AB733: Bill Text

AB733,21,21 (6) Establish the annual budget of the authority and monitor its fiscal management.

AB733,21,23 (7) Execute contracts and other instruments required for the operation of the authority.

AB733,21,25 (8) Employ any officers, agents, and employees that it may require and determine their qualifications, duties, and compensation.

AB733,22,1 (9) Issue notes, bonds, and any other obligations.

AB733,22,2 (10) Make loans.

AB733,22,3 (11) Make grants.

AB733,22,4 (12) Incur debt.

AB733,22,5 (13) Make equity and other investments.

AB733,22,6 (14) Procure liability insurance.

AB733,22,12 239.04 Liability limited. Neither the state nor any political subdivision of the state, nor any officer, employee, or agent of the state or a political subdivision of the state who is acting within the scope of employment or agency, is liable for any debt, obligation, act, or omission of the authority. A debt of the authority is not a debt of the state, and the authority may not create a debt of the state. Each note, bond, or other obligation of the authority shall contain on its face a statement to that effect.

AB733,22,13 subchapter II

AB733,22,14 Business seed fund

AB733,22,15 239.10 Definitions. In this subchapter:

AB733,22,18 (1) "Financial institution" means a bank, a savings bank, a savings and loan association, a trust company, or a credit union, whether chartered under the laws of this state, another state or territory, or under the laws of the United States.

AB733,22,19 (2) "Fund" means the business seed fund.

AB733,22,20 (3) "Fund capital" means moneys in or received from the fund.

AB733,22,22 (4) "Participant financial institution" means a financial institution that makes a contribution to the fund under s. 71.10 (5w) or 71.30 (12).

AB733,22,25 239.11 Establishment of fund. The authority shall establish a fund to be known as the "business seed fund" for making grants, loans, and investments under this subchapter.

AB733,23,4 239.12 Grants, loans, and investments. (1) Subject to sub. (2), the authority may make a grant or loan of fund capital to, or may make an investment of fund capital in, a business proposed to the authority by a participant financial institution.

AB733,23,6 (2) The authority may commit fund capital to a business under this section only if all of the following requirements are satisfied:

AB733,23,7 (a) The business is or will be headquartered in this state.

AB733,23,9 (b) The business is a seed or early stage business as determined by the authority.

AB733,23,14 (c) The participant financial institution or the business demonstrates to the satisfaction of the authority that the grant, loan, or investment in the business will assist the business to create and retain for a period of time established by the authority full-time jobs in addition to any existing full-time jobs the business already provides.

AB733,23,17 (d) Subject to sub. (3), a loan or investment made by the authority under this section shall be on terms that are substantially equivalent to the terms applicable for the business's other lenders or investors that are in the seed capital industry.

AB733,23,20 (3) The authority may share profits from a loan or investment under this section with the participant financial institution that proposes the loan or investment.

AB733,23,23 (4) The authority may require that a business receiving a grant under this section repay to the authority the amount of the grant under conditions established by the authority.

AB733,24,3 239.13 Annual report. Annually, the authority shall submit to the governor and to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report that includes all of the following:

AB733,24,5 (1) An accounting of the moneys received in the fund from participant financial institutions.

AB733,24,7 (2) An accounting of all expenditures from the fund by the authority for any purpose during the preceding year.

AB733,24,9 (3) For each business that received a grant, loan, or investment from the authority under s. 239.12, all of the following:

AB733,24,10 (a) The name and address of the business.

AB733,24,11 (b) A description of the nature of the business.

AB733,24,12 (c) The amount of the grant, loan, or investment.

AB733,24,14 (d) A description of the purposes for which the business used or is using the grant, loan, or investment.

AB733,24,19 (e) A statement of the number of employees the business employed when the business first received a grant, loan, or investment of fund capital, the number of employees the business employed on January 1 of the year preceding the year of the report, and the number of employees the business employed on December 31 of that year.

AB733,24,22 (4) A detailed assessment of the success to date of the fund and of the authority's grants, loans, and investments of fund capital in businesses under this subchapter.

AB733, s. 41 Section 41 . Nonstatutory provisions.

AB733,24,25 (1) Definition. In this section, "authority" means the Wisconsin Seed Fund Authority, as created by this act.

AB733,25,1 (2) Initial appointments.

AB733,25,11 (a) Notwithstanding the requirement of advice and consent of the senate under section 239.02 (1) (a) of the statutes, as created by this act, the initial members of the board of directors of the authority nominated by the governor under that section may be provisionally appointed by the governor, subject to later senate confirmation. Any provisional appointment shall be in full force until withdrawn by the governor or acted upon by the senate, and if confirmed by the senate shall continue for the remainder of the unexpired term of the member and until a successor is chosen and qualifies. A provisional appointee may exercise all the powers and duties of board membership to which the person is appointed during the time in which the appointee qualifies.

AB733,25,18 (b) A provisional appointment made under paragraph (a) that is withdrawn by the governor shall, upon withdrawal, lapse and create a vacancy for provisional appointment of another initial member of the board of directors or chairperson of the board of the authority. Any provisional appointment made under paragraph (a) that is rejected by the senate shall upon rejection lapse and create a vacancy for nomination and appointment of another initial board member or chairperson of the board under paragraph (a).

AB733,25,21 (c) Notwithstanding the lengths of terms specified in section 239.02 (1) of the statutes, as created by this act, the initial members of the board of directors of the authority shall be appointed for the following terms:

AB733,25,22 1. One member appointed by the governor for a term expiring on July 1, 2015.

AB733,25,25 2. One member appointed by the governor, the member appointed by the speaker of the assembly, and the member appointed by the majority leader of the senate, for terms expiring on July 1, 2016.

AB733,26,1 3. Two members appointed by the governor for terms expiring on July 1, 2017.

AB733,26,2 (End)