Section 14-3 - Interest Rates (a) The Board will charge interest rates on all loans and amortized sales contracts associated with its programs conducted in accordance with the following Board rules: - (i) Chapter 2 - Joint Powers Act Loans:
- (A) An interest rate not less than the average rate of return realized on all Permanent Mineral Trust Fund investments as determined by the State Treasurer for the five (5) calendar years immediately preceding the year in which the loan is made; no equity requirement.
- (ii) Chapter 5 - Small Water Development Project Loans:
- (B) Sales Contracts - Sale of lands acquired through small water development project loan foreclosure:
- (I) 8% per annum for contracts up to 50% of sale price;
- (II) 9% per annum for contracts up to 60% of sale price;
- (III) 10% per annum for contracts up to 70% of sale price.
- (iii) Chapter 7 - Farm Loans:
- (A) 8% per annum for loans up to 50% of appraised value;
- (B) 9% per annum for loans up to 60% of appraised value.
- (C) For "Beginning Agricultural Producer" loans, as defined in Chapter 7, Section 2(c), for the first ten (10) years of the loan the rate shall be the lower of 8% or the average yield on a ten (10) year U.S. Treasury Bond for the previous year, rounded to two (2) decimals, as of the date of loan closing. At the end of ten (10) years the interest rate shall be 8%. Loans to beginning agricultural producers shall not exceed 70% of value.
- (D) For loans for the purpose of enhancing or restoring livestock numbers in the state pursuant to W.S. 11-34-113(j), the interest rate shall be equal to seventy-five percent (75%) of the lowest current rate set by the Board for farm loans.
- (E) Sales Contracts - Sales of lands acquired through farm loan foreclosure:
- (I) 8% per annum for contracts up to 50% of sale price;
- (II) 9% per annum for contracts up to 60% of sale price;
- (III) 10% per annum for contracts up to 70% of sale price.
- (iv) Chapter 11 - Clean Water State Revolving Fund Loans:
- (A) 0% per annum on Department of Environmental Quality Loans for corrective actions at leaking underground and aboveground storage tank sites, pursuant to W.S. 16-1-106(b); no equity requirement;
- (B) 0% per annum for all eligible applicants that qualify in the funding reserves special program requirement as defined by Chapter 11 Rules and Regulations; no equity requirement;
- (C) 2.5% per annum on all other loans; no equity requirement.
- (v) Chapter 16 - State Drinking Water Revolving Account:
- (A) 0% per annum for all eligible applicants that qualify in the funding reserves special program requirement as defined by Chapter 11 Rules and Regulations; no equity requirement;
- (B) 2.5% per annum on all other loans; no equity requirement.
- (vi) Chapter 34 - Hydro-Power Development Project Loans:
- (A) An interest rate not less than the average rate of return realized on all Permanent Mineral Trust Fund investments as determined by the State Treasurer for the five (5) calendar years immediately preceding the year in which the loan is made; no equity requirement, but shall not be not less than 4% or greater than 6%.
- (vii) Chapter 35 - Municipal Solid Waste Facilities Cease and Transfer Loan and Grant Program:
- (A) Interest rates for loans may be at zero percent, up to an annual interest rate equal to the average prime interest rate as determined by W.S. 35-11-528(e). In no event, shall the interest rate exceed an annual interest rate equal to the average prime interest rate as determined by the state treasurer. Interest rates established under this section shall be adjusted on January 1 of each year.
- (B) Interest rates shall be established in recognition of the repayment abilities and needs of the applicant eligible for loans under the program.
- (viii) Chapter 36 - Aeronautics Loan Program:
- (A) An interest rate shall be 5% per annum or as otherwise established by W.S. 9-12-703(d).
- (ix) Chapter 37 - Student Dormitory Capital Construction Loans:
- (A) Loans shall be at an interest rate of one percent (1%) plus seventy-five thousandths of one percent (0.075%) for each year of the loan term in excess of five (5) years.
- (B) Refinanced loans under Chapter 37, shall be at the same rate specified under Section 3(ix)(A) of this Chapter.
- (x) Chapter 38 - Capital Construction Loans:
- (A) Loans shall be at an interest rate of one percent (1%) plus seventy-five thousandths of one percent (0.075%) for each year of the loan term in excess of five (5) years.
- (I) In the event of a prepayment of a loan, the interest rate shall be calculated at the actual loan period but no refund of interest payments shall be made to the borrower.
060-14 Wyo. Code R. § 14-3
Amended, Eff. 11/13/2018.