CHEYENNE, Wyo. (AP) - The Wyoming Senate has approved a bill to establish a loan program that supporters say would let the state government move quickly to recruit large business ventures.
The Senate voted 26-to-4 on Tuesday to send the bill sponsored by Republican Sen. Hank Coe of Cody to the House for its consideration.
Coe's bill started out as a carefully tailored effort to approve $25 million in state loans to Lannett Company, a New Jersey pharmaceutical firm that's weighing a possible expansion of its lab in Cody.
The bill was amended after some critics voiced concern the original version would violate a state constitutional prohibition against legislation to benefit a single entity.
As amended, the bill calls for state officials including the treasurer and the governor to vet large business loan applications.
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