Section 38-6 - Application Procedure (a) Applications. - (i) Each applicant shall submit a written loan application on the form furnished by the Office. At a minimum, the application shall include:
- (A) A signed resolution stating the amount of the loan being requested, name of project and repayment source(s), and agreeing to maintain the project for the life of the loan;
- (B) A detailed project summary which includes a breakdown of total project costs, a project timeline and proposed repayment source(s);
- (C) Commitment letters from all funding sources, if applicable;
- (D) Engineer's Feasibility Statement;
- (E) A formal maintenance plan documenting how the borrower will adequately maintain the project for the life of the loan.
- (ii) Incomplete applications shall not be submitted to the Board for consideration.
- (iii) Any false or misleading statements made by the applicant in an application shall be grounds for summary rejection of the application.
- (iv) Timing. Loan applications must be received by the Office at least ninety (90) calendar days prior to any regularly scheduled meeting of the Board. Applicants must cure any defects in their application no later than forty-five (45) calendar days before any regularly scheduled meeting of the Board.
(b) Consideration. - (i) The Office shall conduct a preliminary review of all applications received. If the Office identifies issues with the application which would result in a negative recommendation to the Board, the Office shall notify the applicant within 30 days of receiving the application of the issue and the applicant shall have the opportunity to correct the application or withdraw the application. Applicants must cure any defects in their application no later than forty-five (45) calendar days before any regularly scheduled meeting of the Board.
- (ii) All applications shall be reviewed by the Attorney General to certify the legality of the transaction and to determine if an election is required by law.
- (iii) The following will be considered when reviewing applications:
- (A) The project's contribution to health, safety and welfare of the citizens in the political subdivision as demonstrated by:
- (I) The extent the project will protect the citizens from exposure to hazards that may result in adverse consequences;
- (II) Achieving compliance with state and federal mandates; or
- (III) Any other relevant information demonstrating the project's contribution to the health, safety and welfare of the citizens.
- (B) The applicant's need for the project and financial need of the applicant in relation to the project; and,
- (C) The applicant's ability to repay the loan.
060-38 Wyo. Code R. § 38-6
Adopted, Eff. 11/13/2018.