004-3 Wyo. Code R. §§ 3-5 - Program Review and Approval Process; Due Diligence; Closing

(a) Steps of process. The steps necessary to obtain approval of a loan or loan guarantee under the large project program are generally as follows:

(i) The applicant shall first submit the project to the Governor and any materials so required by the Governor for his or her review. See the Act, Section 2(c)(i).

(ii) Simultaneously with submission of the project to the Governor, the applicant shall deliver the project application to the State Treasurer and the Wyoming Business Council.

(iii) Upon the Governor's issuance of any preliminary recommendations for the size and parameters of the proposed loan or loan guarantee under Section 2(c)(i) of the Act, the State Treasurer shall review the application so that the State Treasurer may provide preliminary recommendations under Sections 2(c)(ii) and 2(e) of the Act.

(iv) Upon the State Treasurer's issuance of any recommendations under Section 5(a) (iii) above, the Wyoming Business Council shall review the application under the process set forth in W.S. 9-12-601 through 9-12-603, which includes the formulation of a recommendation by a vote of the Wyoming Business Council Board.

(v) The Wyoming Business Council shall forward its recommendation to the Wyoming State Loan and Investment Board for its final approval, or rejection, of the loan or loan guarantee. See the Act, Sections 2(c)(iv) and 2(d).

(vi) Upon the completion of final approval of the Wyoming State Loan and Investment Board, the application as finally approved shall be submitted to the State Treasurer for final approval as to the structure of the loan or loan guarantee. The State Treasurer shall only give final approval to loans or loan guarantees that are structured so that the terms comply with Section 2(e) of the Act.

(vii) Upon completion of all of the steps described in Sections 5(a)(i) through (vi) above, the application shall be submitted to the Governor for final approval based on his determinations set forth in Section 2(c)(v) of the Act.

(b) Information review. Nothing in these rules shall be interpreted to prevent the State Treasurer, the Governor, the Wyoming Business Council or the Wyoming State Loan and Investment Board from evaluating or reviewing information when that information is available.

(c) Not subject to contested case procedures. Eligibility for a loan or a loan guarantee under this program shall not be construed as granting a property right, entitlement or expectation in any applicant. Consequently, decisions of State agencies or officials are not subject to contested case procedures and are not otherwise appealable agency decisions pursuant to the Wyoming Administrative Procedure Act.

(d) Experts. The State Treasurer may hire experts as necessary to fully evaluate and negotiate the terms and conditions of the loan or loan guarantee as provided in Section 2(h) of the Act.

(e) Material change or new information. After the Governor's final approval of the loan or loan guarantee, the State Treasurer may request from the applicant any materials or information the State Treasurer deems necessary to close the loan or loan guarantee. If, after the Governor's final approval of the loan or loan guarantee, new information is revealed that the State Treasurer reasonably determines should have been provided to the Governor, the State Treasurer, the Wyoming State Loan and Investment Board, or the Wyoming Business Council, or the State Treasurer determines that previously provided material information is no longer accurate or sufficient, the State Treasurer shall not allow the loan or loan guarantee to proceed to closing, and the applicant shall be required to reapply under Section 5(a) above if the applicant desires to proceed with the loan or loan guarantee.

(f) Attorney General's Office. The Attorney General's Office must provide a written opinion certifying the legality of the transaction and all documents connected therewith, including without limitation, the Financing Agreement and the Mortgage or any other document which creates a security interest in the applicant's property in favor of the State Treasurer. See the Act, Section 2(f).

(g) Closing. The applicant is required to close the loan or loan guarantee with the State Treasurer's Office within six (6) months of the final approval of the Governor pursuant to Section 5(a) (vii). The applicant may request an extension of the closing deadline in writing and must demonstrate good cause why the deadline should not apply and why a new deadline should be set. The State Treasurer, in his or her sole discretion, may agree to extend the closing deadline. In no event will the State Treasurer provide an extension which would allow the loan or loan guarantee to close more than one (1) year after the final approval of the Governor and the State Treasurer without resubmitting the request for the loan or the loan guarantee for the recommendation of the Wyoming Business Council, the approval of the Wyoming State Loan and Investment Board and the final approval of the Governor and the State Treasurer.

Notes

004-3 Wyo. Code R. §§ 3-5

Adopted, Eff. 4/7/2015.