Wyoming Gov. Dave Freudenthal has vetoed a bill that would have authorized the issuance of tax-exempt bonds for new agricultural producers.
The “Beginning Agricultural Producer Finance Authority Act” would have authorized the new authority to use the state’s private-activity bond volume cap allocation to provide financial assistance to “beginning agricultural producers” on more favorable interest-rate terms than they could ordinarily obtain.
“This is an admirable goal,” Freudenthal wrote in a veto letter. “However, based on consultation with the attorney general and private bond counsel, I believe this bill is significantly flawed and fails to achieve its admirable goal. In addition, the bill’s language is less than a model of clarity.”
In a fiscal note, the bill’s supporters predicted that it would support about $3 million in bond issuance within two years.