New Wyoming Laws Encourage Tech-based Economic Development

The Wyoming legislature wrapped up its 2001 General Session on March 1. Several laws and supplemental appropriations were made that affect local efforts to grow a stronger tech-based economy. 



Senate Enrolled Act (SEA) 10 permits the Wyoming Business Council to use state funds to provide bridge financing to businesses, not to exceed 35 percent of the total cost of any particular project. 



SEA 71 creates a ten-year University of Wyoming endowment challenge program through which the state treasurer will match 1:1 each substantial private donation made to the university’s endowment fund. The legislature appropriated $30 million for the program in this year’s budget. 



House Enrolled Act (HEA) 32 repeals the sunset provisions for the University of Wyoming technology transfer center program, which without the law, would have terminated July 1, 2001. 



The legislature also provided $250,000 for the preliminary assessment, analysis, design and cost estimates for the University of Wyoming to establish a Wyoming technology business center. 



SEA 52 creates the Wyoming Energy Commission to facilitate the development, production, transportation, marketing and use of Wyoming's coal, hydro, ethanol, natural gas, oil, uranium, solar and wind resources. A portion of the Commission’s activities and a $1 million appropriation is to be dedicated to recommending research, development and demonstration projects and programs necessary to evaluate the availability and cost effectiveness of conservation and renewable resources in Wyoming. 



To increase access to capital, HEA 87 permits the state treasurer to invest up to $100 million in industrial development bonds and up to $55 million in small businesses through the purchase portions of federal SBA loan, FHA business and industry loans, and EDA loans. Prior to the bill’s passage, the ceiling for both investment activities had been limited to $35 million. The Wyoming Business Council administers the investment programs. 



To increase telemedicine opportunities and practices in the state, HEA 117 authorizes the department of administration and information to provide telecommunications services to private health care providers through the Wyoming equality network infrastructure. 



All of the bills mentioned above can be found at: http://legisweb.state.wy.us/2001/billsInfo.htm 

The Wyoming Business Council’s web address is: http://wyomingbusiness.org