Bill No.:                     SF0023                                   Drafter:  MDO

LSO No.:                   13LSO-0144                         Effective Date:  7/1/2013

Enrolled Act No.:    SEA0050

Chapter No.:            CH0096

Prime Sponsor:       Joint Minerals, Business and Economic Development Interim Committee

Catch Title:              Challenge loan program-natural gas vehicle infrastructure.

Subject:                     Loans of state funds to finance the construction of natural gas fueling infrastructure for public use.

Summary/Major Elements:

· The Challenge Loan Program is administered by the Wyoming Business Council and is funded with monies which are exempt from the provisions of the Wyoming Constitution against the lending of state credit and other limitations on the use of public funds by Article 16, Section 12 of the Wyoming Constitution.

· This act creates natural gas fueling infrastructure loans to finance specified costs necessary to install a functioning natural gas filling station to fuel motor vehicles.

· Loans issued under this act shall not exceed the lesser of 75% of the total cost of the project or $1,000,000.  The total amount of loans issued for natural gas fueling infrastructure shall not exceed $5,000,000.

· All principal and interest payments are deferred during the first two years of the loan term.

· When evaluating loan applications, the Wyoming Business Council shall consider whether:

§ The area in which the natural gas fueling station is currently served by a natural gas fueling station; and

§ Whether the area to be served by the natural gas fueling infrastructure has a significant number of government or private fleet vehicles with the potential to convert to natural gas.