§ 16-1-205 — Authorized projects; authorized financial assistance

Wyoming § 16-1-205

• Jurisdiction: Wyoming
• Title 16: City, County, State and Local Powers
• Ch. 1: INTERGOVERNMENTAL COOPERATION
• Art. 2: STATE REVOLVING ACCOUNT

Text

(a) The account may be used for financial assistance for
the following types of projects:
(i) Construction of wastewater treatment works as
allowed by Title VI;
(ii) Implementation of nonpoint source pollution
control management programs as allowed by Title VI;
(iii) Other projects as allowed by Title VI.
(b) Financial assistance for the projects authorized in
subsection (a) of this section may take the forms provided in
Title VI including:
(i) Loans at or below market interest rates or for
zero interest. Loans may be awarded only if:
(A) All principal and interest payments on loans
are credited directly to the account;
(B) The annual repayment of principal and
payment of interest begins not later than one (1) year after
project completion;
(C) The loan is fully amortized not later than
the useful life of the project or thirty (30) years after
project completion, whichever is less; and
(D) Each loan recipient establishes a dedicated
source of revenue for repayment of the loan.
(ii) Refinancing existing debt obligations of
municipalities, counties, joint powers boards and state agencies
for wastewater treatment works for which debt was incurred and
building began after March 7, 1985;
(iii) Purchasing insurance for or guaranteeing local
debt obligations to improve credit market access or reduce
interest rates;
(iv) Security or a source of revenue for the payment
of principal and interest on revenue or general obligation bonds
issued by the state provided that the net proceeds of the sale
of such bonds shall be deposited in the account;
(v) Loan guarantees for similar revolving accounts
established by municipalities, counties or joint powers boards;
and
(vi) Grants and other forms of financial assistance.
(c) Each fiscal year, an amount of up to four percent (4%)
of the capitalization grant, four hundred thousand dollars
($400,000.00) or two-tenths of one percent (0.2%) of the current
valuation of the account, which ever amount is greatest, may be
used for costs of administering the account. The monies and
fees provided by subsection (d) of this section, used to
administer the account are not forms of financial assistance
which are prioritized under W.S. 16-1-206.
(d) The board, as a condition to making a loan or other
financial assistance, may impose a reasonable administrative fee
or application fee not to exceed one percent (1%) of the loan
amount, that may be paid from the proceeds of the loan or
financial assistance or other available funds of the applicant.
These fees shall be deposited into the account for purposes of
payment of administrative costs of the program.
(e) The board may authorize the use of any amount of the
allowable percentage of the capitalization grant for any set-
aside authorized by Title VI.