(a) Officials, agencies, political subdivisions and others involved in the IDB investment application and approval process are as follows: - (i) Applicant. An applicant shall consist of the principal owner of a business venture engaged in an industrial development project which, if funded, must "add economic value to goods, services or resources within or outside this state[,]" as mandated by W.S. 9-4-715(m)(ii)(A). Such economic value must manifest through activities described in W.S. W.S. W.S. 9-4-715(m)(ii)(A) (I-III).
- (ii) Issuer. A joint powers board, municipality or county, must resolve to act, or otherwise affirmatively act, as issuer of an IDB pursuant to W.S. W.S. 15-1-701 through 15-1-710. See W.S. W.S. W.S. 9-4-715(m).
- (iii) Wyoming Business Council. The Wyoming Business Council shall first receive an applicant's application for an IDB investment, and, after review and consideration, may recommend the State Treasurer's purchase of the proposed IDB investment in the underlying industrial development project. An IDB shall incorporate, and be conditioned upon, all limitations and requirements imposed by the Wyoming Business Council. An IDB investment cannot occur without the Wyoming Business Council's recommendation. SeeW.S. W.S. 9-4-715(m)(i).
- (iv) Governor. Upon the Wyoming Business Council's recommendation, the applicant must receive the State Governor's approval of the IDB-financed project in writing. SeeW.S. W.S. 9-4-715(m)(i). The IDB documents shall incorporate and comply with all limitations and conditions identified by the Governor.
- (v) Bond Counsel. Bond counsel shall be involved throughout the entire process. Bond counsel shall deliver the bond counsel opinion letter for the IDB. In addition, bond counsel responsibilities shall include, without limitation, overseeing issuer bond proceedings, drafting all bond documents necessary for the IDB and insuring applicant's submission of all due diligence materials which are satisfactory to the issuer and the State Treasurer.
- (vi) Attorney General's Office. The Attorney General's Office must approve all final documents, including, without limitation, the Indenture, the Financing Agreement and the Mortgage or any other document which creates a security interest in the applicant's property in favor of the Trustee or the State Treasurer.
- (vi) State Treasurer. Upon receiving the Wyoming Business Council's recommendation and subsequent to the Governor's recommendation and the Wyoming Attorney General's approvals, the State Treasurer will make all final decisions as to whether the State shall purchase the IDB. The State Treasurer may concur with the Wyoming Business Council's recommendation and purchase the IDB or the State Treasurer may reject the recommendation of the Wyoming Business Council and make the decision not to purchase the IDB. A favorable recommendation by the Wyoming Business Council does not create a requirement of the State Treasurer to purchase the recommended IDB. The State Treasurer may impose any additional conditions, and those shall be incorporated within the IDB documents as well. The State Treasurer may not unilaterally reduce or remove conditions placed on the IDB by the Wyoming Business Council or Governor. Review of the application or due diligence materials by the State Treasurer does not imply approval by the State Treasurer.
- (vii) Trustee. The State Treasurer shall require the involvement of a trustee to hold and enforce the IDB rights and obligations.
(b) IDB investment decisions are wholly discretionary and subject to the "prudent investor standard" pursuant to W.S. W.S. 9-4-715(m)(vi). Eligibility for IDB financing 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 Procedures Act
(c) The IDB application process is generally as follows: - (i) The applicant shall submit the application and required materials to the Wyoming Business Council, and applicant shall be required to submit information in accordance with these rules and the Wyoming Business Council's guidelines. A recommendation in favor of the IDB shall be required for the process to continue;
- (ii) Upon the Wyoming Business Council's recommendation, the application and recommendation shall be presented to the Governor's Office, with a copy to the State Treasurer's Office. The State Treasurer shall not proceed with final consideration of the application until after receipt of the review and written approval by the Governor's Office;
- (iii) The State Treasurer's Office shall consider the application, along with the Business Council's recommendation and Governor's approval, and may conduct additional due diligence in evaluating the IDB investment opportunity. The State Treasurer's Office, if in its sole discretion it determines to proceed with the investment, shall work with the issuer's bond counsel and the applicant to prepare all IDB documents.
- (iv) If for any reason the terms and conditions for the IDB substantially and adversely change from those recommended by the Wyoming Business Council, or new information is revealed that the State Treasurer reasonably determines should have been provided to the Wyoming Business Council and/or the Governor, the State Treasurer will seek additional recommendations and approvals before proceeding.
- (v) The State Treasurer's determinations are final, and are not subject to the Wyoming Administrative Procedures Act.
- (vi) The applicant is required to close the purchase of the IDB with the State Treasurer's Office within six (6) months of the Governor's written approval. 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. Such an extension may require resubmission of the application to the Wyoming Business Council.