§ 9-20-103 — Criteria and procedures for contracts

Wyoming § 9-20-103

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 20: WYOMING MINERALS TO VALUE ADDED PRODUCTS PROGRAM

Text

(a) In determining whether to recommend or approve a
contract under this act, the Wyoming business council and state
loan and investment board shall consider if:
(i) There are sufficient funds in the account to
fully fund the contract and all other outstanding commitments to
the account;
(ii) The contract establishes the terms and
conditions of the contract as required by this act, including,
but not necessarily limited to:
(A) The duration of the contract to provide
feedstock minerals, including the end date for the contract;
(B) Criteria to determine proof of performance
on the part of the minerals to value added products facility
prior to expenditure of funds by the state of Wyoming under the
contract;
(C) Tolling fees for the conversion of the
state's feedstock to a value added product;
(D) Procedures and mechanisms for the sale of
the finished product produced under the contract and the deposit
of the proceeds of those sales to the account as provided in
W.S. 9-20-104.
(b) Contracts considered under this act shall be subject
to the following procedures:
(i) The proposed contract shall be submitted to the
Wyoming business council for review and determination under the
process set forth in W.S. 9-12-601 through 9-12-603;
(ii) The Wyoming business council's recommendations
shall be forwarded to the state loan and investment board for
final consideration of the contract.
(c) The Wyoming business council shall only recommend, and
the state loan and investment board shall only approve, entering
into contracts under this act for minerals to value added
products facility projects which meet the following minimum
requirements:
(i) Are anticipated to have a beneficial economic
impact to the state of Wyoming and provide the following minimum
public benefits:
(A) The creation of a substantial expansion of
permanent jobs in the county or counties in which the project
will be located;
(B) A substantial increase in the assessed
valuation of the county or counties in which the projects will
be located;
(C) A substantial increase in the sales,
property or other tax revenues to the county or counties where
the project will be located;
(D) Promotion of a stable, balanced and
diversified economy; and
(E) Private investment in the county or counties
in buildings, equipment and direct project infrastructure of not
less than three (3) times the amount of any contract.
(ii) Provide adequate consideration for the state of
Wyoming to enter the contract;
(iii) The feedstock materials supplied under the
contract shall have been produced substantially in Wyoming;
(iv) The contract shall not create debt of the state
of Wyoming beyond the current year's taxes;
(v) The facility to which the feedstock materials is
to be supplied has not previously been supplied with feedstock
materials from a contract entered into under the program; and
(vi) The terms of the contract are such that the
state of Wyoming is likely to realize a positive return on its
investment under the contract.
(d) No contract shall be entered into under this act
without the written opinion of the attorney general certifying
the legality of the transaction and all documents connected
therewith.
(e) The governor, Wyoming business council or state loan
and investment board is authorized to employ such experts as
necessary to fully evaluate an application and negotiate the
terms and conditions of a contract under this act. If experts
are retained, the cost for the experts shall be paid by the
applicant.
(f) The Wyoming business council may contract with such
experts as necessary to assist in the performance of its
obligations under any contract entered into, including
assistance with feed stock purchases and the sale of value added
products.