Amendment AA1-AA3-AB389

LRBa0528/2

MDK:jlg&kmg:mrc

1999 - 2000 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO ASSEMBLY AMENDMENT 3, TO 1999 ASSEMBLY BILL 389

June 23, 1999 - Offered by Representative Hoven.

AB389-AA3-AA1,1,1 At the locations indicated, amend the amendment as follows:

AB389-AA3-AA1,1,2 1. Page 1, line 1: after that line insert:

AB389-AA3-AA1,1,4 "1g. Page 2, line 18: after "emissions," insert "real estate activities by certain public utilities and affiliates,".".

AB389-AA3-AA1,1,5 2. Page 1, line 2: delete "1" and substitute "1r".

AB389-AA3-AA1,1,8 3. Page 2, line 11: delete ", as defined in s. 180.0103 (8)." and substitute ". "Engage" does not include taking an action necessary to protect an ownership interest in an entity.".

AB389-AA3-AA1,1,9 4. Page 2, line 12: before that line insert:

AB389-AA3-AA1,1,10 "(dg) "Entity" has the meaning given in s. 180.0103 (8).

AB389-AA3-AA1,1,11 (dr) "Financial support" includes investments, loans and grants.".

AB389-AA3-AA1,1,12 5. Page 3, line 12: delete "or contracting to build".

AB389-AA3-AA1,2,1 6. Page 3, line 22: after "following" insert "in this state".

AB389-AA3-AA1,2,2 7. Page 4, line 1: after that line insert:

AB389-AA3-AA1,2,6 "(e) Directly or indirectly own in any chain of successive ownership 50% or more of the ownership interest of an entity that engages in property management for a 3rd party, real estate practice, residential real estate development or residential or commercial construction.".

AB389-AA3-AA1,2,7 8. Page 4, line 21: after that line insert:

AB389-AA3-AA1,2,10 "6. Acquiring or disposing of property or interests in property if the acquisition or disposition is related to the operation of a public utility and the acquisition or disposition satisfies one of the following:

AB389-AA3-AA1,2,12 a. The acquisition or disposition is conducted under a contract with a 3rd party that is engaged in real estate practice.

AB389-AA3-AA1,2,14 b. The acquisition or disposition is conducted by an individual engaged in real estate practice or employed by a public utility.".

AB389-AA3-AA1,2,15 9. Page 5, line 1: delete lines 1 to 7.

AB389-AA3-AA1,2,16 10. Page 5, line 8: delete "2." and substitute "1.".

AB389-AA3-AA1,2,17 11. Page 5, line 13: delete lines 13 to 18 and substitute:

AB389-AA3-AA1,2,22 "2. Providing financial support for the purpose of economic development to 3rd parties that are engaged in an activity specified in sub. (2) (a) to (d). The public utility or nonutility subsidiary may profit directly from that activity only through receipt of profits that are incidental to the economic development project or interest earned on a loan.".

AB389-AA3-AA1,3,2 12. Page 5, line 19: after "that" insert "has engaged in residential construction prior to, or".

AB389-AA3-AA1,3,8 13. Page 5, line 21: delete lines 21 to 24 and substitute "directly or indirectly own in any chain of successive ownership 50% or more of the ownership interest of an entity that hires a 3rd party to engage in residential construction or commercial construction that is incidental to residential construction, except that the nonutility affiliate may not actively participate in the daily operations or daily business decisions of the entity.".

AB389-AA3-AA1,3,9 (End)