Chapter 14

 

Fees For Administrative Services and Interest Rates

 

Section 1. Authority. This Chapter is promulgated under the authority of Wyoming Statute (W.S.) 11-34-103(a), W.S. 11-34-103(b), W.S. 11-34-121, W.S. 11-34-118, W.S. 16-1-109, W.S. 11-34-117(a), W.S. 11-34-117(b), W.S. 11-52-102(b)(i), W.S. 16-1-205(b)(i), W.S. 16-1-305(b)(i), W.S. 35-11-530(a), W.S. 35-11-528(e), W.S. 21-18-319(a), W.S. 16-1-111(a), and W.S. 16-1-111(d).

 

Section 2. Fees. The Office shall collect the following fees for administrative services associated with the Board's programs:

 

(a) For all loans under Chapter 7:

 

(i) All applicants shall pay an application fee of one hundred dollars ($100.00).

 

(ii) All borrowers shall pay a fee of one percent (1%) of the amount of the loan at closing.

 

(b) For all loans under Chapter 38, the Office shall collect an origination fee in the amount of one-half of one percent (0.5%) of the approved loan amount.

 

(c) The fee for reamortization of any loan will be 1% of the reamortized amount.

 

(d) The Office shall collect fees on behalf of the Board for costs incurred by the Department of Education related to the approval and monitoring of charter schools pursuant to W.S. 21-3-302.1(c).

 

(e) For all loans under Chapter 43, the Office shall collect an origination fee in the amount of two percent (2%) of the approved loan amount.

 

Section 3. Interest Rates. The Board will charge the following interest rates on loans and amortized sales contracts associated with its programs:

 

(a) For loans awarded under Chapter 2, Joint Powers Act Loans, the interest rate shall be not less than the average rate of return realized on all Permanent Mineral Trust Fund investments as determined by the State Treasurer for the five (5) calendar years immediately preceding the year in which the loan is made; no equity requirement.

 

(b) For loans awarded under Chapter 7, Farm Loans:

 

(i) For farm loans that are not Beginning Agricultural Producer loans, the interest rate shall be equal to the yield on a United States Treasury security of the same duration of the loan. The Board may add an additional percentage not to exceed two percent (2%) as a risk premium to the interest rate established under this paragraph. The rate of interest for all farm loans shall not be less than three percent (3%).

 

(ii) For Beginning Agricultural Producer loans, as defined in Chapter 7, Section 2(c), for the first ten (10) years of the loan the rate shall be equal to the yield on a ten (10) year United States Treasury bond security. At the end of the ten (10) year period the interest rate shall be equal to the yield on a United States Treasury security of the same duration of the loan. The Board may add an additional percentage not to exceed two percent (2%) as a risk premium to the interest rate established under this paragraph. The rate of interest for all farm loans to Beginning Agricultural Producers shall not be less than three percent (3%). Loans to Beginning Agricultural Producers shall not exceed seventy percent (70%) of the land's value.

 

(iii) For the sale of lands acquired through farm loan foreclosure, the interest rate shall be:

 

(A) Eight percent (8%) per annum for contracts up to fifty percent (50%) of sale price;

 

(B) Nine percent (9%) per annum for contracts up to sixty percent (60%) of sale price;

 

(C) Ten percent (10%) per annum for contracts up to seventy percent (70%) of sale price.

 

(c) For loans awarded under Chapter 11, Clean Water State Revolving Fund Loans, the interest rate shall be:

 

(i) Zero percent (0%) per annum on Department of Environmental Quality Loans for corrective actions at leaking underground and aboveground storage tank sites, pursuant to W.S. 16-1-106(b);

 

(ii) Zero percent (0%) per annum for all eligible applicants that qualify Green Project Reserve funding as defined by Chapter 11;

 

(iii) One and one-half percent (1.5%) per annum for applicants receiving the full amount of Principal Forgiveness for which they are eligible;

 

(iv) Zero percent (0%) per annum on loans for applicants that volunteer to serve as a Clean Water State Revolving Fund equivalency project for a federal grant.

 

(v) A reduced rate as follows, when the program does not have sufficient Principal Forgiveness (PF) funding to award the applicants the full amount of PF that they are eligible for, in addition to receiving partial PF, the applicants shall receive a reduced interest rate as follows.

 

(A) Applicants eligible for seventy-five percent (75%) PF are eligible for an interest rate of one-half of one percent (0.5%) per annum;

 

(B) Applicants eligible for fifty percent (50%) PF are eligible for an interest rate of three-quarters of one percent (0.75%) per annum;

 

(C) Applicants eligible for twenty-five percent (25%) PF are eligible for an interest rate of one percent (1%) per annum;

 

(vi) In accordance with this paragraph loans may qualify for the large loan interest rate incentive as follows:

 

(A) Loans in an amount greater than or equal to seven million, five hundred thousand dollars ($7,500,000) and less than ten million dollars ($10,000,000) shall qualify for an interest rate of three-quarters of one percent (0.75%) per annum;

 

(B) Loans in an amount greater than or equal to ten million dollars ($10,000,000) and less than fifteen million dollars ($15,000,000) shall qualify for an interest rate of one-half of one percent (0.5%) per annum;

 

(C) Loans in an amount greater than or equal to fifteen million dollars ($15,000,000) shall qualify for an interest rate of one-quarter of one percent (0.25%) per annum.

 

(vii) Zero percent (0%) per annum for loans that will consolidate a smaller system into an already existing system; or consolidate two or more smaller systems into one consolidated system.

 

(viii) Zero percent (0%) per annum for loans receiving Investment in Infrastructure and Jobs Act (IIJA) Emerging Contaminants Funding.

 

(ix) One and one-quarter percent of one percent (1.25%) per annum for applicants that are not eligible for PF or for loans not receiving a reduced interest rate in accordance with any of the above provisions.

 

(d) For loans awarded under Chapter 16, Drinking Water State Revolving Fund Loans, the interest rate shall be:

 

(i) Zero percent (0%) per annum for all eligible applicants that qualify for Green Project Reserve funding, as defined by Chapter 16;

 

(ii) One and one-half percent (1.5%) per annum for applicants receiving the full amount of PF for which they are eligible.

 

(iii) Zero percent (0%) per annum on loans that volunteer to serve as a Drinking Water State Revolving Fund equivalency project for a federal grant.

 

(iv) A reduced rate as follows, when the program does not have sufficient PF funding to award the applicants the full amount of PF that they are eligible for, in addition to receiving partial PF, the applicants shall receive a reduced interest rate as follows.

 

(A) Applicants eligible for seventy-five percent (75%) PF are eligible for an interest rate of one-half of one percent (0.5%) per annum;

 

(B) Applicants eligible for fifty percent (50%) PF are eligible for an interest rate of three-quarters of one percent (0.75%) per annum;

 

(C) Applicants eligible for twenty-five percent (25%) PF are eligible for an interest rate of one percent (1%) per annum.

 

(v) In accordance with this paragraph loans may qualify for the large loan interest rate incentive as follows.

 

(A) Loans in an amount greater than or equal to five million dollars ($5,000,000) and less than seven million, five hundred thousand dollars ($7,500,000) shall qualify for an interest rate of three-quarters of one percent (0.75%) per annum.

 

(B) Loans in an amount greater than or equal to seven million, five hundred thousand dollars ($7,500,000) and less than ten million dollars ($10,000,000) shall qualify for an interest rate of one-half of one percent (0.5%) per annum.

 

(C) Loans in an amount greater than or equal to ten million dollars ($10,000,000) shall qualify for an interest of one-quarter of one percent (0.25%) per annum.

 

(vi) Zero percent (0%) per annum for loans receiving IIJA Emerging Contaminants Funding.

 

(vii) Zero percent (0%) per annum for loans receiving IIJA Lead Service Line Replacement Funding.

 

(viii) Zero percent (0%) per annum for loans that will consolidate a smaller system into an already existing system; or consolidate two or more smaller systems into one consolidated system.

 

(ix) One and one-quarter percent of one percent (1.25%) per annum for applicants that are not eligible for loans not receiving a reduced interest rate in accordance with any of the above provisions.

 

(e) For loans awarded under Chapter 35, Municipal Solid Waste Facilities Cease and Transfer Loan and Grant Program, interest rates:

 

(i) May be at zero percent, up to an annual interest rate equal to the average prime interest rate as determined by W.S. 35-11-528(e). In no event, shall the interest rate exceed an annual interest rate equal to the average prime interest rate as determined by the state treasurer. Interest rates established under this section shall be adjusted on January 1 of each year.

 

(ii) Shall be established in recognition of the repayment abilities and needs of the applicant eligible for loans under the program.

 

(f) For loans awarded under Chapter 37, Student Dormitory Capital Construction Loans:

 

(i) Loans shall be at an interest rate of one percent (1%) plus seventy-five thousandths of one percent (0.075%) for each year of the loan term in excess of five (5) years.

 

(ii) Refinanced loans under Chapter 37, shall be at the same rate specified under Subparagraph (A) of this Paragraph.

 

(g) For loans awarded under Chapter 38, Capital Construction Loans,

 

(i) Loans shall be at an interest rate equal to the yield on a United States treasury security of the same duration of the loan.

 

(ii) The board may add an additional percentage not to exceed two percent (2%) as a risk premium to the interest rate established under this subsection.

 

(iii) The rate of interest for all loans issued under Chapter 38 shall not be less than three percent (3%).

 

(h) For loans awarded under Chapter 43, Small Business Emergency Bridge Loan Program, interest rates:

 

(i) Shall not exceed zero percent (0%) plus the interest rate earned on pooled fund investments in the previous fiscal year.

 

 (A) The interest rate shall be reduced to account for investment earnings and the rate of return on investments of the small business emergency bridge loan account.