§ 9-12-109 — Promotion of agriculture; financing of agriculture processing projects; revenue bonds

Wyoming § 9-12-109

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 1: IN GENERAL

Text

(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.