WBC proposes new draft rules for Revenue Bonds

WYOMING – The Wyoming Business Council announced the release of new draft rules for its Revenue Bonds for Agricultural Processing Projects program.

The draft rules are proposed to implement the new Wyoming Statute 9-12-109 (b) as a result of Wyoming Legislature’s Senate File 009.

The statute “allows the Wyoming Business Council to issue revenue bonds for agriculture processing projects” for eligible municipal, county and joint powers board industrial development projects” including ag and ag-related projects.

The draft rules define “project” as “any land, building, pollution control facility or other improvement,” existing or proposed, “suitable for manufacturing, industrial, commercial or business enterprises for manufacturing, processing or assembling agricultural or agricultural-related projects.”

It could also include construction, renovation, land development, according to the draft rules.

Any existing or proposed business entity is eligible to apply for revenue bonds; applications would be reviewed by the State Land Office of Investments Board.

“The Business Council appreciates all comments and the public's support in this process. We anticipate this rule-making process to be completed by December with rules signed by Gov. Mark Gordon.”

Proposed application forms would collect information include five years of financial statements, certificates of incorporation, itemized collateral lists, detailed proposals, financial projections and other detailed certification, the draft says.

Wyoming Business Council staff would review applications, present the proposals to the SLIB and if approved work “with bond-rating agencies, investment banks and other necessary parties” to issue the bonds to the public for investment.

Once these applications are submitted to the Wyoming Business Council, they become Wyoming public records. If the council receives a request for the information, it would determine case by case whether or not to release the information.

The WBC invites public comments on any aspect of the Agricultural Processing Revenue Bond, Chapter 1, six-page draft rule. It is available to review at wyomingbusiness.org/public-comments.

Submit feedback to [email protected] with “Ag revenue bonds” on in the subject line of your email. The WBC is accepting comments for this program until Aug. 22 at 11:59 p.m. MT.