Large Project Economic Development Loans
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Official record
Bill No.: <billno> Drafter: <drafterinit> Bill No.: SF0097 Drafter: JDA LSO No.: 14LSO-0337 Effective Date: Immediate Enrolled Act No.: SEA0062 Chapter No.: CH0046 Prime Sponsor: Senator Coe Catch Title: Large fund economic development loans. Subject: State economic development loans. Summary/Major Elements: In 1986, voters approved a constitutional amendment, commonly known as Amendment IV, now Article 16, Section 12 of the Wyoming Constitution. Article 16, Section 12 authorizes the use of state funds to provide loans and loan guarantees to proposed or existing entities within the state which will provide one of a list of economic benefits to the state at zero or low interest rates. Funds to be used for Article 16, Section 12 projects require a 2/3 vote of both houses of the legislature to be appropriated to the revolving fund created under that section. Funds within the account shall not exceed 1% of the total assessed valuation in the state [$22.8 billion in FY2012]. Funds within the revolving account are not subject to the various constitutional limitations on the lending of state credit or donations to entities not under the complete control of the state. This bill creates the large project account within the revolving investment fund. The bill specifies the rules for loans to be made from the account including specified public benefits and requires a matching amount of at least three times the loan amount. The bill also requires that any loan is first reviewed and considered by the governor and also requires review by the state treasurer, the Wyoming business council and the attorney general prior to final approval by the state loan and investment board and the governor. The bill requires that the state loan and investment board set the interest rate for loans issued under the act. The state treasurer sets the terms of the loan or loan guarantee to ensure that it is adequately collateralized, that the state has a first security interest or a similar alternate security interest equivalent, and that the loan proceeds will be used for new investment in the state. The bill provides a $25 million appropriation to the large project account and provides rulemaking authority to the state treasurer related to the account.
Public statements
Last checked Aug 7, 6:25 AM
Why they voted this way
The lawmaker supports both the amendment and the bill because they provide better security for state funds, ensuring money returns to a fund for future economic development rather than being distributed elsewhere.
Why they voted this way
The lawmaker supports the bill because it provides necessary funding that was previously delayed by excessive expectations from state officials, but opposes the amendment as unnecessary since current procedures already allow for such security.
H48
Why they voted this way
The lawmaker opposes both the amendment and the bill because local taxpayers are funding similar projects while the state burdens itself for a county that has not sought additional local taxes.
Why they voted this way
The lawmaker supports the amendment and bill because they include necessary safeguards to protect state funds while providing a statewide economic multiplier effect through job creation.
Why they voted this way
The lawmaker supports the amendment because it satisfies concerns by strengthening the treasurer's rulemaking capacity and ensuring alternate security is a first obligation to the state.
R · H42
Why they voted this way
The lawmaker supports the amendment but opposes the bill due to concerns that it may violate constitutional provisions against passing special laws granting exclusive privileges to a specific corporation.
Why they voted this way
The lawmaker supports both the amendment and bill because they clarify necessary details and ensure that funds invested in projects are adequately covered.
Why they voted this way
The lawmaker supports both the amendment and bill because they establish a general application process for any project in the state, avoiding constitutional issues regarding special laws.
Why they voted this way
The lawmaker supports the bill because diversifying the economy by recruiting large companies is essential for the state's survival and ability to provide jobs in the face of federal attacks on western minerals.
Why they voted this way
The lawmaker supports the amendment because it helps protect public money, regardless of how one votes on the bill itself.
Why they voted this way
The lawmaker supports both the amendment and the bill because they establish a process allowing any large company to apply for funding, rather than targeting a specific entity.
S18
Why they voted this way
The lawmaker supports concurrence because the House amendments added strong language to protect state interests through collateral requirements and an origination fee.
R · S30
Why they voted this way
The lawmaker opposes the bill because he believes economic development succeeds better through proper infrastructure and climate rather than competing with other states to buy businesses. He is concerned that companies enticed by benefits may leave for a higher offer, resulting in no return on investment.
Why they voted this way
The lawmaker supports the bill because constituents prioritize jobs and education, noting that good education is ineffective if young people leave due to a lack of employment. He argues the bill establishes a necessary process for funding economic development using resources voters previously approved.
Why they voted this way
The lawmaker supports the bill because it establishes proper security mechanisms for loans, which is critical given past instances where improper security led to wasted money. He believes this mechanism correctly protects state funds.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
8 roll calls
Official activity
Changes
13 stored
Withdrawn 2nd reading by NORTHRUP
Adopted 3rd reading by NORTHRUP
Adopted 3rd reading by ZWONITZ,DV
Adopted, Corrected Committee of the Whole by NORTHRUP
Adopted 2nd reading by NICHOLAS,P
Adopted 3rd reading by COE
Adopted 3rd reading by NICHOLAS,P
Adopted 3rd reading by NICHOLAS,P
Adopted 3rd reading by NICHOLAS,P
Adopted 3rd reading by SCHIFFER
Adopted Committee of the Whole by NICHOLAS,P
Adopted Standing Committee by COE
Adopted Standing Committee by BEBOUT