SB459, s. 21 25Section 21. 234.65 (2) (c) of the statutes is repealed.
SB459, s. 22
1Section 22. 234.65 (3) (intro.) of the statutes is amended to read:
SB459,6,32 234.65 (3) (intro.) Except as provided in sub. (3g), the The authority may
3finance an economic development loan only if all of the following conditions are met:
SB459, s. 23 4Section 23. 234.65 (3) (a) of the statutes, as affected by 2011 Wisconsin Act 32,
5is repealed.
SB459, s. 24 6Section 24. 234.65 (3) (am) of the statutes, as affected by 2011 Wisconsin Act
732
, is amended to read:
SB459,6,138 234.65 (3) (am) The authority has received an estimate issued under s. 238.11
9(5) (b), and the Wisconsin Economic Development Corporation has
estimated
10whether the project that the authority would finance under the loan is expected to
11eliminate, create, or maintain jobs on the project site and elsewhere in this state and
12the net number of jobs expected to be eliminated, created, or maintained as a result
13of the project.
SB459, s. 25 14Section 25. 234.65 (3) (b) of the statutes is repealed.
SB459, s. 26 15Section 26. 234.65 (3) (bm) of the statutes is created to read:
SB459,6,1716 234.65 (3) (bm) One or more other financial institutions participate in the
17economic development project.
SB459, s. 27 18Section 27. 234.65 (3) (d) of the statutes is repealed.
SB459, s. 28 19Section 28. 234.65 (3) (dg) of the statutes is amended to read:
SB459,6,2120 234.65 (3) (dg) The authority shall not assume primary unsecured or
21uncollateralized
risk for any economic development loan.
SB459, s. 29 22Section 29. 234.65 (3) (g) of the statutes is repealed.
SB459, s. 30 23Section 30. 234.65 (3g) of the statutes is amended to read:
SB459,6,2524 234.65 (3g) (a) Nothing in sub. (3) (a) or (am) may be considered to require a
25business signing a loan contract to satisfy an estimate under sub. (3) (am).
SB459,7,3
1(b) Paragraph (a) and sub. (3) (a) and (am) do not apply to a person engaged in
2the business of operating a railroad or to an economic development loan to finance
3an economic development project described under s. 234.01 (4n) (c).
SB459, s. 31 4Section 31. 234.65 (3m) of the statutes, as affected by 2011 Wisconsin Act 32,
5is amended to read:
SB459,7,86 234.65 (3m) An economic development loan may not be made unless the
7Wisconsin Economic Development Corporation authority complies with sub. (1m)
8and certifies that each loan complies with sub. (3).
SB459, s. 32 9Section 32. 234.65 (3r) of the statutes, as affected by 2011 Wisconsin Act 32,
10is amended to read:
SB459,7,1811 234.65 (3r) Any economic development loan that a business receives from the
12authority under this section to finance a project shall require the business to submit
13to the Wisconsin Economic Development Corporation authority within 12 months
14after the project is completed or 2 years after a loan is issued to finance the project,
15whichever is sooner, on a form prescribed under s. 234.11 (1), the net number of jobs
16eliminated, created, or maintained on the project site and elsewhere in this state as
17a result of the project. This subsection does not apply to an economic development
18loan to finance an economic development project described under s. 234.01 (4n) (c).
SB459, s. 33 19Section 33. 234.65 (5) (intro.) of the statutes, as affected by 2011 Wisconsin
20Act 32
, is renumbered 234.65 (4) (c) (intro.) and amended to read:
SB459,7,2521 234.65 (4) (c) (intro.) On or before July 1, 1985, and every July 1 thereafter, the
22Wisconsin Economic Development Corporation shall submit to the chief clerk of each
23house of the legislature, for distribution to the appropriate standing committees
24under s. 13.172 (3), a report that addresses the
The effects of lending under this
25section in the following areas:
SB459, s. 34
1Section 34. 234.65 (5) (a) of the statutes is renumbered 234.65 (4) (c) 1.
SB459, s. 35 2Section 35. 234.65 (5) (b) of the statutes is repealed.
SB459, s. 36 3Section 36. 234.65 (5) (c) of the statutes is renumbered 234.65 (4) (c) 2.
SB459, s. 37 4Section 37. 234.65 (5) (d) of the statutes is renumbered 234.65 (4) (c) 3.
SB459, s. 38 5Section 38. 234.65 (5) (e) of the statutes is renumbered 234.65 (4) (c) 4.
SB459, s. 39 6Section 39. 238.11 (1) of the statutes, as affected by 2011 Wisconsin Act 32,
7is amended to read:
SB459,8,138 238.11 (1) The corporation shall prescribe the notice forms to be used under ss.
9s. 66.1103 (4m) (a) 1. and 234.65 (3) (a). The corporation shall include on the forms
10a requirement for information on the number of jobs the person submitting the notice
11expects to be eliminated, created, or maintained on the project site and elsewhere in
12this state by the project which is the subject of the notice. The corporation shall
13prescribe the forms to be used under ss. s. 66.1103 (4m) (b) and 234.65 (3r).
SB459, s. 40 14Section 40. 238.11 (3) of the statutes, as affected by 2011 Wisconsin Act 32,
15is repealed.
SB459, s. 41 16Section 41. 238.11 (5) (intro.) and (a) of the statutes, as affected by 2011
17Wisconsin Act 32
, are consolidated, renumbered 238.11 (5) and amended to read:
SB459,8,2018 238.11 (5) The corporation shall issue an estimate made: (a) Under under sub.
19(2), to the city, village, town, or county which will issue the bonds to finance the
20project which is the subject of the estimate.
SB459, s. 42 21Section 42. 238.11 (5) (b) of the statutes, as affected by 2011 Wisconsin Act 32,
22is repealed.
SB459, s. 43 23Section 43. 238.25 of the statutes, as affected by 2011 Wisconsin Act 32, is
24amended to read:
SB459,9,5
1238.25 Assistance to loan recipients. The corporation shall assist new
2businesses and small businesses receiving economic development loans under s.
3234.65 (1) (a) or
the assistance of the Wisconsin Housing and Economic Development
4Authority in locating sources of venture capital and in obtaining the state and federal
5licenses and permits necessary for business operations.
SB459,9,66 (End)
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