§ 9-12-803 — Community facility grant and loan; approval by state loan and investment board

Wyoming § 9-12-803

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 8: WYOMING COMMUNITY FACILITIES PROGRAM

Text

(a) Grants shall be awarded on a matching basis at match
proportions recommended by the council and approved by the
board.
(b) Grants or loans may be used to fund project costs in
accordance with approved applications and rules and regulations
established by the council. Grant or loan funds may be used to
contract with community development organizations and state
development organizations in accordance with this article and
approved project applications. For purposes of this subsection,
"community development organizations" shall be as defined under
W.S. 9-12-301(a)(ii) and "state development organizations" shall
be as defined under W.S. 9-12-301(a)(iv).
(c) Loans provided under this article shall be adequately
collateralized as determined by the council. No loans shall be
made without the written opinion of the attorney general
certifying the legality of the transaction and all documents
connected therewith. An election approving the project and
borrowing for the project by the qualified electors of the
borrowing entity shall be required only if the attorney general
determines such an election is otherwise required by law.
(d) Repayments of loans under this article shall be
credited to the community facilities program account.
(e) The council shall prioritize proposed grants and loans
it recommends to the state loan and investment board in
accordance with rules it adopts under this article.
(f) The state loan and investment board shall adopt rules
as necessary to implement its duties under this article
governing the approval or disapproval of projects recommended by
the council.