Administrative Rule Review Report #AR07-030
Legislative Service Office
21-May-07
AGENCY: Department of Transportation.
DATE SUBMITTED: May 14, 2007.
SUBJECT: Chapter 2, Wyoming Aeronautics Commission Loans.
NATURE OF RULES: Legislative and procedural.
STATUTORY AUTHORITY: W.S. 10-3-403(a), (e).
DETERMINATION OF PROCEDURAL COMPLIANCE BASED UPON INFORMATION
SUBMITTED BY THE AGENCY TO LSO: Apparently complete to date.
SUMMARY OF RULES: W.S. 10-3-403 authorizes the Transportation Commission to make loans to Wyoming counties, cities, towns and joint powers boards for the construction, development and improvement of commercial airports. This rule revises the Commission's loan program rules adopted March 29, 2004. The changes include:
· Repeal of a prohibition on refinancing of loans;
· Minor revisions to application documentation requirements;
· Requiring loan applicants to identify the sources of funds for repayment;
· Repeal of reference to the Division's Project Priority Rating Model as an evaluation criteria;
· Establishment of a fixed 5% loan interest rate;
· Authorization for the Commission to withhold a defaulting borrower's yearly state grant funding for application to delinquent loan repayments;
· Repeal of a section requiring disbursements of loan proceeds by the Aeronautics Division from an escrow account maintained by the Division;
· Authorization of Commission inspections and audits at any time during the life of a loan.
FINDINGS: The rules appear to be within the scope of statutory authority and legislative intent.
STAFF RECOMMENDATION: That the rules be placed on the Consent List and be approved by the Council as submitted by the Agency.
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Gerald W. Laska
Staff Attorney
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David K. Gruver
Assistant Director
GWL/