001-1 Wyo. Code R. § 1-3 - Governor's Discretion and Consideration

Current through April 9, 2022

In apportioning the state ceiling, the Governor, in his sole discretion, shall prioritize and determine how the volume cap shall be allocated. The Governor, in determining how to apportion the state ceiling, will be guided by the following general principles:

(a) Readiness. An applicant must demonstrate to the Governor's satisfaction that it can use the allocation promptly to issue bonds.
(b) Prevention of Waste or Unproductive Use. In making allocations, the Governor intends to prevent the unproductive use or waste of any part of the state ceiling. An applicant must therefore document the demand for its program or project. In considering the productive use of allocations, the fact that particular projects or programs could not go forward without tax-exempt financing shall be a factor in determining whether to make any allocation.
(c) Public Benefit.
(i) Housing. The Governor shall consider the availability of adequate, affordable housing in Wyoming and the availability of funding to finance new and existing owner-occupied and rental housing at reasonable rates and rents, and the impact of the program or project on these needs.
(ii) Industrial Development Projects (Small Issue Bonds). The Governor shall consider the number, duration, type and average wage of jobs that will be created or retained for Wyoming residents,e.g., whether the project creates semi-skilled or skilled jobs as well as unskilled jobs and whether the employment will provide special training and promotion opportunities to employees. The Governor shall also consider the potential impact of the project on existing businesses in the local market and the economic needs of the local community in comparison to the economic needs of other communities.
(iii) Exempt Facility Projects. The factors considered for an allocation to an industrial development project bond issue shall also be considered for exempt facility projects. Additionally, the Governor shall consider the following public benefits of exempt facilities: the degree to which the project helps to eliminate air or water pollution; the degree to which the project produces energy; the degree to which the project disposes of solid waste in an environmentally safe manner that meets or exceeds state and federal criteria; and the degree to which the project helps carry out other articulated state or local policies with regard to pollution reduction.
(iv) Student Loan Programs. The Governor shall consider the issuer's projected demand for student loan allocations; the services that the loan program provides to schools and borrowers; the degree to which lower income households benefit from the program; and the degree to which the program helps carry out other articulated state or local policies. In the event an Issuing Authority requests to enter into additional or extended obligations under Wyo. Stat. ' 21-16-113 to obtain financing, the Governor shall also consider the role and actions of the Issuing Authority, past allocations to the Issuing Authority, debt service on outstanding bonds, and the potential liability to the State of Wyoming or any of its agencies for payment of interest, principal or any financial obligation or potential financial consequence resulting from outstanding bond issues by said Issuing Authority, including, but not limited to, the possible need for allocation of additional bonds to the Issuing Authority to refinance or otherwise pay outstanding bond obligations.
(v) General Considerations. The purpose of private activity bonding in this state is to maximize the economic benefits of such bonding to the citizens of this state. To this end, the Governor shall make allocations that will further economic development, housing, education, redevelopment, public works, energy, waste management, transportation and other activities that the Governor determines will benefit the citizens of the state.

Notes

001-1 Wyo. Code R. § 1-3

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