085-6 Wyo. Code R. §§ 6-8 - Post-closing

(a) Subsequent requirements. The Wyoming Business Council staff shall continue to monitor the loan or loan guarantee after the closing. The documents shall contain periodic reporting and compliance requirements that the applicant shall be required to satisfy. Each recipient shall provide to the Wyoming Business Council staff an annual progress report updating the status of the project being financed by the loan or loan guarantee. These reporting and compliance requirements may additionally include, but are not limited to:

(i) An as-built survey;

(ii) Notification of other debt(s);

(iii) Annual financial statements;

(iv) Copies of tax returns;

(v) A report of the number and types of jobs created due to the project financed under this Chapter;

(vi) Property valuation of the project for property tax purposes; and

(vii) Notice of any regulatory violations.

(b) Subsequent disbursements. Loan proceeds will be disbursed only after project expenses have been incurred and/or documented. Each recipient shall provide a disbursement request to Wyoming Business Council staff prior to closing for loan proceeds to be disbursed at closing, and loan proceeds shall be disbursed only for expenses related to the project and incurred and/or documented after the date applicant first submitted the project to the Wyoming Business Council staff for preliminary recommendations. Any loan proceeds which are not disbursed on the day of closing will be held by the Wyoming Business Council until applicant submits a disbursement request and proof of eligible expenses as shall be provided in the loan documents and approved by the Wyoming Business Council staff.

Notes

085-6 Wyo. Code R. §§ 6-8

Adopted, Eff. 7/8/2021.