085-1 Wyo. Code R. §§ 1-7 - Contract Review; Approval Process; Closing
(a) After an
application to participate in the program is approved by Board , the Council may
complete negotiations to contract to supply not more than twenty percent (20%)
of the expected mineral supply to the facility for the duration of the
contract. Total contract amounts for any one (1) facility shall be set by rule
of the Board based on the provisions of the act and the expected return to the
state of Wyoming, but in no event shall a contract exceed fifty million dollars
($50,000,000)
(b) The proposed
contract shall be submitted to the Council for review and determination under
the process set forth in
W.S.
9-12-601 through
9-12-603;
(c) The Council 's recommendations shall be
forwarded to the Board for final consideration of the contract;
(d) The Applicant is required to close the
contract within six (6) months of the final approval of state Board . 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 Board may agree to extend the closing deadline. In no event
will Board provide an extension which would allow the loan or loan guarantee to
close more than one (1) year after the final approval without resubmitting the
request to the Council and the approval of the Board .
Notes
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