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SF0100 • 2020

Business ready community program-amendments.

AN ACT relating to the business ready community program; amending requirements for grants and loans under the program; providing for the recapture of funds associated with grants and loans under the program; removing a restriction on interest rates for loans; making conforming amendments; requiring rulemaking; specifying applicability; and providing for effective dates.

Taxes
Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor
Mgt Audit
Last action
2020-03-11
Official status
inactive
Effective date
3/1/2020

Plain English Breakdown

The official source material does not provide specific details on the exact rules and regulations that will be created by the Wyoming Business Council.

Amendments to Business Ready Community Program

This act amends requirements for grants and loans in the business ready community program, allows for recapturing funds from projects that receive funding, removes a restriction on minimum loan interest rates, requires rulemaking by the Wyoming Business Council, and sets effective dates.

What This Bill Does

  • Changes rules about grants to require matching funds from applicants.
  • Allows loans at no or low interest rates with specific conditions.
  • Requires repayment of grant funds based on project revenue generation.
  • Removes a restriction on minimum loan interest rates.
  • Requires the Wyoming Business Council to create rules for recapturing revenues and managing grants.

Who It Names or Affects

  • Businesses applying for grants or loans through the program.
  • The Wyoming Business Council responsible for administering the program.

Terms To Know

Matching Grants
Grants that require recipients to provide a portion of funding from their own resources.
Revenue Recapture
The process of recovering grant funds through future revenue generated by the funded project.

Limits and Unknowns

  • The bill does not specify how much matching money businesses must provide for grants.
  • It is unclear what specific rules the Wyoming Business Council will create regarding recapturing revenues and managing grants.
  • This act was marked as inactive, meaning it did not pass in its current session.

Bill History

  1. 2020-03-11 Senate

    S:Died in Committee Returned Bill Pursuant to SR 5-4

  2. 2020-02-27 Senate

    S No report prior to CoW Cutoff

  3. 2020-02-20 Senate

    S09 - Minerals:Do Pass Failed 2-3-0-0-0

  4. 2020-02-12 Senate

    S Introduced and Referred to S09 - Minerals 21-8-1-0-0

  5. 2020-02-11 Senate

    S Received for Introduction

  6. 2020-02-10 LSO

    Bill Number Assigned

Current Bill Text

Read the full stored bill text 
20LSO-0081
2020
STATE OF WYOMING
20LSO-0081
Introduced
2.0

SENATE FILE NO. SF0100

Business ready community program-amendments.

Sponsored by: Management Audit Committee

A BILL

for

AN ACT relating to the business ready community program; amending requirements for grants and loans under the program; providing for the recapture of funds associated with grants and loans under the program; removing a restriction on interest rates for loans; making conforming amendments; requiring rulemaking; specifying applicability; and providing for effective dates.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 9
‑
12
‑
601(c) and (g) is amended to read:

9
‑
12
‑
601.

Wyoming business ready community program; purpose; creation; rulemaking.

(c)

Grants shall be matching grants as determined by the council.
Loans shall be made at no or low interest rates.
Grants and loans made under this section shall be subject to the following conditions:

(i)

The minimum interest rate for loans shall be set at the prevailing United States department of treasury rate for bonds of comparable maturity to the loan term;

(ii)

Grants for revenue generating projects shall provide for repayment of the grant funds in accordance with the following:

(A)

The minimum revenue recapture percentage shall be not less than the percentage of the project cost covered by the grant, provided that the revenue recapture percentage for a project covered by a grant shall not exceed fifty percent (50%);

(B)

The amount of revenue recaptured may exceed the amount of the original grant;

(C)

Revenue generated by the project may be recaptured for the full expected life of the revenue generating asset.

(iii)

If a project that is covered in whole or in part by a grant or a loan under this section is sold, assigned or transferred:

(A)

The revenues generated by the sale, assignment or transfer shall be utilized to retire the project loan, if a loan was issued to cover part or all of the project costs;

(B)

After the loan is paid in full or if a grant was used to cover part or all of the project costs, a percentage of revenues not less than the percentage of the project cost covered by the grant or loan that are generated by the sale, assignment or transfer shall be remitted to the council and deposited in the business ready community account under W.S. 9
‑
12
‑
602.

(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
, subject to subparagraph (c)(ii)(A) of this section
.

Section 2.

The provisions of this act shall only apply to grants and loans issued on or after the effective date of this section.

Section 3.

The Wyoming business council shall promulgate rules and regulations in accordance with the provisions of this act.

Section 4
.

(a) Except as provided in subsection (b) of this section, t
his act is effective July 1, 2020
.

(b) Sections 3 and 4 are effective
immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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SF0100