Bill No.:         SF0100                                               Drafter: TH

LSO No.:       14LSO-0317                                     Effective Date: 7/1/2014

Enrolled Act No.:    SEA0067

Chapter No.:                        CH0127

Prime Sponsor:       Senator Nicholas, P.

Catch Title:              Business ready community program modifications.

Subject:                     Modification of the business ready community program.

Summary/Major Elements:

· The act modifies the business ready community program as administered by the Wyoming business council.

· The law previously required repayment of loans to be credited to the business ready community account for redistribution.

· This act requires revenue generated in relation to grants may also be recaptured by the business council in accordance with rules and regulations to be promulgated.

· The act requires loan and grant recipients report to the business council on expenditures and progress at least annually, unless requested more frequently by the business council.  It also requires a comprehensive report, including a cumulative financial audit, upon completion of the term of the loan or grant activities.

Comments:

· Report required:  November 1 of each year, the Wyoming business council is required to report to the joint appropriations interim committee and the joint minerals, economic and business development interim committee on the administration of the business ready community program.