the project application, the State Treasurer may ask for additional information necessary for the State Treasurer's Office to conduct its due diligence and review of the project. Applicants shall respond to such requests in a timely manner with complete and current information. Any documents, materials or information provided to the State Treasurer's Office in connection with its review of the loan or loan guarantee may be shared by the State Treasurer's Office with any other State agency, including without limitation, the Governor's Office and the Wyoming Business Council. If the applicant provides any additional information or documents to the Governor's office and/or the Wyoming Business Council in connection with their review of the project outside the information contained in the project application described in Section 4(a) above, the applicant must also provide such additional information or documents to the State Treasurer.

(c) Value of collateral. To satisfy the private commitment requirement of Section 2(d)(ii)(E) of the Act and to insure adequate collateral as required pursuant to Sections 2(e)(i), 2(e)(vi) and 2(e) (viii) of the Act, the State Treasurer may instruct the Wyoming Business Council to obtain appraisals and to otherwise assess the value of existing facilities, collateral, and other real or personal property. Any commitments or warranties given by the appraisers for such appraisals shall be assigned by the Wyoming Business Council to the State Treasurer.

(d) Fee. The State Treasurer shall charge the applicant a loan origination fee or loan guarantee fee in the amount of one percent (1%) of the total loan or guaranteed loan amount. This fee shall be used to pay for the costs of any experts hired by the State Treasurer and the Wyoming Business Council to aid in conducting the due diligence of the project, including, without limitation, appraisers, accountants, environmental engineers and attorneys. Any part of the origination or guarantee fee not used to pay such costs shall be deposited in the 2014 funding account as provided in Section 2(e)(ix) of the Act. If the cost of such experts exceeds the amount of the origination or guarantee fee, then the Wyoming Business Council shall pay any such excess costs. If the loan or loan guarantee fails to close for any reason whatsoever, the applicant shall pay for, or reimburse the State for, all costs incurred by the State Treasurer and the Wyoming Business Council to review the project and the loan or loan guarantee and to conduct the due diligence necessary for such review, including, without limitation, the costs of such experts.

Notes

004-3 Wyo. Code R. §§ 3-4

Adopted, Eff. 4/7/2015.