SF0052 - Partnership challenge loan program-amendments.

 

2001

State of Wyoming

01LSO-0255

 

 

 

SENATE FILE NO.  SF0052

 

 

Partnership challenge loan program-amendments.

 

Sponsored by:  Senator(s) Hawks and Representative(s) Cohee

 

 

A BILL

 

for

 

 1  AN ACT relating to the partnership challenge loan program;
 2  defining a term; providing for loans of state funds to
 3  businesses under certain circumstances; and providing for
 4  an effective date.

 5 

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

 7 

 8         Section 1.  W.S. 9-12-301(a) by creating a new
 9  paragraph (vi), 9-12-302(a) and 9-12-304(a)(intro), (b)(i)
10  and by creating a new subsection (d) are amended to read:

11 

12         9-12-301.  Definitions.

13 

14         (a)  As used in this article:

15 

16              (vi)  "Bridge financing" means the provision of
17  financing for that portion of the total project cost which

 

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 1  is calculated by subtracting from total project cost the
 2  sum of ownership debt and equity. The council shall not
 3  consider a proposal in which the bridge financing component
 4  exceeds thirty-five percent (35%) of total project cost.

 5 

 6         9-12-302.  Wyoming partnership challenge loan program;
 7  creation; rulemaking; administration account.

 8 

 9         (a)  The council shall establish and administer a
10  partnership challenge loan program under this article and
11  may contract for necessary professional services. Loans
12  authorized under the program shall be limited, except as
13  otherwise provided under W.S. 9-12-304(c) and (d), to
14  community development organizations and state development
15  organizations and made in accordance with the provisions of
16  W.S. 9-12-304. Any community development organization or
17  state development organization may submit an application to
18  the council to participate in the program on forms
19  prescribed by and subject to rules promulgated by the
20  council.

21 

22         9-12-304.  Criteria for loans.

23 

 

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 1         (a)  Except as otherwise provided under W.S.
 2  9-12-304(c) and (d), loans under this article may only be
 3  made by the council to community development organizations
 4  and state development organizations which meet the
 5  following eligibility criteria:

 6 

 7         (b)  Loans or loan commitments or any combination
 8  thereof shall be made under this article only:

 9 

10              (i)  If the total amount to a single community
11  development organization, or to a business for an economic
12  disaster loan as provided under subsection (c) of this
13  section or to a business for bridge financing as provided
14  under subsection (d) of this section, does not exceed two
15  hundred fifty thousand dollars ($250,000.00), or if the
16  total amount to a state development organization does not
17  exceed one million dollars ($1,000,000.00);

18 

19         (d)  Any business may apply to the council for bridge
20  financing as defined in W.S. 9-12-301(a)(vi). The council
21  shall prescribe the form and contents of such application.
22  The council shall review each application and make a
23  determination as soon as practicable.

24 

 

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 1         Section 2.  This act is effective July 1, 2001.

 2 

 3                         (END)

 

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