SB121: Bill Text

LRB-0120/1

PJK:jrd:km

1995 - 1996 LEGISLATURE

Corrected Copy

1995 Senate BILL 121

March 22, 1995 - Introduced by Senators Weeden, Rude, Petak, Darling, Rosenzweig, Farrow, Buettner and Drzewiecki, cosponsored by Representatives Hahn, Riley, Notestein, Baldus, Black, Robson, Springer, Olsen and Plombon. Referred to Committee on Health, Human Services and Aging.

SB121,1,3 An Act to repeal 231.01 (3c) (c) and (d); and to amend 66.521 (2) (k) 22., 231.03 (6) (e), 231.03 (6) (f), 231.03 (13) and 231.03 (14) of the statutes; relating to: issuing bonds to finance certain child care centers.

Analysis by the Legislative Reference Bureau

The Wisconsin health and educational facilities authority (WHEFA) may issue bonds to finance certain projects of health or educational institutions and to refinance outstanding debt of health or educational institutions. Until March 31, 1994, WHEFA was also authorized to issue bonds to finance any project undertaken by an eligible child care provider for an eligible child care center, or to refinance outstanding debt of an eligible child care provider. A child care provider was eligible if it was licensed by the department of health and social services, certified by a county department of social or human services or established or contracted for by a school board, to provide child care services, and if it was tax exempt. A child care center was eligible for financing if it was used exclusively to provide child care services, was not operated for profit, was located in a commercial or industrial park of a city, village or town and provided child care services to a significant number of persons employed by businesses in the commercial or industrial park in which it was located. Such a child care center was also eligible until March 31, 1994, for financing by a city, village or town through the issuance of industrial revenue bonds.

This bill extends the authority of WHEFA and of cities, villages and towns to issue bonds for financing eligible child care centers to the first day of the 24th month beginning after the effective date of the bill. The bill also removes the requirements that a child care center be located in a commercial or industrial park and that it provide services to a significant number of persons employed in the commercial or industrial park in order to be eligible for financing.

For further information see the state and local fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SB121, s. 1 Section 1. 66.521 (2) (k) 22. of the statutes is amended to read:

SB121,2,4 66.521 (2) (k) 22. Child care centers, as defined in s. 231.01 (3c), except that this subdivision does not apply on or after March 31, 1994 the first day of the 24th month beginning after the effective date of this subdivision .... [revisor inserts date].

SB121, s. 2 Section 2. 231.01 (3c) (c) and (d) of the statutes are repealed.

SB121, s. 3 Section 3. 231.03 (6) (e) of the statutes is amended to read:

SB121,2,10 231.03 (6) (e) Finance any project undertaken for a child care center by a child care provider, except that this paragraph does not apply on or after March 31, 1994 the first day of the 24th month beginning after the effective date of this paragraph .... [revisor inserts date].

SB121, s. 4 Section 4. 231.03 (6) (f) of the statutes is amended to read:

SB121,2,15 231.03 (6) (f) Refinance outstanding debt of any participating child care provider, except that this paragraph does not apply on or after March 31, 1994 the first day of the 24th month beginning after the effective date of this paragraph .... [revisor inserts date].

SB121, s. 5 Section 5. 231.03 (13) of the statutes is amended to read:

SB121,3,7 231.03 (13) Make loans to any participating health institution, participating educational institution or, before March 31, 1994 the first day of the 24th month beginning after the effective date of this subsection .... [revisor inserts date], participating child care provider for the cost of a project in accordance with an agreement between the authority and the participating health institution, participating educational institution or participating child care provider. The authority may secure the loan by a mortgage or other security arrangement on the health facility, educational facility or child care center granted by the participating health institution, participating educational institution or participating child care provider to the authority. The loan may not exceed the total cost of the project as determined by the participating health institution, participating educational institution or participating child care provider and approved by the authority.

SB121, s. 6 Section 6. 231.03 (14) of the statutes is amended to read:

SB121,3,16 231.03 (14) Make loans to a health facility, educational facility or, before March 31, 1994 the first day of the 24th month beginning after the effective date of this subsection .... [revisor inserts date], child care center for which bonds may be issued under sub. (6) (b), (d) or (f) to refinance the health facility's, educational facility's or child care center's outstanding debt. The authority may secure the loan or bond by a mortgage or other security arrangement on the health facility, educational facility or child care center granted by the participating health institution, participating educational institution or participating child care provider to the authority.

SB121,3,17 (End)