LRB-3313/1
PJK:kmg:pg
2001 - 2002 LEGISLATURE
November 16, 2001 - Introduced by Representatives Wieckert, Plale, Underheim,
F. Lasee, McCormick, J. Fitzgerald, Starzyk, Vrakas, Kaufert, Ott,
Krawczyk, Owens, Nass, Hundertmark, Olsen, Gunderson, Sykora, Jensen,
Montgomery, Leibham, Bies, Ryba, Sinicki and Walker, cosponsored by
Senators Robson, George, Baumgart, Welch, S. Fitzgerald, Ellis, Roessler,
Kanavas, Cowles, Lazich and Rosenzweig. Referred to Committee on
Government Operations.
AB642,1,4
1An Act to amend 231.01 (4m) of the statutes;
relating to: authorizing the
2Wisconsin Health and Educational Facilities Authority to issue bonds to
3finance a project undertaken for a facility used for education by a private,
4tax-exempt institution.
Analysis by the Legislative Reference Bureau
Under current law, the Wisconsin Health and Educational Facilities Authority
(WHEFA) may issue bonds to finance certain projects undertaken for educational
facilities. Projects that may be financed include, among others, the construction,
remodeling, furnishing, or equipping of an educational facility or related structure.
An educational facility is defined as a regionally accredited, private, nonprofit
postsecondary educational institution. This bill redefines an educational facility as
a facility used for education by a regionally accredited, private, nonprofit institution
so that the education-related projects for which WHEFA may issue bonds are not
limited to facilities and related structures for postsecondary education purposes.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB642, s. 1
5Section
1. 231.01 (4m) of the statutes is amended to read:
AB642,2,5
1231.01
(4m) "Educational facility" means a
facility used for education by a 2regionally accredited, private
, postsecondary educational institution
that is 3described in section
501 (c) (3) of the Internal Revenue Code, as defined in s. 71.22
4(4),
and that is exempt from federal taxation under section
501 (a) of the Internal
5Revenue Code.
