SB21: Bill Text

SB21,1453,22 (2) Eligible loans. (intro.) A loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,1454,4 (3) Guarantee of collection. The authority shall guarantee collection of a percentage, not exceeding 90%, of the principal of any loan eligible for a guarantee under sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed, using the procedures described in the guarantee agreement under s. 234.93 235.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.

SB21,3923 Section 3923. 234.91 of the statutes is renumbered 235.91, and 235.91 (1) (e) and (2) (intro.), as renumbered, are amended to read:

SB21,1454,11 235.91 (1) (e) "Participating lender" means a bank, farm credit service, credit union, savings bank, savings and loan association or other person who makes loans for the acquisition or improvement of agricultural assets and who has entered into an agreement with the authority under s. 234.93 235.93 (2) (a). The term does not include a seller under a land contract.

SB21,1454,14 (2) Eligible loans. (intro.) A loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,3924 Section 3924. 234.92 of the statutes is renumbered 235.92.

SB21,3925 Section 3925. 234.93 of the statutes is renumbered 235.93, and 235.93 (1) (a), (b), (cm) and (d) and (4) (a) 2. and 3. and (b) (intro.), as renumbered, are amended to read:

SB21,1454,21 235.93 (1) (a) Moneys appropriated to the authority under s. 20.490 (5) (a), (q) 20.885 (2) (qm), (r), and (s) or (3) (ap) or received by the authority for the Wisconsin development reserve fund from any other source.

SB21,1454,23 (b) Any income from investment of money in the Wisconsin development reserve fund by the authority under s. 234.03 (18).

SB21,1455,3 (cm) Any moneys transferred under 1999 Wisconsin Act 9, section 9125 (1), or under s. 234.75 235.75 (5) (c), from the housing rehabilitation loan program administration fund.

SB21,1455,5 (d) To be used for guaranteeing loans under s. 234.91 235.91, fees collected under s. 234.91 235.91 (4).

SB21,1455,10 (4) (a) 2. To fund guarantees under all of the programs guaranteed by funds from the Wisconsin development reserve fund, except for the program under s. 234.935, 1997 stats., and the program under s. 234.75 235.75, at a ratio of $1 of reserve funding to $4.50 of total outstanding principal and outstanding guaranteed principal that the authority may guarantee under all of those programs.

SB21,1455,14 3. To fund guarantees under the program under s. 234.935, 1997 stats., and the program under s. 234.75 235.75 at a ratio of $1 of reserve funding to $4 of total principal and outstanding guaranteed principal that the authority may guarantee under that program.

SB21,1455,17 (b) (intro.) Annually on August 31, the executive director of the authority shall provide to the secretary of administration and to the joint committee on finance a signed statement that includes all of the following:

SB21,3926 Section 3926. 234.932 of the statutes is renumbered 235.932, and 235.932 (2) (intro.) and (b), as renumbered, are amended to read:

SB21,1455,23 235.932 (2) Establishment of fund. (intro.) There is established under the jurisdiction and control of the authority, for the purpose of providing funds for guaranteeing loans under s. 234.84 235.84, a Wisconsin job training reserve fund, consisting of all of the following:

SB21,1455,25 (b) Any income from investment of money in the Wisconsin job training reserve fund by the authority under s. 234.03 (18).

SB21,3927 Section 3927. 234.933 of the statutes is renumbered 235.933, and 235.933 (1), (2) (intro.) and (b), as renumbered, are amended to read:

SB21,1456,4 235.933 (1) Definition. In this section, "drinking water loan guarantee program" means the program under s. 234.86 235.86.

SB21,1456,8 (2) Establishment of fund. (intro.) There is established under the jurisdiction and control of the authority, for the purpose of providing funds for guaranteeing loans under s. 234.86 235.86, a Wisconsin drinking water reserve fund, consisting of all of the following:

SB21,1456,10 (b) Any income from investment of money in the Wisconsin drinking water reserve fund by the authority under s. 234.03 (18).

SB21,3928 Section 3928. Subchapter III (title) of chapter 234 [precedes 234.94] of the statutes is renumbered subchapter VI (title) of chapter 235 [precedes 235.94].

SB21,3929 Section 3929. 234.94 of the statutes is renumbered 235.94, and 235.94 (2) (b) 5. and (3), as renumbered, are amended to read:

SB21,1456,17 235.94 (2) (b) 5. The corporation's purpose is to promote the employment of members of a target group through projects that meet the conditions specified in s. 234.96 235.96 (1) (a) to (d).

SB21,1456,19 (3) "Community development finance company" means a corporation or a limited partnership organized for profit under s. 234.95 235.95.

SB21,3930 Section 3930. 234.95 of the statutes is renumbered 235.95, and 235.95 (2), as renumbered, is amended to read:

SB21,1456,25 235.95 (2) The community development finance company shall issue stock or partnership interests. The community development finance company shall invest funds it receives from the sale of stock or partnership interests by purchasing capital participation instruments under s. 234.96 235.96.

SB21,3931 Section 3931. 234.96 of the statutes is renumbered 235.96.

SB21,3932 Section 3932. 234.97 of the statutes is renumbered 235.97, and 235.97 (intro.) and (2), as renumbered, are amended to read:

SB21,1457,5 235.97 Sale or purchase of stock or interest. (intro.) Subject to s. 234.96 235.96 (1) (h), the authority shall do all of the following:

SB21,1457,8 (2) Use funds received from contributions, gifts, or grants under s. 234.03 (32) to purchase community development finance company stock or partnership interests or make grants or loans to community development corporations.

SB21,3933 Section 3933. 234.98 of the statutes is renumbered 235.98.

SB21,3934 Section 3934. Chapter 235 of the statutes is created to read:

SB21,1457,11 chapter 235

SB21,1457,13 Forward Wisconsin Development Authority

SB21,1457,14 Subchapter i

SB21,1457,15 general provisions

SB21,1457,16 235.01 Definitions. In this chapter:

SB21,1457,17 (1) "Authority" means the Forward Wisconsin Development Authority.

SB21,1457,18 (2) "Board" means the board of directors of the authority.

SB21,1457,23 235.011 Creation and organization. (1) There is created a public body corporate and politic, to be known as the "Forward Wisconsin Development Authority." The members of the board shall consist of 12 public members nominated by the governor, and with the advice and consent of the senate appointed, to serve 4-year terms. All members shall be employed in the private sector.

SB21,1458,2 (2) Seven members of the board constitutes a quorum for the purpose of conducting its business and exercising its powers and for all other purposes. Action may be taken by the board upon a vote of a majority of a quorum. The board shall elect a chairperson.

SB21,1458,4 (3) A vacancy on the board shall be filled in the same manner as the original appointment to the board for the remainder of the unexpired term.

SB21,1458,7 (4) (a) A chief executive officer shall be nominated by the governor, approved by the board, and with the advice and consent of the senate appointed, to serve at the pleasure of the governor.

SB21,1458,9 (b) A chief operating officer shall be nominated by the governor, and with the approval of the board appointed, to serve at the pleasure of the governor.

SB21,1458,13 (c) The board may delegate to the chief executive officer and chief operating officer any powers and duties the board considers proper. The chief executive officer and chief operating officer shall receive such compensation as may be determined by the board.

SB21,1458,16 (d) The governor shall coordinate with the chief executive officer as if the chief executive officer were the secretary of a department in the executive branch of state government who is appointed by the governor.

SB21,1458,19 (5) All powers and duties assigned to the authority under this chapter shall be exercised or carried out by the board, unless the board delegates the power or duty to an employee of the authority or a committee established by the board.

SB21,1458,22 235.012 Powers of the board. The board shall have all the powers necessary or convenient to carry out the purposes and provisions of this chapter. In addition to all other powers granted the board by law, the board may:

SB21,1458,24 (1) Adopt, amend, and repeal any bylaws, policies, and procedures for the regulation of its affairs and the conduct of its business.

SB21,1458,25 (2) Have a seal and alter the seal at pleasure.

SB21,1459,1 (3) Maintain offices.

SB21,1459,2 (4) Sue and be sued.

SB21,1459,4 (5) Accept gifts, grants, loans, or other contributions from private or public sources.

SB21,1459,6 (6) Establish the authority's annual budget and monitor the fiscal management of the authority.

SB21,1459,8 (7) Make equity investments and execute contracts, securities, mortgages, and other instruments required for the operation of the authority.

SB21,1459,10 (8) Employ any officers, agents, and employees that it may require and determine their qualifications, duties, and compensation.

SB21,1459,11 (9) Issue notes, bonds, and any other obligations.

SB21,1459,12 (10) Make loans and provide grants.

SB21,1459,13 (11) Incur debt.

SB21,1459,14 (12) Procure liability insurance.

SB21,1459,18 (13) Enter into agreements regarding compensation, space, and other administrative matters as are necessary to operate offices in other states and foreign countries. Such agreements shall be subject to the approval of the secretary of administration.

SB21,1459,20 (14) Agree and comply with any conditions attached to federal financial assistance.

SB21,1460,2 (15) Lease real or personal property and to accept federal funds for and participate in such federal housing programs as are enacted on May 4, 1976, or at any future time, except that the authority may not accept without the consent of the governor federal funds under federal housing programs enacted after May 8, 1982, if issuance of the authority's bonds or notes is not required to participate in the programs.

SB21,1460,3 (16) Establish and maintain a corporation organized under ch. 180 or 181.

SB21,1460,11 235.013 Duties of the board; mission. The board shall develop and implement economic development programs, and housing programs and projects, to provide business, housing, and other support and expertise and assistance to persons that are investing or creating jobs in Wisconsin, to support new business start-ups, business expansion and growth, and home ownership in Wisconsin, and to provide single and multifamily housing to persons and families of low and moderate income in Wisconsin. The board may also develop and implement any other programs and projects related to economic development or housing in Wisconsin.

SB21,3935 Section 3935. 235.0279 (3) of the statutes is created to read:

SB21,1460,16 235.0279 (3) Records consisting of information on the In Force Network or other similar customer relationship management system maintained by the authority, unless the information was published to the In Force Network or other system by the authority or another economic development organization.

SB21,3936 Section 3936. Subchapter II (title) of chapter 235 [precedes 235.03] of the statutes is created to read:

SB21,1460,19 chapter 235

SB21,1460,20 Subchapter iI

SB21,1460,21 Economic Development

SB21,3937 Section 3937. 235.03 (3) (ad), (ah), (ap) and (at) of the statutes are created to read:

SB21,1461,4 235.03 (3) (ad) That each recipient of a grant or loan under the program of at least $500,000 shall engage an independent certified public accountant to perform procedures, approved by the authority and consistent with applicable professional standards of the American Institute of Certified Public Accountants, to determine whether the grant or loan funds and any matching cash or in-kind match were expended in accordance with the grant or loan contract.

SB21,1461,6 (ah) That each recipient make available for inspection the documents supporting the attestation submitted under par. (a).

SB21,1461,8 (ap) That the contract with each grant or loan recipient shall include the requirements under pars. (a) to (ah).

SB21,1461,12 (at) The requirements of pars. (a) to (ap) do not apply to a department, as defined in s. 15.01 (5), an independent agency, as defined in s. 15.01 (9), an authority created under subch. II of ch. 114 or under ch. 231, 233, 235, 237, or 279, or the University of Wisconsin System.

SB21,3938 Section 3938. 235.137 of the statutes is created to read:

SB21,1461,18 235.137 Regional revolving loan fund grant program. From the appropriation under s. 20.885 (3) (am), and from moneys transferred by the authority from existing programs, the authority shall establish a regional revolving loan fund grant program. The authority shall establish policies and procedures relating to the program, including all of the following:

SB21,1461,20 (1) Grants shall be awarded to multicounty regions in proportionate amounts based upon the percentage of the state population residing within each region.

SB21,1461,22 (2) Grants shall be awarded only to regional organizations having sufficient private sector involvement, as determined by the authority.

SB21,1461,24 (3) The authority shall approve the structure, regional investment strategy, and administrative guidelines of regional loan funds.

SB21,1462,3 (4) Each regional organization awarded a grant shall, at a time determined by the authority, make a report to the authority containing information required by the authority.

SB21,1462,6 (5) For each regional organization awarded a grant, the authority may annually assess a fee as a percentage of the moneys managed to the extent necessary to reimburse the authority for costs incurred for oversight and management.

SB21,3939 Section 3939. 235.16 (6) of the statutes is created to read:

SB21,1462,9 235.16 (6) Sunset. The authority may not award any tax benefits under this section after June 30, 2015.

SB21,3940 Section 3940. 235.17 (1) (b) of the statutes is created to read:

SB21,1462,16 235.17 (1) (b) The authority may not certify a person for a tax credit under this subsection if the person is not subject to the taxes imposed under s. 71.02, 71.08, 71.23, or 71.43, except that the authority may certify a nonprofit entity described under section 501 (c) (3) of the Internal Revenue Code for a tax credit under this subsection if the entity intends to sell or otherwise transfer the credit, as provided under s. 71.07 (9m) (h), 71.28 (6) (h), or 71.47 (6) (h).