Local governments could seek funding for water and wastewater projects

The State Loan and Investment Board would provide financial help for eligible community water and wastewater projects. Cities, towns, and special districts could seek help with planning and preparation, required local contributions, repayment of other state or federal loans, and joining regional systems. Systems would have to charge customer rates that meet the referenced state law. Projects would need to qualify for a state drinking water or pollution control loan program, qualify for local government construction funding, or be a legislature-approved Wyoming Water Development Office project. Assistance would require a majority vote of the board and available program funds. Recipients would have to keep depreciation funds: money set aside to account for facilities losing value over time.

The State Loan and Investment Board could borrow up to $50 million each fiscal year to fund the program. The program could also receive other funds. The borrowing limit would cover both state accounts combined. The board would borrow from the strategic investments and projects account first. If that account lacked enough unspent, uncommitted money, it could borrow from the legislative stabilization reserve account. Borrowed money would have to be repaid to its source account. Interest would equal the source fund’s previous fiscal year rate of return, with a minimum of 0% and a maximum of 1.5%. The $50 million borrowing ceiling would apply separately to each fiscal year.

The State Loan and Investment Board would manage applications and repayments, adopt rules, audit the program, and report to lawmakers. The Office of State Lands and Investments would help run the program. Application reviews would consider population, ability to pay or repay, customer rates and reserves, options for joining regional systems, and audit records. Reports would be due by November 1 each year and cover assistance provided during the immediately preceding fiscal year.