Amendment ASA1-AB40

AB40-ASA1,1165,23 (d) The borrower certifies that loan proceeds will not be used to refinance existing debt or for entertainment expenses.

AB40-ASA1,1166,3 (e) The loan term is not less that 13 years, and the borrower is not required to to pay any principal or interest on the loan within the first 3 years after the loan is made.

AB40-ASA1,1166,5 (f) The terms of the loan authorize the lender to obtain a security interest in the real or personal property of the borrower to secure repayment of the loan.

AB40-ASA1,1166,9 (4) Authority loan. The authority may make a loan to a public affairs network if the loan meets the eligibility requirements under sub. (3), except that the total principal amount of all loans that the authority makes under this subsection may not exceed $5,000,000.

AB40-ASA1,1166,14 (5) Guarantee of repayment. (a) Subject to par. (b), the authority shall guarantee collection of all or part of the unpaid principal of a loan eligible for guarantee under sub. (3). The authority shall establish the amount of the unpaid principal of an eligible loan that will be guaranteed using the procedures described in the guarantee agreement under s. 234.93 (2) (a).

AB40-ASA1,1166,15 (b) A loan guarantee under this subsection is subject to all of the following:

AB40-ASA1,1166,17 1. The authority shall guarantee at least 90 percent of the unpaid principal of an eligible loan.

AB40-ASA1,1166,19 2. The total principal amount of all loans guaranteed under this subsection may not exceed $5,000,000.

AB40-ASA1,1166,24 3. Before the authority guarantees a loan under this subsection, the authority shall demonstrate to the satisfaction of the secretary of administration that there are sufficient moneys in the Wisconsin development reserve fund to guarantee the loan, or that there are sufficient moneys in the housing rehabilitation loan program administration fund that may be transferred under par. (c) to guarantee the loan.

AB40-ASA1,1167,4 (c) Notwithstanding s. 234.51 (2), the authority may transfer moneys from the housing rehabilitation loan program administration fund to the Wisconsin development reserve fund for a loan guarantee under this subsection if all of the following conditions are met:

AB40-ASA1,1167,6 1. The authority determines that the transfer is necessary to secure the loan guarantee.

AB40-ASA1,1167,7 2. The transfer of moneys does not exceed $5,000,000.

AB40-ASA1,1167,10 3. Within 14 days after the transfer, the authority submits a report to the joint committee on finance that includes the amount of the transfer and a description of the circumstances surrounding the transfer.

AB40-ASA1, s. 2841 Section 2841. 234.83 (1c) (b) of the statutes is amended to read:

AB40-ASA1,1167,13 234.83 (1c) (b) "Small business" means a business, as defined in s. 560.60 (2) 84.185 (1) (a), that employs 50 or fewer employees on a full-time basis.

AB40-ASA1, s. 2842 Section 2842. 234.84 (1) of the statutes is amended to read:

AB40-ASA1,1167,16 234.84 (1) Definition. In this section, "department" "corporation" means the department of commerce Wisconsin Economic Development Corporation.

AB40-ASA1, s. 2843 Section 2843. 234.84 (3) (c) of the statutes is amended to read:

AB40-ASA1,1167,19 234.84 (3) (c) The interest rate on the loan, including any origination fees or other charges, is approved by the department corporation.

AB40-ASA1, s. 2844 Section 2844. 234.84 (4) (a) of the statutes is amended to read:

AB40-ASA1,1168,3 234.84 (4) (a) Subject to par. (b), the authority shall guarantee collection of a percentage of the principal of, and all interest and any other amounts outstanding on, any loan eligible for a guarantee under sub. (2). The department corporation shall establish the percentage of the principal of an eligible loan that will be guaranteed, using the procedures described in the agreement under s. 234.932 (3) (a). The department corporation may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.

AB40-ASA1, s. 2845 Section 2845. 234.84 (5) (a) of the statutes is amended to read:

AB40-ASA1,1168,12 234.84 (5) (a) The program under this section shall be administered by the department corporation with the cooperation of the authority. The department corporation shall enter into a memorandum of understanding with the authority setting forth the respective responsibilities of the department corporation and the authority with regard to the administration of the program, including the functions and responsibilities specified in s. 234.932. The memorandum of understanding shall provide for reimbursement to the department corporation by the authority for costs incurred by the department corporation in the administration of the program.

AB40-ASA1, s. 2846 Section 2846. 234.84 (5) (b) of the statutes is amended to read:

AB40-ASA1,1168,16 234.84 (5) (b) The department corporation may charge a premium, fee, or other charge to a borrower of a guaranteed loan under this section for the administration of the loan guarantee.

AB40-ASA1, s. 2846c Section 2846c. 234.93 (1) (cm) of the statutes is amended to read:

AB40-ASA1,1168,20 234.93 (1) (cm) Any moneys transferred under 1999 Wisconsin Act 9, section 9125 (1), or under s. 234.75 (5) (c), from the housing rehabilitation loan program administration fund.

AB40-ASA1, s. 2846g Section 2846g. 234.93 (4) (a) 2. of the statutes is amended to read:

AB40-ASA1,1169,2 234.93 (4) (a) 2. To fund guarantees under all of the programs guaranteed by funds from the Wisconsin development reserve fund, except for the program under s. 234.935, 1997 stats., and the program under s. 234.75, at a ratio of $1 of reserve funding to $4.50 of total outstanding principal and outstanding guaranteed principal that the authority may guarantee under all of those programs.

AB40-ASA1, s. 2646r Section 2646r. 234.93 (4) (a) 3. of the statutes is amended to read:

AB40-ASA1,1169,7 234.93 (4) (a) 3. To fund guarantees under the program under s. 234.935, 1997 stats., and the program under s. 234.75 at a ratio of $1 of reserve funding to $4 of total principal and outstanding guaranteed principal that the authority may guarantee under that program.

AB40-ASA1, s. 2847 Section 2847. 234.932 (1) of the statutes is repealed.

AB40-ASA1, s. 2848 Section 2848. 234.932 (2) (a) of the statutes is amended to read:

AB40-ASA1,1169,12 234.932 (2) (a) Moneys appropriated to the authority under s. 20.490 (6) (a) and (k) or received by the authority for the Wisconsin job training reserve fund from any other source.

AB40-ASA1, s. 2849 Section 2849. 234.932 (3) (a) (intro.) of the statutes is amended to read:

AB40-ASA1,1169,19 234.932 (3) (a) (intro.) The authority or department shall enter into a guarantee agreement with any bank, production credit association, credit union, savings bank, savings and loan association, or other person who wishes to participate in the loan program guaranteed by the Wisconsin job training reserve fund. The authority or department may determine all of the following, consistent with the terms of the loan guarantee program:

AB40-ASA1, s. 2850 Section 2850. 234.932 (3) (a) 2. of the statutes is amended to read:

AB40-ASA1,1169,22 234.932 (3) (a) 2. Any conditions upon which the authority or department may refuse to enter into such an agreement.

AB40-ASA1, s. 2851 Section 2851. 234.932 (3) (c) of the statutes is amended to read:

AB40-ASA1,1170,3 234.932 (3) (c) The department Wisconsin Economic Development Corporation may establish an eligibility criteria review panel, consisting of experts in finance and in the subject area of the job training loan guarantee program, to provide advice about lending requirements and issues related to the job training loan guarantee program.

AB40-ASA1, s. 2852 Section 2852. 234.932 (4) of the statutes is amended to read:

AB40-ASA1,1170,15 234.932 (4) Increases or decreases in loan guarantees. The authority or department may request the joint committee on finance to take action under s. 13.10 to permit the authority to increase or decrease the total outstanding guaranteed principal amount of loans that it may guarantee under the job training loan guarantee program. Included with its request, the authority or department shall provide a projection, for the next June 30, that compares the amounts required on that date to pay outstanding claims and to fund guarantees under the job training loan guarantee program, and the balance remaining in the Wisconsin job training reserve fund on that date after deducting such amounts, if the increase or decrease is approved, with such amounts and the balance remaining, if the increase or decrease is not approved.

AB40-ASA1, s. 2853 Section 2853. 234.932 (5) of the statutes is amended to read:

AB40-ASA1,1170,20 234.932 (5) Annual report. Annually, the authority or department shall report on the number and total dollar amount of guaranteed loans under the job training loan guarantee program, the default rate on the loans and any other information on the program that the authority or department determines is significant.

AB40-ASA1, s. 2854 Section 2854. 235.02 (2) (d) of the statutes is amended to read:

AB40-ASA1,1170,23 235.02 (2) (d) The secretary of commerce, or the secretary's chief executive officer of the Wisconsin Economic Development Corporation, or his or her designee.

AB40-ASA1, s. 2855 Section 2855. 236.12 (2) (a) of the statutes is amended to read:

AB40-ASA1,1171,13 236.12 (2) (a) Two copies for each of the state agencies required to review the plat to the department which shall examine the plat for compliance with ss. 236.15, 236.16, 236.20 and 236.21 (1) and (2). If the subdivision abuts or adjoins a state trunk highway or connecting highway, the department shall transmit 2 copies to the department of transportation so that agency may determine whether it has any objection to the plat on the basis of its rules as provided in s. 236.13. If the subdivision is not served by a public sewer and provision for that service has not been made, the department shall transmit 2 copies to the department of commerce safety and professional services so that that agency may determine whether it has any objection to the plat on the basis of its rules as provided in s. 236.13. In lieu of this procedure the agencies may designate local officials to act as their agents in examining the plats for compliance with the statutes or their rules by filing a written delegation of authority with the approving body.

AB40-ASA1, s. 2856 Section 2856. 236.13 (1) (d) of the statutes is amended to read:

AB40-ASA1,1171,18 236.13 (1) (d) The rules of the department of commerce safety and professional services relating to lot size and lot elevation necessary for proper sanitary conditions in a subdivision not served by a public sewer, where provision for public sewer service has not been made;

AB40-ASA1, s. 2857 Section 2857. 236.13 (2m) of the statutes is amended to read:

AB40-ASA1,1172,8 236.13 (2m) As a further condition of approval when lands included in the plat lie within 500 feet of the ordinary high-water mark of any navigable stream, lake or other body of navigable water or if land in the proposed plat involves lake or stream shorelands referred to in s. 236.16, the department of natural resources, to prevent pollution of navigable waters, or the department of commerce safety and professional services, to protect the public health and safety, may require assurance of adequate drainage areas for private sewage disposal systems and building setback restrictions, or provisions by the owner for public sewage disposal facilities for waters of the state, as defined in s. 281.01 (18), industrial wastes, as defined in s. 281.01 (5), and other wastes, as defined in s. 281.01 (7). The public sewage disposal facilities may consist of one or more systems as the department of natural resources or the department of commerce safety and professional services determines on the basis of need for prevention of pollution of the waters of the state or protection of public health and safety.

AB40-ASA1, s. 2858 Section 2858. 236.335 of the statutes is amended to read:

AB40-ASA1,1172,17 236.335 Prohibited subdividing; forfeit. No lot or parcel in a recorded plat may be divided, or used if so divided, for purposes of sale or building development if the resulting lots or parcels do not conform to this chapter, to any applicable ordinance of the approving authority or to the rules of the department of commerce safety and professional services under s. 236.13. Any person making or causing such a division to be made shall forfeit not less than $100 nor more than $500 to the approving authority, or to the state if there is a violation of this chapter or the rules of the department of commerce safety and professional services.

AB40-ASA1, s. 2859 Section 2859. Subchapter I (title) of chapter 238 [precedes 238.01] of the statutes is created to read:

AB40-ASA1,1172,20 chapter 238

AB40-ASA1,1172,22 subchapter I general provisions

AB40-ASA1, s. 2859m Section 2859m. 238.02 (4) of the statutes is created to read:

AB40-ASA1,1173,3 238.02 (4) All powers and duties assigned to the corporation under this chapter shall be exercised or carried out by the board, unless the board delegates the power or duty to an employee of the corporation.

AB40-ASA1, s. 2860 Section 2860. 238.08 of the statutes is created to read:

AB40-ASA1,1173,9 238.08 Records of the corporation. All records of the corporation are open to the public as provided in s. 19.35 (1) except those records relating to pending grants, loans, or economic development projects that, in the opinion of the corporation, must remain confidential to protect the competitive nature of the grant, loan, or project.

AB40-ASA1, s. 2860m Section 2860m. 238.127 (2) (j) of the statutes is created to read:

AB40-ASA1,1173,12 238.127 (2) (j) The corporation shall expend at least $250,000 annually on the state main street program.

AB40-ASA1, s. 2861 Section 2861. 238.135 of the statutes is created to read:

AB40-ASA1,1173,18 238.135 Grants to regional economic development organizations. The corporation shall award annual grants to regional economic development organizations to fund marketing activities. The amount of each grant may not exceed $100,000 or the amount of matching funds the organization obtains from sources other than the corporation or the state, whichever is less.

AB40-ASA1, s. 2862 Section 2862. 238.145 of the statutes is created to read:

AB40-ASA1,1173,23 238.145 Wisconsin-source assets exclusion; business certification. (1) The corporation shall implement a program to certify businesses for purposes of s. 71.05 (25). A business shall submit an application to the corporation in each calendar year for which the business desires certification.

AB40-ASA1,1174,3 (2) The corporation may certify a business if, in the business's taxable year ending immediately before the date of the business's application, all of the following are true:

AB40-ASA1,1174,6 (a) The amount of payroll compensation paid by the business in this state, as determined by the corporation, is equal to at least 50 percent of the amount of all payroll compensation paid by the business, as determined by the corporation.

AB40-ASA1,1174,10 (b) The value of real and tangible personal property owned or rented and used by the business in this state, as determined by the corporation, is equal to at least 50 percent of the value of all real and tangible personal property owned or rented and used by the business, as determined by the corporation.

AB40-ASA1,1174,13 (3) The corporation shall notify the department of revenue of every certification issued under this section and of the date on which a certification is revoked or expires.

AB40-ASA1,1174,15 (4) The corporation, in consultation with the department of revenue, may adopt rules for the administration of this section.

AB40-ASA1,1174,18 (5) The corporation shall compile a list of businesses certified under this section and the taxable years for which the businesses are certified and shall make the list available to the public at the corporation's Internet Web site.

AB40-ASA1, s. 2863 Section 2863. 238.146 of the statutes is created to read:

AB40-ASA1,1174,23 238.146 Long-term Wisconsin capital assets deferral; business certification. (1) The corporation shall implement a program to certify businesses for purposes of s. 71.05 (26). A business shall submit an application to the corporation in each calendar year for which the business desires certification.

AB40-ASA1,1175,3 (2) The corporation may certify a business if, in the business's taxable year ending immediately before the date of the business's application, all of the following are true:

AB40-ASA1,1175,6 (a) The amount of payroll compensation paid by the business in this state, as determined by the corporation, is equal to at least 50 percent of the amount of all payroll compensation paid by the business, as determined by the corporation.

AB40-ASA1,1175,10 (b) The value of real and tangible personal property owned or rented and used by the business in this state, as determined by the corporation, is equal to at least 50 percent of the value of all real and tangible personal property owned or rented and used by the business, as determined by the corporation.

AB40-ASA1,1175,13 (3) The corporation shall notify the department of revenue of every certification issued under this section and of the date on which a certification is revoked or expires.

AB40-ASA1,1175,15 (4) The corporation, in consultation with the department of revenue, may adopt rules for the administration of this section.

AB40-ASA1,1175,18 (5) The corporation shall compile a list of businesses certified under this section and the taxable years for which the businesses are certified and shall make the list available to the public at the corporation's Internet Web site.

AB40-ASA1, s. 2864 Section 2864. 238.16 (3) (am) of the statutes is created to read:

AB40-ASA1,1175,20 238.16 (3) (am) The person increases net employment in the person's business.

AB40-ASA1, s. 2865 Section 2865. Subchapter II (title) of chapter 238 [precedes 238.30] of the statutes is created to read:

AB40-ASA1,1175,23 chapter 238

AB40-ASA1,1176,3 subchapter II tax incentives for business development

AB40-ASA1, s. 2867 Section 2867. 247.06 (1) (a) of the statutes is amended to read:

AB40-ASA1,1176,7 247.06 (1) (a) The foundation may distribute moneys appropriated under s. 20.220 (1) (r) to the arts board for programs that provide operating support to arts organizations and for the Wisconsin regranting program under s. 44.62 41.62.

AB40-ASA1, s. 2868 Section 2868. 247.06 (2) (b) of the statutes is amended to read: