(a) As used in this chapter:
(i) "Employee" means any person who works an average of twenty (20) hours or more per week during any six (6) month period and who is employed by the state performing a service for wages or other remuneration, excluding an independent contractor;
(ii) "Political subdivision" means a county, municipal or special district governing body or any combination thereof, school district or municipal corporation or a board, department, commission, council, agency or any member or employee thereof;
(iii) "State" means the state of Wyoming and any authority, board, commission, department, division or separate operating agency of the executive, legislative or judicial branch of the state of Wyoming, excluding its political subdivisions.
9-11-103. Discrimination against certain employees prohibited; civil action against employer.
(a) No state employer may discharge, discipline or retaliate against an employee by unreasonably altering the terms, location or conditions of employment because the employee acting in good faith and within the scope of duties of employment:
(i) Reports in writing to the employer what the employee has reasonable cause to believe is a demonstration of fraud, waste or gross mismanagement in state government office;
(ii) Reports in writing to the employer what the employee has reasonable cause to believe is a violation of a law, regulation, code or rule adopted under the laws of this state or the United States;
(iii) Reports in writing to the employer what the employee has reasonable cause to believe is a condition or practice that would put at risk the health or safety of that employee or any other individual;
(iv) Participates or is requested to participate in any investigation, hearing or inquiry; or
(v) Has refused to carry out a directive which is beyond the scope, terms and conditions of his employment that would expose the employee or any individual to a condition likely to result in serious injury or death, after having sought and been unable to obtain a correction of the dangerous condition from the employer.
(b) Subsection (a) of this section does not apply to an employee who has reported or caused to be reported a violation or unsafe condition or practice, unless the employee has first brought the alleged violation, condition or practice to the attention of a person having supervisory authority over the employee and has allowed the state employer a reasonable opportunity to correct that violation, condition or practice. Prior notice to a person having supervisory authority is not required if the employee reasonably believes that the report may not result in prompt correction of the violation, condition or practice. In such cases, the employee shall report the violation, condition or practice to the department or agency director of the state entity with which he is employed or to the office of the governor. In the event the alleged violation, condition or practice occurred within the office of the governor, the employee may report the violation, condition or practice to the office of the secretary of state.
(c) Any employee who is discharged, disciplined or otherwise penalized by a state employer in violation of this section may after exhausting all available administrative remedies, bring a civil action within ninety (90) days after the date of the final administrative determination or within ninety (90) days after the violation, whichever is later, in the district court for the judicial district in which the violation is alleged to have occurred or where the state employer has its principal office. An employee's recovery from any action under this section shall be limited to reinstatement of his previous job, payment of back wages and re-establishment of employee benefits to which he would have otherwise been entitled if the violation had not occurred. In addition, the court may allow the prevailing party his costs together with reasonable attorney's fees to be taxed by the court. Any employee found to have knowingly made a false report shall be subject to disciplinary action by his employer up to and including dismissal.
(d) A state employer shall ensure that its employees are aware of their rights under this chapter.
(a) As used in this act, the following terms have the following meanings, except where the context clearly indicates otherwise:
(i) "Board" means the board of directors of the council;
(ii) "Council" means the Wyoming business council, the body corporate created by this article;
(iii) "Federal agency" means the United States, the President of the United States, and any department, corporation, agency, or instrumentality heretofore or hereafter created, designated, or established by the United States;
(iv) "Financial aid" means:
(A) The infusion of risk capital to persons by making investments for use in the development and exploitation of specific products;
(B) The purchase of securities;
(C) Royalty agreements;
(D) Loans and loan guarantees;
(E) Any contractual arrangement in which the council provides technological services to any person involving the development and exploitation of a specific product.
(v) "Person" means natural persons, firms, foundations, associations, corporations, business trusts, partnerships, joint ventures, and public bodies, including but not limited to the state of Wyoming, any state, and any agency, department, institution, political subdivision or instrumentality of Wyoming or any state;
(vi) "Product" means any product, device, technique or process, which is or may be exploitable commercially and includes products, devices, techniques or processes which have advanced beyond the theoretic stage and are readily capable of being, or have been, reduced to practice but excludes pure research;
(vii) "Venture" means any contractual arrangement with any person whereby the council obtains rights from or in a product or proceeds therefrom in exchange for the granting of financial aid to the person;
(viii) "This act" means W.S. 9-12-101 through 9-12-1509.
9-12-103. Wyoming business council; creation; composition;
compensation; termination; meetings; surety bonds; fiscal control.
(a) There is created the Wyoming business council. The council is a body corporate operating as a state instrumentality operated solely for the public benefit. As such it shall have, and is hereby vested with, the powers and duties conferred in this chapter. Beginning March 1, 2022, it shall be governed by a board of directors consisting of thirteen (13) voting directors, appointed by the governor with the advice and consent of the senate. The governor shall be a member and cochairman of the board, but shall not vote. The appointed directors shall have demonstrated leadership and business expertise. An equal number of directors shall be appointed to initial terms of one (1), two (2) and three (3) years. Thereafter, directors shall serve for terms of three (3) years. No appointed director shall serve more than two (2) successive three (3) year terms. If a vacancy occurs, the governor shall appoint a successor in accordance with W.S. 28-12-101. The governor may remove any board member he appoints for cause and shall remove any director who fails to attend three (3) consecutive regular meetings of the council. No appointed council member shall send a designee to attend a council meeting nor vote by proxy. The board shall select one (1) of its members to act as cochairman of the board. The board shall retain a chief executive officer. The chief executive officer serves at the pleasure of the board. All of the appointed directors shall be appointed at large and at least twelve (12) of the appointed directors shall be residents of Wyoming.
(b) The appointed directors shall receive per diem for attending board meetings in the same amount as state legislators and shall receive no other compensation for serving on the board. The board shall fix the salary of the chief executive officer. Subject to the approval of the directors, the chief executive officer shall determine the terms of employment, tenure, duties, working conditions, promotion and termination of all other employees which the chief executive officer determines are necessary to carry out the purposes and functions of the council. Employees of the council shall be covered by the Wyoming Retirement Act, the State Employees and Officials Group Insurance Act and the Wyoming Deferred Compensation Act.
(c) Upon termination of the council, all its rights and properties shall pass to and be vested in the state.
(d) The council shall determine the date, time, place and method of notice for all regular meetings of the council. A majority of the voting directors of the council constitutes a quorum for the transaction of any business or the exercise of any power or function of the council. Matters shall be decided by a majority vote of the voting members of the council. As unanimously determined by the council members, the council may take action by conference telephone or similar communications equipment whereby all persons participating in the meeting can hear each other at the same time.
(e) The council may execute and maintain at its expense a blanket surety bond covering each director, the chief executive officer and the employees or other officers of the council in the penal sum of two hundred fifty thousand dollars ($250,000.00).
(f) The council may also form committees and advisory councils, which may include representatives who are not members of the board, to undertake more extensive study and discussion of the issues before the board. The council shall form an advisory council for broadband development and designate a broadband coordinator in accordance with W.S. 9-12-1509.
(g) Except as specifically provided in this act, the following provisions do not apply to the council:
(i) W.S. 9-2-1001.1 through 9-2-1014.2 and 9-2-3201 through 9-2-3209;
(ii) W.S. 9-3-101 through 9-3-105;
(iii) The Wyoming Administrative Procedure Act.
(h) Except as specifically provided in this act, the provisions of W.S. 16-4-201 through 16-4-205 and 16-4-401 through 16-4-408 shall apply to the council.
9-12-104. General powers and duties of the council.
(a) Except as otherwise limited by this act, the council may:
(i) Sue and be sued and procure necessary liability insurance;
(ii) Have a seal;
(iii) Make and execute contracts and other instruments;
(iv) Adopt rules and regulations to implement the programs and functions assigned to the council by this act. Any rule adopted by the council shall be submitted to the management council of the legislature in accordance with W.S. 28-9-101 through 28-9-108, approved by the governor as provided in W.S. 16-3-103(d) and filed with the secretary of state;
(v) Acquire or contract to acquire by grant, purchase, option or otherwise, real, personal or mixed property or any interest in property, including patents, copyrights, trademarks or any other evidence of protection or exclusivity as to products;
(vi) Own, hold, clear, improve and rehabilitate, and sell, assign, exchange, transfer, convey, lease and mortgage real, personal or mixed property or otherwise dispose of, or encumber the same;
(vii) Grant options to purchase any interest in or asset arising out of an agreement;
(viii) Provide advisory, consultative or educational services, technical assistance and advice to any person in order to carry out the purposes of the council;
(ix) Mortgage or pledge any or all of its revenue, income, or interest in or asset arising out of a venture agreement;
(x) Except as otherwise provided in this act, deposit any funds of the council in any financial institutions located within the state;
(xi) Procure insurance against any loss in connection with its property and other assets and operations in amounts and from insurers it deems desirable;
(xii) Engage the services of consultants on a contract basis for rendering professional, financial and technical assistance and advice, including for studies and investigation likely to lead to business development. The procurement of the professional services of architects, engineers and surveyors shall be in accordance with W.S. 9-23-105(f) through (h) and 9-23-106(g);
(xiii) Contract for and accept any gifts or grants or loans of funds or property or financial or other aid in any form from the federal government or any agency or instrumentality thereof, or from any other source and pass through or otherwise comply, subject to the provisions of this chapter, with the terms and conditions thereof;
(xiv) Enter into agreements with persons doing business or who will do business in this state for the advancement of financial assistance to those persons for research and the development of specific products, procedures and techniques to be developed and produced in this state conditioned upon contractual assurances that the benefits of increasing or maintaining employment and tax revenues shall remain in and accrue to this state;
(xv) Consent to the modification of the terms of any mortgage, loan or contract to which the council is a party;
(xvi) Organize, conduct, sponsor or cooperate in and assist the conduct of special institutes, conferences and demonstrations relating to the stimulation and formulation of business development;
(xvii) Make investments in projects that have potential to stimulate economic development in the state;
(xviii) Render advice and assistance and to provide services to state agencies, local and regional economic development entities, private firms and other persons providing services or facilities for economic development in Wyoming;
(xix) Do all acts and things necessary or convenient to carry out the powers granted to it by this act or any other act;
(xx) Repealed By Laws 2010, Ch. 69, § 204.
(xxi) Repealed by Laws 2008, Ch. 6, § 2.
(b) The board, consistent with this act, shall develop guidelines for each of the areas specified in subsection (a) of this section relative to definitions, types of grants or loans, level of funding and repayment requirements.
(a) It shall be the duty of the council to encourage, stimulate and support the development and expansion of the economy of the state. The council is charged with the following duties and responsibilities:
(i) To see that there are prepared and carried out effective economic development and diversification marketing and promotional programs;
(ii) To make available, in conjunction and cooperation with localities, chambers of commerce, industrial authorities and other public and private groups, to prospective new businesses basic information and pertinent factors of interest and concern to such businesses;
(iii) To formulate, promulgate and advance programs throughout the state for encouraging the location of new businesses in the state and the retention and growth of existing businesses;
(iv) To encourage and solicit private sector involvement, support and funding for economic development in the state;
(v) To encourage the coordination of the economic development and diversification efforts of public institutions, regions, communities and private industry and collect and maintain data on the development and utilization of economic development and diversification capabilities;
(vi) To establish such offices within and without the state that are necessary to the expansion and development of industries and trade. The council shall establish economic development and diversification regions and offices within the state based upon socioeconomic and geographic similarities;
(vii) To encourage the export of products and services from the state to national and international markets. In addition to conducting international and other market research as authorized in W.S. 9-12-106(b), the council shall employ or contract with persons for purposes of developing new markets and expanding foreign trade efforts, including expanding international markets for Wyoming services, Wyoming agricultural and other products and commodities, and targeted consumer advertising;
(viii) To advise the University of Wyoming and the Wyoming community college commission in designating technical training and other educational programs in Wyoming's community colleges and the University of Wyoming beneficial to economic development and diversification activities in this state;
(ix) To adopt a state broadband enhancement plan.
(b) The council, in consultation with the coordinator of economic diversification, shall implement the "startup:Wyoming" program in priority economic sectors identified in the approved twenty (20) year comprehensive economic diversification strategy under W.S. 9-12-1402(a)(iv). The program shall:
(i) Foster connectivity between entrepreneurs, investors and mentors, aligning local entities through coordinated points of contact in participating Wyoming communities. The efforts shall include methods of communication designed to allow interaction between stakeholders on a regular and consistent basis;
(ii) Provide entrepreneurs with advanced resources to help their business succeed, including mentoring, marketing, legal and other business coaching services;
(iii) In conjunction with the University of Wyoming, community colleges, localities, chambers of commerce, industrial authorities and other public and private groups, develop incubators, accelerators, co-working spaces, makerspaces and other unique work spaces and equipment to foster entrepreneurialism.
(c) The council shall administer a "kickstart:Wyoming" program to provide funding to early stage ventures of Wyoming based entrepreneurs. Funding under this subsection shall be provided upon approval of the council. The council shall adopt rules for funding under this subsection in consultation with the coordinator of economic diversification. Funding shall be in amounts ranging from five thousand dollars ($5,000.00) to fifty thousand dollars ($50,000.00) and be provided under the following conditions:
(i) To individuals who reside in Wyoming and to business entities which are, or agree in writing to be, headquartered in Wyoming and organized under the laws of the state of Wyoming and which:
(A) Have committed to maintaining a meaningful nexus to the state of Wyoming, including after commercialization of a service, product, concept, design or any other marketable asset developed with the assistance of the funds;
(B) Proposes a service, product, concept, design or any other marketable asset which has a probability of providing an economic return to the state of Wyoming through creation of jobs, expanded tax base and diversification of the state's economy;
(C) Agree to provide a report to the council on the progress to commercialize the service, product, concept, design or any other marketable asset developed with the assistance of the funds.
(ii) The recipient of funding meets other requirements established by rule of the council to ensure adequate consideration for the amount of the funding provided. In establishing provisions for adequate consideration to the state, the council may include, but is not limited to, requiring a recipient to seek additional nonstate investment funding and specifying requirements for maintaining a nexus to the state.
(d) The council shall administer a small business innovation research matching program in accordance with this subsection. The program shall match federal funds approved for Wyoming based companies as provided in this subsection. The program shall be administered by the council in consultation with the University of Wyoming research office. The following shall apply to the program under this subsection:
(i) To be eligible to receive funding, an entity shall:
(A) Be headquartered in Wyoming and organized under the laws of the state of Wyoming;
(B) Maintain a meaningful nexus to the state of Wyoming, including for not less than three (3) years after commercialization of a service, product, concept, design or any other marketable asset developed with the assistance of funds from the program;
(C) Have received funding under the federal small business innovation research and small business technology transfer programs;
(D) Propose a service, product, concept, design or any other marketable asset which has a probability of providing an economic return to the state of Wyoming through creation of jobs, expanded tax base and diversification of the state's economy;
(E) Agree to provide a report to the council on or before July 1 of each year in the following manner:
(I) Prior to commercialization, the entity shall report on the progress of the entity to commercialize the service, product, concept, design or any other marketable asset developed with the assistance of funds from this program;
(II) If the entity commercializes a service, product, concept, design or any other marketable asset, and continues to market the product, concept or design or asset, the entity shall report for three (3) years on: (1) The number of jobs the entity has created; (2) A salary range per job; (3) The taxable assets of the entity; (4) All revenues from sales of the service, product, concept, design or any other marketable asset of the entity.
(F) Comply with the requirements of rules adopted pursuant to this subsection.
(ii) Matching funds shall be awarded to recipients as determined by the council in an amount not to exceed:
(A) For a recipient of a phase I award, a match up to one hundred percent (100%) of the award, not to exceed one hundred thousand dollars ($100,000.00);
(B) For a recipient of a phase II award, a match up to one hundred percent (100%) of the award, not to exceed two hundred fifty thousand dollars ($250,000.00).
(iii) Matching funds under this subsection shall be awarded to the recipient as soon as practicable after approval of the matching fund application;
(iv) An entity shall repay all matching funds provided under this subsection plus interest at the rate of four percent (4%) per annum compounded annually from the date the matching funds were granted if:
(A) The entity commercializes a service, product, concept, design or any other marketable asset developed with the assistance of funds from this program; and
(B) The entity fails to maintain a significant nexus with the state of Wyoming within three (3) years of commercializing a service, product, concept, design or any other marketable asset developed with the assistance of funds from this program and continues to market the service, product, concept, design or asset.
(v) The council shall adopt rules for the program in consultation with the coordinator of economic diversification. The rules shall include but not be limited to:
(A) Application procedures;
(B) The number of awards and amount of funds available for award in any fiscal year;
(C) Timing of issuance of funds awarded under the program;
(D) Eligibility requirements;
(E) Provision for repayment of matching funds plus interest as provided in this subsection;
(F) Provision for service, product, concept, design or asset review and requirements under the program consistent with this subsection;
(G) Provisions to ensure adequate consideration for the amount of the funding provided. The council may include, but is not limited to, assessment of those items specified in W.S. 9-12-1405(b)(i) through (iv), specifying the allowable use of funds, requiring a recipient to seek additional nonstate investment funding and requiring the recipient to conduct its research in Wyoming to the extent practical.
(e) Not later than October 15, 2018 and every October 15 thereafter, the council shall report to the joint minerals, business and economic development interim committee concerning the programs under subsections (c) and (d) of this section. The report shall include:
(i) A yearly and total summary of the number and amounts of matching funds awarded under each program;
(ii) A description of an entity and a service, product, concept, design or any other marketable asset developed which was commercialized with the assistance of funds from these programs within the prior three (3) years;
(iii) The realized economic impact of each program on the state, including jobs created, salary range per job created and potential impact to the local community.
(f) As used in this section, "commercialization" means the creation by an entity of commercial processes, products and services derived in whole or in part from research undertaken with matching funds awarded under subsection (c) or (d) of this section, which results in realized revenues to the entity of at least three (3) times the matching funds awarded under this section.
(a) It shall also be the duty of the council to:
(i) Develop a comprehensive economic development strategy for the state, starting the first year of each new gubernatorial administration, consistent with the provisions of this act; and
(ii) Conduct such studies and research, in collaboration with state agencies, university and community colleges, local and regional industrial authorities and organizations, and other persons within and without the state, as the council may deem necessary, to assist in the development of the comprehensive economic strategy and the development of recommendations and advice on the improvement of economic development and related programs and strategies across the state.
(b) The council may establish a Wyoming market research center to conduct regional, national and international market research for Wyoming small businesses and potential entrepreneurs and to conduct market feasibility studies for value added projects across all economic sectors, including agriculture. The center may utilize the services of student interns from the University of Wyoming and community colleges to provide those students with practical marketing experience.
(i) Repealed By Laws 2011, Ch. 20, § 2.
(ii) Repealed By Laws 2011, Ch. 20, § 2.
(a) The council shall:
(i) Compile information on the federal, state and local requirements necessary to begin and operate a business in Wyoming and make this information available to the public on request;
(ii) Develop application procedures to expedite the state licensing and permitting process;
(iii) Assist prospective businesses in obtaining the necessary federal, state and local permits and licenses;
(iv) Encourage and facilitate the participation of federal, state and local government agencies in permit and license coordination;
(v) Review permit requirements and the value to the state of these permits and prepare recommendations for changes for submission to the appropriate agency, the governor and the legislature.
(b) The council may request assistance from any state agency to carry out its duties under this section. State agencies shall cooperate with the request for assistance.
(c) The Wyoming business council shall prepare and present to the economically needed diversity options for Wyoming (ENDOW) executive council a proposal under which the business council, by exercising the duties and authority provided in this section, will assist businesses within the state in priority economic sectors identified in the approved twenty (20) year comprehensive economic diversification strategy under W.S. 9-12-1402(a)(iv) in obtaining necessary state, local and federal permits and licenses. The business council shall consult with businesses within Wyoming to identify specific federal, state and local regulations which unduly impede or delay permitting and licensing in the state and shall identify those regulations recommended for review by the entity with jurisdiction to eliminate unnecessary provisions. The business council proposals shall be submitted to the ENDOW executive council not later than July 1, 2018. The ENDOW executive council shall include recommendations for implementation of the business council proposals in its twenty (20) year comprehensive economic diversification strategy plan submitted pursuant to W.S. 9-12-1402(a)(iv) and in its first action plan under W.S. 9-12-1402(a)(v).
9-12-109. Promotion of agriculture; financing of agriculture processing projects; revenue bonds.
(a) The council shall encourage and promote the development of agriculture in the state including horticulture, apiculture, livestock, poultry, dairying and the kindred industries and including the development of new value-added agribusiness and product uses and markets for Wyoming agricultural products.
(b) The council shall meet not fewer than two (2) times per year to solicit input from industry groups, the department of agriculture and the Wyoming governor's office to:
(i) Maintain a strategy to create small regionally located meat processing plants inspected by the United States department of agriculture or Wyoming department of agriculture and mid-to-large sized processing plants for in-state, interstate and international sales;
(ii) Market Wyoming grown or produced agricultural products in-state, regionally, nationally and internationally, through market development, trade shows and social media and other media outlets;
(iii) Enhance the council's website to promote Wyoming grown or produced agricultural products including match making services between key food system partners;
(iv) Contingent on available funds, provide loans or grants to be used to fund infrastructure for meat processing plants for international, in-state and interstate sales. Loans or grants under this paragraph shall:
(A) Provide funding to create, maintain or expand infrastructure for plants processing meat products for international, in-state or interstate sale;
(B) Be provided through a program administered by the council, including the Wyoming business ready community program, and subject to all applicable statutes and rules governing the program.
(v) Coordinate strategies to improve meat processing facilities and capabilities in Wyoming, including by providing technical assistance or expertise to assist producers and processors with constructing, maintaining, expanding, marketing and seeking federal grants and loans;
(vi) Issue and have outstanding bonds to finance, construct, develop, maintain or operate agriculture processing projects for international, in-state and interstate sales, which bonds shall not exceed per project an amount of fifty million dollars ($50,000,000.00). The principal amount of any bonds that have been retired, redeemed, defeased or refunded by the council need not be taken into account in computing compliance with the maximum amounts of bonds authorized to be issued under this paragraph. The exercise of the powers granted by this paragraph constitutes the performance of an essential governmental function. Any bonds issued under this paragraph and the income therefrom shall be free from taxation of every kind by the state, municipalities and political subdivisions of the state. Neither the state nor any political subdivision of the state or local governmental entity shall use any public funds to invest in or purchase any bonds issued under this section. Revenue bonds under this paragraph shall not be issued until information on each bond to be issued, and information pertaining to the project for which the bond would be issued, is provided to the state loan and investment board. The state loan and investment board may review and may object to the council on any bond if the bond may be considered a general obligation of the state or any political subdivision of the state. Any objection by a majority of the members of the state loan and investment board shall prevent issuance of the bond. Revenue bonds under this paragraph shall be issued according to subsections (e) through
(n) of this section.
(c) Any meat processing facility receiving assistance under this section shall comply with all applicable state and federal regulations.
(d) The council shall submit a comprehensive report of the programs, objectives, activities and conditions covering the previous fiscal period to the joint agriculture, state and public lands and water resources interim committee not later than October 1 annually.
(e) In addition to the powers otherwise granted to the council and subject to the limits under paragraph (b)(vi) of this section, the council may issue bonds in principal amounts the council determines necessary to provide sufficient funds for achieving its purposes under paragraph (b)(vi) of this section, including the reduction of principal, the payment of interest, the establishment of reserves, the costs of administration and for the purpose of defraying all other associated costs. The council may enter into contracts to insure the payment of principal and interest, for interest rate exchange contracts and for financial guarantees to lower the cost of its borrowing. All bonds issued under this subsection:
(i) Are negotiable instruments under the laws of this state unless expressly provided to the contrary on the face of the bonds;
(ii) Are payable solely out of special funds consisting of all or part of the council's revenues, receipts, monies and assets, as designated in the proceedings under which the bonds are authorized;
(iii) Shall bear interest at fixed or variable rates, be executed and delivered at times and in denominations, be of terms and maturities, be in registered form as to principal and interest or principal alone, and bear manual or facsimile signatures and seals as the council determines;
(iv) Are not general obligations of this state nor of any political subdivision of this state. The bonds shall recite on their face that they do not constitute obligations of the state or any political subdivisions of the state;
(v) May be payable in installments and may bear maturities not exceeding forty (40) years from the date issued as the council determines;
(vi) Together with interest may be payable at a time or place whether within or outside the state, as the council determines;
(vii) May contain an option to redeem all or any part as may be specified. The price of redemption, the terms and conditions and the procedure of notice shall be set forth by the council and may appear on the face of the bonds;
(viii) May be sold at, above or below par value, at public or private sale, in a manner and from time to time as determined by the council. The council may pay legal fees, expenses, premiums and commissions that it finds necessary or advantageous to this state in connection with the issuance and sale;
(ix) Are legal investments that may be used as collateral for insurance companies, banks, savings and loan associations, investment companies, trustees and other fiduciaries that may properly and legally invest funds in their control or belonging to them in bonds of the council;
(x) May contain other provisions not inconsistent with this subsection.
(f) The principal and interest on any revenue bonds that the council issues shall be secured by a pledge of revenues from the operation of the agriculture processing project financed, by a first mortgage on the facilities, by guarantees and pledges of the entity owning the project, or of the parent corporation owning the entity, or by any combination thereof or other security as the council may determine to be reasonable and prudent. The guarantees and pledges shall be no less favorable to the council than those granted other lenders of the same class. The council may require additional payments, as negotiated, to bondholders to be made either in a lump sum at the time of retirement of the bonds or annually from the time of retirement of the bonds until project use is terminated or may require additional incentives from the owner of the project to prospective bondholders so long as the incentives are not contrary to the Wyoming constitution. The council may require such other security for repayment of the bonds as it deems necessary.
(g) Each pledge, agreement, mortgage or other instrument made for the benefit or security of any revenue bonds of the council is valid and binding from the time when made. The revenues, receipts, monies and assets pledged are immediately subject to the lien of the pledge without delivery or further act. The lien is valid and binding against persons having claims of any kind against the council whether or not the persons have actual notice of the lien. The resolution or the indenture or other instrument by which a pledge is created need not be recorded or filed.
(h) The state pledges to the holders of any revenue bonds issued under subsection (e) of this section that the state will not limit or alter the rights vested in the council to fulfill the terms of agreements made with the holders, or in any way impair the rights and remedies of the holders until the bonds together with the interest, with interest on any unpaid installments of interest and all costs and expenses in connection with any action or proceeding by or on behalf of the holders are fully met and discharged. The council is authorized to include this pledge of the state in any agreement with the holders of the bonds.
(j) In addition to the powers otherwise granted to the council, in relation to revenue bonds under subsection (e) of this section, the council shall have the power to:
(i) Provide for the issuance of bonds to refund any bonds of the council then outstanding, including for the payment of any redemption premium and any interest or premium accrued or to accrue to, the earliest or subsequent date of redemption, purchase or maturity of the bonds;
(ii) Acquire, purchase, make prepayments for, finance, hold, use, lease, license, sell, transfer and dispose of an undivided or other interest in any agriculture processing project within or without the state of Wyoming to facilitate the financing, construction, development, maintenance or operation of agriculture processing projects in this state;
(iii) Enter into loan or other agreements with respect to one (1) or more agriculture processing projects upon terms and conditions the council considers advisable;
(iv) Make and execute agreements, contracts and other instruments necessary or convenient in the exercise of its powers and functions, including contracts with any individual, firm, corporation, governmental agency or other entity.
(k) The council may assess and collect fees that are nonrefundable from applicants seeking to obtain council financing of an agriculture processing project in total amounts not to exceed fifty thousand dollars ($50,000.00), which shall be credited to the state general fund. The council shall require that any entity receiving financing under subsection (e) of this section shall:
(i) Be headquartered in Wyoming and organized under the laws of the state of Wyoming;
(ii) Fall within the United States small business administration small business size standards for its industry classification code, effective August 19, 2019;
(iii) Maintain records and accounts relating to the receipt and disbursements of loan proceeds and make the records available to the state auditor for inspection.
(m) The council shall maintain such records and accounts of revenues and expenditures in relation to revenue bonds under subsection (e) of this section as required by the director of the state department of audit. The director of the state department of audit shall conduct an annual financial and legal compliance audit of the accounts of the council and file copies of the audit with the governor and the legislature.
(n) The sole recourse of any party contracting with the council in relation to revenue bonds under subsection (e) of this section shall be against the council, and there shall be no cause of action against the state, or any county, municipality or other political subdivision of the state.
The exercise of the powers granted by this act constitutes the performance of an essential governmental function. The council shall not be required to pay any taxes levied by any municipality or political subdivision of the state, other than to comply with the Wyoming employment security law and for assessments for local improvements, upon its property or monies. Except as provided herein, the council's monies and the income therefrom, shall be free from taxation of every kind by the state, municipalities and political subdivisions of the state.
9-12-111. Investment and management of funds; audit.
(a) Except as otherwise provided in this act, the council may invest funds not required for immediate disbursement in securities in which state funds may be invested as provided by law, sell securities it has purchased and deposit securities in any financial institution. Funds deposited in financial institutions shall be secured by obligations authorized as permissible security for state investments. In investing and managing its funds, the council shall exercise the judgment and care which persons of prudence, discretion and intelligence would exercise under similar circumstances in managing the permanent disposition of their funds, considering the probable income and the probable safety of their capital.
(b) The director of the department of audit or his designee shall conduct an audit of the books and accounts of the council. The examination shall include a financial and compliance audit of the council's operations as the examiner deems appropriate. The audit shall be conducted at least once in each year and copies of the audit report shall be filed with the secretary of state, the joint minerals, business and economic development committee and the legislative service office.
(a) The council shall submit an annual report in the manner provided by W.S. 9-2-1014 and using the benchmarks prescribed in this act. In addition to the requirements of W.S. 9-2-1014, included within the annual report shall be:
(i) The status of the implementation of the comprehensive economic development strategy and recommended legislative and executive actions related to the implementation of the comprehensive economic development strategy;
(ii) A summary of the total investments made by the council under the Wyoming partnership challenge loan program, article 3 of this chapter, including:
(A) The name of each borrower and the amount of each loan;
(B) An evaluation of the loan success in economic development using appropriate performance indicators as identified by the council;
(C) The cost of the loan program to the people of Wyoming in terms of:
(I) Forgone interest that could have been obtained if the funds had been invested by the state treasurer with the permanent funds of the state;
(II) Administrative and other costs associated with the program.
(D) Revenues and any other benefits obtained from the program.
(iii) Repealed By Laws 2003, Ch. 8, § 2.
(iv) Progress concerning the development of the research marketing center and its self-sufficiency under W.S. 9-12-106(b);
(v) Repealed By Laws 2014, Ch. 7, § 3.
(vi) A summary of the total investments made, if any, by the council under the workforce housing infrastructure program under W.S. 9-12-901 through 9-12-905, including:
(A) The name of each borrower and the amount of each loan;
(B) An evaluation of the loan success in providing workforce housing infrastructure;
(C) The cost of the program to the people of Wyoming in terms of administrative and other costs associated with the program.
(b) The council shall submit its budget for review as provided by W.S. 9-2-1010 through 9-2-1014.
(a) The Wyoming business council in coordination with the economically needed diversity options for Wyoming (ENDOW) executive council, shall prepare a proposal under which the business council will invest in high growth startup business entities which provide opportunity to advance the entrepreneurial ecosystem in Wyoming in priority economic sectors identified in the approved twenty (20) year comprehensive economic diversification strategy under W.S. 9-12-1402(a)(iv). The proposal shall be directed to investments for seed stage development or growth stage funding of business entities. The council shall include in the proposal:
(i) A suggested entity or entities, if any, to oversee the council's investment decisions under this section;
(ii) The council's determination of whether existing statutory authority is sufficient to implement the program, and if additional statutory authority is required suggested legislation providing that authority;
(iii) Whether eligibility requirements for investment, beyond those specified in this section, should be provided by law;
(iv) Whether the council would propose additional rules to implement the program, together with a description of any such rules.
(b) The proposal shall be submitted to the ENDOW executive council not later than July 1, 2018. The ENDOW executive council shall include the proposal, together with changes recommended by the ENDOW executive council, in the twenty (20) year comprehensive economic diversification strategy plan submitted pursuant to W.S. 9-12-1402(a)(iv).
9-12-201. Assumption of science technology and energy authority functions.
In assuming the functions of the science energy and technology authority the council shall administer the program in accordance with the provisions of this act generally and the specific provisions of this article.
9-12-202. Applications for financial aid from the council.
(a) All applications for financial aid shall be submitted to the council who shall investigate and prepare a report concerning the advisability of approving the proposed financial aid for the applicant and concerning any other factors deemed relevant by the council.
(b) The investigation and report shall include such facts about the applicant under consideration as its history, wage standards, job opportunities, stability of employment, past and present financial condition and structure, pro-forma income statements, present and future markets and prospects, integrity of management as well as the feasibility of the proposed product to be granted financial aid, including the state of development of the product as well as the likelihood of its commercial feasibility.
(c) After consideration of the report, the council shall approve or deny the application. The applicant shall be promptly notified of the decision. In making the decision as to approval or denial of an application, the council shall give priority to those applicants whereby:
(i) The proceeds of the seed capital aid will only be used to cover the initial capitalization needs of the enterprise within Wyoming except as otherwise authorized in this article;
(ii) The enterprise has a reasonable chance of success;
(iii) Participation by the council is necessary to the success of the enterprise because funding for the enterprise is unavailable in the traditional capital markets, or because funding has been offered on terms that would substantially hinder the success of the enterprise;
(iv) The enterprise seed capital has the reasonable potential to create a substantial amount of primary employment within the state;
(v) The entrepreneur and other founders of the enterprise have already made or are contractually committed to make a substantial financial and time commitment to the enterprise;
(vi) There is a reasonable possibility that the council will recoup at least its initial investment from seed capital contracts; and
(vii) Binding commitments have been made to the council by the applicant for adequate reporting of financial data to the council including a requirement for an annual or other periodic audit of the books of the enterprise, and for control by the council over the management of the enterprise, so as to protect the investment including the right of access to financial and other records of the enterprise.
(d) In determining the level of financial support to be advanced, the council shall limit its proportion of financial aid consistent with the existence of a market failure in product development financing but shall not provide more than twenty percent (20%) of the funds of the council for any one (1) project. Any financial aid toward product development financing granted pursuant to this section shall be equally matched or exceeded by the applicant. No financial aid granted pursuant to this section shall in any manner be pledged as collateral by the applicant.
(e) Before granting any seed capital financial aid, the council shall enter into an agreement with the applicant providing for a return to the council which is commensurate with the level of risk and amount of the financial aid.
(a) As used in this article:
(i) "Business" means any proposed or existing enterprise which employs people within the state, provides services within the state, uses resources within the state or otherwise adds economic value to goods, services or resources within the state, and includes farm and ranch operations;
(ii) "Community development organization" means a group of private citizens organized as a business entity authorized to do business in this state for the purpose of providing financing for new, existing, or expanding businesses and other economic or community development purposes throughout its community or county, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof;
(iii) "Economic development account" means the economic development enterprise account within the revolving investment fund created under article XVI, section 12 of the Wyoming constitution. The account shall consist of funds from payments as provided in W.S. 9-12-305 and other funds as provided by law;
(iv) "State development organization" means a corporation organized under W.S. 17-11-101 through 17-11-120 with the authority to provide financing for new, existing or expanding businesses and to fulfill other economic or community development purposes throughout the state of Wyoming, and which may take equity positions and shall take security positions in its borrowers' businesses and appropriate personal guarantees from the owners thereof;
(v) "Economic disaster" means an event occurring in Wyoming that has an economic impact with total lost revenues to impacted businesses in a twelve (12) calendar month period of at least four million dollars ($4,000,000.00) or an economic impact with total lost revenues to impacted businesses in four (4) or less counties in a twelve (12) calendar month period of at least one million dollars ($1,000,000.00). The business council may use good faith estimates of lost revenues to businesses in determining whether an event qualifies as an economic disaster. Calculation of lost revenues shall only include actual losses incurred and shall not include any future losses;
(vi) "Fifty-fifty (50-50) financing program" means the provision of financing for that portion of the total project cost that is calculated by subtracting from the total project cost the sum of the business's debt. The council shall not consider a proposal in which the fifty-fifty (50-50) financing component exceeds fifty percent (50%) of the total project cost or two million five hundred thousand dollars ($2,500,000.00), whichever is less, and the business does not contribute more than fifteen percent (15%) of the total project cost;
(vii) "Guarantee loan participation" means a provision of financing by the council in which the council participates with a lender that has secured a federal guaranteed loan to guarantee repayment of a loan made to a business. The maximum participation by the council shall be fifty percent (50%) of the loan or two million dollars ($2,000,000.00), whichever is less. The council shall not participate in a new guarantee loan participation under this article on and after July 1, 2022 as provided in W.S. 9-12-304(e);
(viii) "Loan guarantee" means a provision of financing by the council in which the council guarantees a portion of a bank loan made to a business. The council shall not issue a loan guarantee under this article on and after July 1, 2022 as provided in W.S. 9-12-304(f);
(ix) "Wyoming main street loan participation" means a provision of financing by the council in which the council participates with a lender that has made a loan to a business for building improvements to maintain the structure's historical character. The maximum participation by the council shall be seventy-five percent (75%) of the loan or one hundred thousand dollars ($100,000.00), whichever is less;
(x) "Natural gas fueling infrastructure loan" means a loan issued by the council for the costs of the engineering, design, real property, equipment and labor necessary to install a functioning natural gas filling station to fuel motor vehicles which operate on natural gas as a transportation fuel;
(xi) "Contract financing" means a provision of financing for a business to gain liquidity and in which the business assigns the proceeds of a valid contract as collateral for the financing;
(xii) "Succession financing" means a provision of financing to be used to assist in the transition or succession of a business that has been in existence for not less than seven (7) years immediately before the transfer or succession to a new owner of the business.
(a) The council shall establish and administer a partnership challenge loan program under this article and may contract for necessary professional services. Loans authorized under the program shall be limited, except as otherwise provided under W.S. 9-12-304(c) through (k), to community development organizations and state development organizations and made in accordance with the provisions of W.S. 9-12-304. Any community development organization or state development organization may submit an application to the council to participate in the program on forms prescribed by and subject to rules promulgated by the council.
(b) The council shall establish all fees and interest rates to be charged for each loan as it is underwritten for this program. The interest rate for loans made under this program shall be not less than three percent (3%) per annum. Fees on loans under the program shall be paid monthly and deposited into a program administration account which is continuously appropriated to the council to be expended solely for the purpose of administering this article and loans authorized under it.
9-12-303. Council duties; actions on loan applications.
All complete applications to participate in the loan program established under this article which conform with the criteria established by law and rules promulgated under this article which are submitted to the council shall be considered by the council. The council shall review the application and may communicate directly with the applicant and other lenders or potential lenders of the applicant. The council shall approve or disapprove each application it considers in accordance with this article and rules promulgated under it. In making its determination under this section, the council shall consider whether approval of the application would cause unfair competition with any existing business in the area. The council shall establish loan amortization schedules, terms and conditions for each loan approved.
(a) Except as otherwise provided under subsections (c) through (k) of this section, loans under this article may only be made by the council to community development organizations and state development organizations which meet the following eligibility criteria:
(i) The community development organization or state development organization will contribute an amount of cash or cash equivalent not less than twenty percent (20%) of the loan it receives under this article to a program of investment in its area of local economic development;
(ii) The community development organization or state development organization will consolidate the loan it receives under this article and its required contribution under paragraph
(i) of this subsection and make loans to Wyoming businesses and investments in support of Wyoming businesses, such as infrastructure construction loans and occupational training loans;
(iii) The community development organization has been endorsed by a resolution of the legislative body of its municipality or county or, in the case of a state development organization, has been endorsed by a resolution of the council; and
(iv) As part of any agreement under this article and to ensure funds loaned or committed under this section are invested by the community development organization or the state development organization in local economic development in a reasonable period of time, the council shall reserve the right to terminate the agreement.
(b) Loans, loan commitments or loan guarantees or any combination thereof shall be made under this article only:
(i) If the total amount to:
(A) A single community development organization, or to a business for an economic disaster loan as provided under subsection (c) of this section, does not exceed one million dollars ($1,000,000.00);
(B) A business for fifty-fifty (50-50) financing as provided under subsection (d) of this section does not exceed two million five hundred thousand dollars ($2,500,000.00) or fifty percent (50%) of the total project cost, whichever is less;
(C) State development organizations does not exceed three million five hundred thousand dollars ($3,500,000.00);
(D) A business for a Wyoming main street loan participation as provided under subsection (g) of this section does not exceed one hundred thousand dollars ($100,000.00);
(E) A business for a natural gas fueling infrastructure loan as provided under subsection (h) of this section does not exceed seventy-five percent (75%) of the total project cost or one million dollars ($1,000,000.00), whichever is less;
(F) A business for a contract financing loan as provided under subsection (j) of this section does not exceed two hundred thousand dollars ($200,000.00); or
(G) A business for a succession financing loan as provided under subsection (k) of this section does not exceed five hundred thousand dollars ($500,000.00).
(ii) If there are sufficient funds in the economic development enterprise account to fully fund it and all other outstanding commitments, loans, loan guarantees and guarantee loan participations;
(iii) If funds provided by the state are adequately collateralized. The adequacy of the collateral shall be determined by the council;
(iv) Repealed By Laws 2010, Ch. 69, § 208.
(c) Any business or group of businesses may apply to the council for designation of an area of this state as an area in which an economic disaster as defined in W.S. 9-12-301(a)(v) has occurred. The council shall prescribe the form and contents of such applications. The council shall review each application and make a determination as soon as practicable as to whether an economic disaster area designation shall be made. The council may make loans to any business located within the designated economic disaster area that has lost revenue as a result of the economic disaster. Subsection (a) of this section does not apply to economic disaster loans under this subsection.
(d) Any business may apply to the council for fifty-fifty (50-50) financing as defined in W.S. 9-12-301(a)(vi). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. In the event of a default for any loan made under this subsection, liability shall be shared proportionately between the state and the lending institution in the same percentage as the source of the loan. The interest of the state and the lending institution shall have priority over any claim of the business receiving the bridge financing or any other third party.
(e) Before July 1, 2022, any business may apply to the council for a guarantee loan participation as defined in W.S. 9-12-301(a)(vii). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. No guarantee loan participations shall be issued on and after July 1, 2022. The council shall structure any guarantee loan participation so that in the event of default of any loan which is participated in under this subsection:
(i) Liability shall be shared proportionally between the state and the lending institution in the same percentage as the source of the funding for the loan; and
(ii) The interest of the state and the lending institution shall have priority over any claim of the business receiving the financing or any other third party.
(f) Before July 1, 2022, any business may apply to the council for a loan guarantee as defined in W.S. 9-12-301(a)(viii). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. No loan guarantees shall be issued on and after July 1, 2022. The council shall structure any loan guarantee so that in the event of default of any loan that is guaranteed under this subsection:
(i) Liability to the state under the guarantee shall not exceed one hundred thousand dollars ($100,000.00) per loan guaranteed or eighty percent (80%) of any net loan loss by the bank, whichever is less; and
(ii) The interest of the state and the lending institution shall have priority over any claim of the business receiving the financing or other third party.
(g) Any business may apply to the council for a Wyoming main street loan participation as defined in W.S. 9-12-301(a)(ix). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. In the event of a default for any loan made under this subsection, liability shall be shared proportionately between the state and the lender in the same percentage as the source of the loan. The interest of the state and the lender shall have priority over any claim of the business receiving the main street loan participation or any other third party.
(h) Any business may apply to the council for a natural gas fueling infrastructure loan as defined in W.S. 9-12-301(a)(x). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. In the event of a default, the state shall have priority over any claim of the business receiving the natural gas fueling infrastructure loan or third party. Notwithstanding W.S. 9-12-303, no interest or principal payments shall be due for the first two (2) years of the loan term. All deferred interest during the first two (2) years of the loan term shall accrue to the principal balance. All loans issued under this subsection shall not exceed five million dollars ($5,000,000.00) and after five million dollars ($5,000,000.00) in loans have been issued, no further loans shall be issued under this subsection without further legislative approval. Subsection (a) of this section does not apply to natural gas fueling infrastructure loans under this subsection. In evaluating applications for a natural gas fueling infrastructure loan, the council shall consider whether:
(i) The geographic area in which the proposed natural gas fueling infrastructure will be located is currently served by existing natural gas fueling infrastructure; and
(ii) The location of the proposed natural gas fueling infrastructure has a significant number of government or private fleet vehicles with the potential to convert to natural gas.
(j) Any business may apply to the council for a contract financing loan as defined in W.S. 9-12-301(a)(xi). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. In the event of a default, the state shall have priority over any claim of the business receiving the contract financing loan. The council shall not issue a loan under this subsection unless the business agrees to assign the proceeds of a contract to the council as collateral for the loan. The council shall not issue a loan under this subsection unless the business provides not less than two (2) letters from financial institutions denying an application or request for financing. Upon completion of the contract, the council shall retain sufficient proceeds of the contract used as collateral to retire the loan and any outstanding interest and shall remit any remaining proceeds to the business. All loans issued under this subsection shall not exceed one million dollars ($1,000,000.00) in the aggregate at any one (1) time. In evaluating applications for a contract financing loan under this subsection, the council shall consider whether the contract to be used as collateral will have sufficient proceeds to pay off the loan balance and the likelihood of the successful completion of the contract.
(k) Any business or person seeking to purchase a business may apply to the council for a succession financing loan as defined in W.S. 9-12-301(a)(xii). The council shall prescribe the form and contents of the application. The council shall review each application and make a determination as soon as practicable. The council shall participate with a lending institution to make a succession financing loan to a business under this subsection, provided that the participation rate of the council shall not exceed fifty percent (50%) of the total loan amount. The interest of the state and the lending institution shall have priority over any claim of the business receiving the succession financing loan or any other third party. The council shall not issue a loan under this subsection unless the business to be purchased and for which the loan is issued has been in operation for not less than seven (7) years directly proceeding the application for a loan. The council may require the person or business seeking the loan to pledge revenues from the business as collateral for the loan or for the repayment of the loan. In evaluating applications for a succession financing loan under this subsection, the council shall consider the financial health of the business and the person seeking to purchase the business, including whether the business will generate sufficient revenues to repay the loan.
9-12-305. Economic development enterprise fund account; deposits; continuous appropriation; loans.
Except for fees deposited in accordance with W.S. 9-12-302(b), all repayments of principal and interest to the state in connection with loans made under this article and other funds as appropriated by the legislature for the challenge loan program shall be deposited into the economic development enterprise account within the revolving investment fund. All funds in the account may be used for and are continuously appropriated for loans authorized to be made under this article. Funds within the account may also be transferred upon direction of the governor to the large project account within the revolving investment fund if required to meet loans or loan guarantees approved under W.S. 9-12-308. The total principal balance of outstanding loans shall not exceed the amounts appropriated by the legislature plus interest accrued and collected less any losses of loan principal or interest.
(a) The director of the state department of audit or his designee shall annually examine the loan program created under this article and submit his report of examination to the governor, the legislature and the council. This examination shall include a financial and compliance audit of the council's operations, and such financial audit of borrowers under this article as the examiner deems appropriate. As a condition of any loan under this article, the borrower shall agree to allow the examiner to examine its books and records. The examiner shall treat all proprietary information received in the course of the examination or audit as confidential.
(b) On or before July 15 of each year, the council shall submit a written report to the joint minerals, business and economic development interim committee reviewing rules adopted by the council during the reporting period, presenting a portfolio of loans made under the program and under W.S. 9-12-308 showing the number of jobs created as a result of loans in the portfolio including whether the jobs are permanent or temporary and presenting a risk analysis of the portfolio of loans prepared by the state banking commissioner. The report, portfolio of loans and risk analysis required under this subsection shall be public records. The risk analysis prepared by the state banking commissioner shall not be subject to the limitations of W.S. 9-1-512.
Any person who knowingly makes a false statement to the council in connection with an application under this article or article 9 of this chapter is guilty of a felony punishable by imprisonment for not more than two (2) years, a fine of not more than two thousand dollars ($2,000.00), or both.
(a) The large project account within the revolving investment fund created pursuant to article 16, section 12 of the Wyoming constitution, created by 2014 Wyoming session laws, chapter 46, section 2, is continued and codified.
(b) Funds in the large project account within the revolving investment fund shall be used exclusively to promote and aid economic development of the state by providing loan guarantees or loans to proposed or existing enterprises that will employ people within the state, provide services in the state, use resources in the state or otherwise add economic value to goods, services or resources within the state consistent with this section.
(c) There is created a loan review committee to review all projects, loans and loan guarantees proposed under this section. The committee shall consist of:
(i) The governor or his designee;
(ii) The treasurer or his designee;
(iii) A member of the board of directors of the council who has expertise in banking or experience in the banking industry, designated by the chief executive officer of the council.
(d) The members of the loan review committee may request assistance from staff of the governor's office, the state treasurer's office, the council and any bank participating in the loan transaction or loan guarantee to review and evaluate proposed projects, loans and loan guarantees under this section.
(e) Loans and loan guarantees provided under this section shall be subject to the following procedures:
(i) Any project shall first be submitted to and reviewed by the council who shall provide preliminary recommendations for the size and parameters of the proposed loan or loan guarantee. For any loan or loan guarantee made by any nonpublic lender the council shall provide electronic notice to all Wyoming financial institutions of the potential loan terms and shall allow not less than fifteen (15) business days for Wyoming financial institutions to respond with expressions of interest with proposed terms. All offers of proposed terms shall be provided to the council, the loan review committee and the person seeking the loan for consideration. All information sent by electronic notice shall be treated in accordance with applicable confidentiality requirements. As used in this paragraph, "Wyoming financial institution" means as defined in W.S. 13-1-501(a)(i). The council shall review the project under the process set forth in W.S. 9-12-601 through 9-12-603. In developing recommendations for the size and parameters of the proposed loan or loan guarantee under this paragraph, the council may work with the bank that would issue the loan or loan guarantee;
(ii) The council shall require all persons seeking a loan to disclose and certify, under penalty of perjury, whether the person holds a position with or has any present, direct business connection to any state, county or municipal officer, employee or instrumentality or has any familial relationship as spouse, child, sibling or parent residing as a member of the same household in the principal place of residence of any state, county or municipal officer or employee. As used in this paragraph, "direct business connection" includes employer-employee and coprincipal relationships. Information disclosed under this paragraph shall not be the determining factor in the selection process;
(iii) The council shall present the project and the proposed loan or loan guarantee and its terms to the loan review committee, which may accept or deny the proposed loan or amend its terms;
(iv) Upon a favorable recommendation by the council and the loan review committee, the project shall then be submitted to the state loan and investment board for final approval. The council and the loan review committee shall only forward projects and proposed loans under this section that have been determined to meet the requirements of this section;
(v) The state loan and investment board shall vote to accept or deny the project and the terms of the loan or loan guarantee developed for the project.
(f) The council and the loan review committee shall recommend, and the state loan and investment board shall only approve, the issuance of loan guarantees and loans under this section for projects that meet the following requirements:
(i) Are anticipated to have an economic impact and a public benefit greater than the economic impact and public benefit of projects regularly funded under the Wyoming business ready community program;
(ii) Based upon the findings of an independent third party selected and approved by the council, will provide the following minimum public benefits:
(A) The creation of a significant expansion of permanent jobs in the county or counties in which the project will be located;
(B) A significant increase in the assessed valuation of the county or counties in which the project will be located, by not less than the value of the loans or loan guarantees received by the applicant borrower;
(C) A substantial increase in the sales, property or other tax revenues to the county or counties where the project will be located; and
(D) Promotion of a stable, balanced and diversified economy.
(iii) Has a high likelihood of completion.
(g) The council shall establish the terms of any loan, loan participation or loan guarantee issued under this section in accordance with the following:
(i) Loans or loan guarantees provided under this section shall be adequately collateralized. To protect the state's interest, the council may negotiate protections with respect to any accepted collateral, including but not limited to escrow accounts, debt limitations, cash sweeps, pledge rights, corporate approval rights and other mechanisms the council deems appropriate;
(ii) Loans under this section shall bear interest at a fixed or adjustable rate. The interest rate shall be:
(A) Indexed to a rate as determined by rule adopted by the council, plus any additional premium determined by the council to be reasonably commensurate with the risk profile of the loan or loan guarantee, as approved by the loan committee; and
(B) Approved by the loan committee and the state loan and investment board.
(iii) The council shall ensure through certification of the applicant, or any other manner determined to be adequate by the council, a commitment of at least twenty-five percent (25%) of the total cost of the project from funding sources not provided by the state of Wyoming;
(iv) Loans or loan guarantees shall be used for direct investment in the project and shall not be used or made available to refinance preexisting debt incurred before commencement of the project;
(v) Borrowers shall demonstrate a balance sheet and cash flow sufficient to demonstrate their ability to repay the loan or loan guarantee;
(vi) Borrowers shall provide security to repay the loan with a residual value sufficient to repay the loan or loan guarantee in event of default;
(vii) When appropriate, the council may require continuing loan guarantees by affiliates and principals of the borrower;
(viii) Except as provided in this paragraph, the council shall ensure that the lead lender secures a first security interest in the entire project sufficient to adequately protect the investment of loan proceeds or proceeds guaranteed by the state under this section. The security interest shall be shared pro rata with the state in percentage of the loan or loan guarantee. If necessary, the council may allow the lead lender to accept substitute security that will protect repayment to the state on a basis substantially equivalent to a first security interest on the project. The council shall ensure that any alternate security is sufficient to prudently protect the state's pro rata interest;
(ix) The council shall charge a loan origination fee or loan guarantee fee of one percent (1%) of the total loan or guaranteed loan amount. Funds collected under this paragraph shall be deposited in the large project account within the revolving investment fund, less any amounts used to pay the costs of consultants retained pursuant to subsection (k) of this section.
(h) No loan or loan guarantee shall be made under this section without the written opinion of the attorney general certifying the legality of the transaction and all documents connected therewith.
(j) Repayment of principal and interest to the state in connection with loans made under this section shall be deposited to the large project account within the revolving investment fund. All funds within the account may be used for and are continuously appropriated for the purposes of this section. The total principal balance of outstanding loans under this section shall not exceed the amounts appropriated by the legislature plus interest accrued and collected less any losses of loan principal.
(k) The council is authorized to retain experts and service providers as necessary to fully evaluate, negotiate and implement the terms and conditions of the loans and loan guarantees issued under this section. If an expert or service provider is retained by the council under this subsection, any costs incurred that exceed the loan origination fee or loan guarantee fee set in paragraph (g)(ix) of this section shall be paid by the applicant. The independent third party selected and approved by the council under paragraph (f)(ii) of this section shall not serve as an expert or service provider retained under this subsection.
(m) The council shall promulgate rules necessary for the implementation of this section.
9-12-601. Wyoming business ready community program; purpose; creation; rulemaking.
(a) It is the purpose of this article to promote economic development at the city, town and county levels and on the Wind River Indian Reservation to create additional economic health and a stronger state economy.
(b) The council shall establish and administer a Wyoming business ready community program as provided by this article. Any city, town, county or the Eastern Shoshone or Northern Arapaho tribe, or the cooperative tribal governing body, may submit an application to the council for a grant or loan under the program on forms prescribed by and subject to rules promulgated by the council. Grants or loans may be applied for by a joint powers board with the approval of all participating agencies to the joint powers agreement. Grants and loans may be made by the council for economic or educational development, planning or infrastructure projects, including the purchase of land, buildings, facilities, telecommunications infrastructure, rights of way, airports, sewer and water projects, roads, landscaping, recreational and convention facilities or other infrastructure determined by the council to be consistent with the purposes of this article. In adopting rules and making grants and loans under this article the council shall require all projects to be related to economic or educational development, planning or infrastructure, which shall not include rehabilitation or expansion of existing infrastructure unless the council determines the rehabilitation or expansion is necessary to meet the purposes of this article. Planning grants and loans shall be limited as provided in subsection (m) of this section. All grants or loans made under this article shall be referred by the council to the state loan and investment board for final approval or disapproval. The state loan and investment board may adopt rules as necessary to implement its duties under this article.
(c) Grants shall be matching grants as determined by the council. Loans shall be made at no or low interest rates.
(d) Grants or loans shall be made under this article, only if the applicant demonstrates that upon receipt of the grant or loan, all projected project costs will be funded. Grants or loans for one (1) project may not exceed a maximum annual amount established by rule of the council. Multi-year projects may be awarded up to the maximum annual amount each year, for a period not to exceed three (3) years, as approved by the state loan and investment board. The application shall identify the source of all funds to be used for the project.
(e) Grants or loans may be used to fund project costs in accordance with approved applications and rules of the council. Grant or loan funds may be used to contract with community development organizations and state development organizations in accordance with the purposes of this article and approved applications.
(f) Loans provided under this article shall be adequately collateralized as determined by the council. No loans shall be made without the written opinion of the attorney general certifying the legality of the transaction and all documents connected therewith. An election approving the project and borrowing for the project by the qualified electors of the borrowing entity shall be required only if the attorney general determines such an election is otherwise required by law.
(g) Repayments of loans under this section shall be credited to the business ready community account. The council shall promulgate rules and regulations to identify the type and maximum amount, as a percentage of the total grant, of the revenue that may be recaptured and credited to the account as a result of grants under this section.
(h) Repealed by Laws 2022, ch. 1, § 2.
(j) Grants may be made by the council for projects, in accordance with rules of the council, which:
(i) Improve the development of businesses that will provide data generation and information technology storage capabilities statewide or in municipalities of the state;
(ii) Encourage and provide for the expansion of existing businesses providing information technology storage enterprises in the state, including those developed through the University of Wyoming business technology center;
(iii) Provide a reduction of the costs of electrical power or bandwidth, or both, to businesses meeting the provisions of paragraph (j)(i) or (ii) of this section. In exchange for providing these reductions in costs, the political subdivision receiving the grant and providing the reduction in costs shall contract with the business to receive direct benefits and indirect economic development benefits including:
(A) A specific amount of capital investment by the business;
(B) A specific minimum payroll created by the business;
(C) The provision of information technology storage services to the state or the political subdivision at a price discounted from the fair market value of the services; and
(D) An agreement to repay with a reasonable rate of return any funds received to reduce costs if the business relocates from the political subdivision prior to the expiration of five (5) years from the date of first receiving funds.
(k) As used in this article:
(i) "Community development organization" means as defined by W.S. 9-12-301(a)(ii);
(ii) "State development organization" means as defined by W.S. 9-12-301(a)(iv).
(m) Planning grants and loans shall:
(i) Not exceed two percent (2%) of the total amount appropriated to the business ready community program in any fiscal year;
(ii) Not exceed one hundred thousand dollars ($100,000.00) per project;
(iii) Be subject to a twenty-five percent (25%) match requirement, which match shall not be met through funds received from a community development block grant.
(n) Grant and loan recipients shall report the expenditures and progress related to a loan or a grant to the council at least annually and more frequently if deemed necessary by the council. At the end of the term of the grant or loan, the recipient shall furnish a comprehensive report to the council that shall, at a minimum, include a cumulative financial audit and a list of the accomplishments as a result of the grant or loan.
(o) On or before November 1 of each year, the council shall report to the joint appropriations committee and the joint minerals, business and economic development interim committee information on the administration of the business ready community program. The report shall include a list of all grant and loan requests made in the previous twenty-four (24) months, the amount approved by project, expenditures by project and the progress for each project as of the date of the report.
9-12-602. Wyoming business ready community program account.
There is created the business ready community account. Funds shall be credited to the account as provided by law. Funds in the account are continuously appropriated to the council to be used only for grants or loans authorized to be made under this article.