AB1045,8,137
234.50
(4) The limitations established in
s. ss. 234.18 (1) and (2), 234.40,
8234.60,
234.61, 234.65
, and 234.66
or 234.70 are not applicable to bonds issued under
9the authority of this section. The authority may not have outstanding at any one
10time bonds for housing rehabilitation loans in an aggregate principal amount
11exceeding $100,000,000, excluding bonds being issued to refund outstanding bonds.
12The authority shall consult with and coordinate the issuance of bonds with the
13building commission prior to the issuance of bonds.
AB1045, s. 20
14Section
20. 234.60 (2) of the statutes is amended to read:
AB1045,8,1715
234.60
(2) The limitations in ss. 234.18 (1) and (2), 234.40, 234.50,
234.61, 16234.65
, and 234.66
and 234.70 do not apply to bonds or notes issued under this
17section.
AB1045, s. 21
18Section
21. 234.622 (intro.) of the statutes is amended to read:
AB1045,8,19
19234.622 Definitions. (intro.) In
this subchapter ss. 234.621 to 234.626:
AB1045, s. 22
20Section
22. 234.65 (1) (b) of the statutes is amended to read:
AB1045,8,2221
234.65
(1) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60,
234.61
22and 234.66
and 234.70 do not apply to bonds or notes issued under this section.
AB1045,9,5
1234.65
(1) (c) The authority may not issue more than
$200,000,000 2$300,000,000 in aggregate principal amount of bonds and notes under this section,
3excluding bonds or notes secured by a capital reserve fund pursuant to sub. (6) (am)
4and excluding bonds and notes issued to refund outstanding bonds or notes issued
5under this section.
AB1045, s. 24
6Section
24. 234.66 (3) (b) of the statutes is amended to read:
AB1045,9,87
234.66
(3) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60,
234.61
8and 234.65
and 234.70 do not apply to bonds or notes issued under this section.
AB1045, s. 28
12Section
28. 234.70 of the statutes is renumbered 234.61.
AB1045, s. 33
18Section
33. 234.802 of the statutes is renumbered 234.92.
AB1045, s. 35
21Section
35. 234.83 (title) of the statutes is amended to read:
AB1045,9,23
22234.83 (title)
Targeted Small business development loan guarantee
23program.
AB1045, s. 36
24Section
36. Subchapter II (title) of chapter 234 [precedes 234.83] of the
25statutes is created to read:
AB1045,10,32
Subchapter II
3
Loan guarantee programs
AB1045, s. 37
4Section
37. 234.83 (1) (c) of the statutes is amended to read:
AB1045,10,65
234.83
(1) (c) The lender
is a financial institution that enters into an agreement
6under s. 234.93 (2) (a).
AB1045, s. 38
7Section
38. 234.83 (2) (a) of the statutes is renumbered 234.83 (2) (a) (intro.)
8and amended to read:
AB1045,10,109
234.83
(2) (a) (intro.) A business, as defined in s. 560.60 (2)
., to which all of the
10following apply:
AB1045, s. 39
11Section
39. 234.83 (2) (a) 1. to 4. of the statutes are created to read:
AB1045,10,1212
234.83
(2) (a) 1. The owner of the business is actively engaged in the business.
AB1045,10,1313
2. The annual gross revenue of the business does not exceed $10,000,000.
AB1045,10,1414
3. The business employs 150 or fewer employes on a full-time basis.
AB1045,10,1715
4. The authority has not received a certification under s. 46.255 (7) that the
16owner of the business is delinquent in making child support or maintenance
17payments.
AB1045, s. 40
18Section
40. 234.83 (3) (a) of the statutes is renumbered 234.83 (3), and 234.83
19(3) (a), (b), (d) and (i), as renumbered, is amended to read:
AB1045,10,2420
234.83
(3) (a) The borrower uses the loan proceeds for a business development
21project
in a targeted area. Loan proceeds may be used for direct or related expenses
22associated with
the start-up, expansion or acquisition of a business, including
23working capital or the purchase or improvement of land, buildings, machinery,
24equipment or inventory.
AB1045,11,5
1(b) Loan proceeds are not used to refinance existing debt or for
operating or 2entertainment expenses
, real estate investment, expenses related to a septic system,
3well or sewer unless associated with a business start-up, expansion or acquisition,
4expenses related to the production of an agricultural commodity, as defined in s.
594.67 (2), or expenses related to a community-based residential facility.
AB1045,11,86
(d) The loan term does not extend beyond 15 years after the date on which the
7financial institution disburses the loan unless
the loan is extended by the authority
8agrees to an extension of the loan term.
AB1045,11,109
(i) The authority believes that the loan will have a positive economic impact
on
10the targeted area in terms of job creation and retention.
AB1045, s. 41
11Section
41. 234.83 (3) (b) of the statutes is repealed.
AB1045, s. 42
12Section
42. 234.83 (4) (title) and (a) of the statutes are amended to read:
AB1045,11,1913
234.83
(4) (title)
Guarantee of collection repayment. (a) Subject to par. (b),
14the authority
shall may guarantee
collection repayment of a percentage, not
15exceeding
90% 80%, of the principal of any loan eligible for a guarantee under sub.
16(1). The authority shall establish the percentage of the principal of an eligible loan
17that will be guaranteed, using the procedures described in the agreement under s.
18234.93 (2) (a). The authority may establish a single percentage for all guaranteed
19loans or establish different percentages for eligible loans on an individual basis.
AB1045, s. 43
20Section
43. 234.83 (4) (b) of the statutes is amended to read:
AB1045,11,2321
234.83
(4) (b) Except as provided in s. 234.93 (3), the total outstanding
22guaranteed principal amount of all loans that the authority may guarantee under
23par. (a) may not exceed
$10,000,000 $30,000,000.
AB1045, s. 44
24Section
44. 234.85 of the statutes is renumbered 234.35.
AB1045, s. 45
25Section
45. 234.87 (title) of the statutes is amended to read:
AB1045,12,2
1234.87 (title)
Nonpoint source pollution abatement and agricultural
2Agricultural chemical cleanup loan guarantee program.
AB1045, s. 46
3Section
46. 234.87 (1) (b) of the statutes is repealed.
AB1045, s. 47
4Section
47. 234.87 (1) (c) of the statutes is repealed.
AB1045, s. 48
5Section
48. 234.87 (3) (b) of the statutes is repealed.
AB1045, s. 49
6Section
49. 234.87 (4) (a) of the statutes is repealed.
AB1045, s. 50
7Section
50. 234.87 (4) (b) of the statutes is renumbered 234.87 (4).
AB1045, s. 51
8Section
51. 234.87 (5) (a) of the statutes is amended to read:
AB1045,12,149
234.87
(5) (a) Subject to
pars. (b) and par. (c)
and sub. (4) (a), the authority shall
10guarantee collection of a percentage, not exceeding 90%, of the principal of a loan
11eligible for a guarantee under sub. (2). The authority shall establish the percentage
12of the principal of an eligible loan that it will guarantee. The authority may establish
13a single percentage for all guaranteed loans or establish different percentages for
14eligible loans on an individual basis.
AB1045, s. 52
15Section
52. 234.87 (5) (b) of the statutes is repealed.
AB1045, s. 55
18Section
55. 234.93 (2) (a) (intro.) of the statutes is amended to read:
AB1045,12,2419
234.93
(2) (a) (intro.) The authority
shall may enter into a guarantee
20agreement with any bank, production credit association, credit union, savings bank,
21savings and loan association or other person who wishes to participate in a loan
22program guaranteed by the Wisconsin development reserve fund. The authority may
23determine all of the following, consistent with the terms of the specific loan
24guarantee program:
AB1045, s. 56
25Section
56. 234.93 (2) (bm) of the statutes is created to read:
AB1045,13,8
1234.93
(2) (bm) A guarantee agreement between the authority and a bank,
2production credit association, credit union, savings and loan association or other
3person under par. (a) with respect to a loan guaranteed under s. 234.67, 1993 stats.,
4s. 234.68, 1993 stats., s. 234.69, 1993 stats., s. 234.765, 1993 stats., s. 234.82, 1993
5stats., s. 234.83, 1993 stats., s. 234.87 (5) (b), 1993 stats., s. 234.907, 1993 stats., or
6s. 234.935, 1993 stats., that is in effect immediately before the effective date of this
7paragraph .... [revisor inserts date], shall continue in full force and effect until the
8termination or expiration of the agreement according to its terms.
AB1045,13,1511
234.93
(4) (a) 2. To fund guarantees under all of the programs guaranteed by
12funds from the Wisconsin development reserve fund
, except for the program under
13s. 234.935, 1993 stats., at a ratio of $1 of reserve funding to
$4 $5 of total principal
14and outstanding guaranteed principal that the authority may guarantee under all
15of those programs.
AB1045, s. 58
16Section
58. 234.93 (4) (a) 3. of the statutes is created to read:
AB1045,13,1917
234.93
(4) (a) 3. To fund guarantees under the program under s. 234.935, 1993
18stats., at a ratio of $1 of reserve funding to $4 of total principal and outstanding
19guaranteed principal that the authority may guarantee under that program.
AB1045, s. 60
21Section
60. 234.94 (intro.) of the statutes is amended to read:
AB1045,13,23
22234.94 (title)
Community development finance company Definitions. 23(intro.) In
ss. 234.94 to 234.98 this subchapter:
AB1045, s. 61
24Section
61. Subchapter III (title) of chapter 234 [precedes 234.94] of the
25statutes is created to read:
AB1045,14,42
Subchapter III
3
community development
4
finance company
AB1045, s. 62
5Section
62. 560.036 (2) (a) of the statutes is amended to read:
AB1045,14,126
560.036
(2) (a) For the purposes of ss. 16.75 (3m), 16.855 (10m), 16.87 (2), 18.16,
718.64, 18.77, 25.185, 66.911, 119.495 (2), 231.27,
234.35 and 234.65 (6)
and 234.85,
8the department shall establish and periodically update a list of certified minority
9businesses, minority financial advisers and minority investment firms. Any
10business, financial adviser or investment firm may apply to the department for
11certification. For purposes of this paragraph, unless the context otherwise requires,
12a "business" includes a financial adviser or investment firm.
AB1045, s. 63
13Section
63. 560.835 (1) (d) of the statutes is amended to read:
AB1045,14,1514
560.835
(1) (d) The expansion, improvement or development of a
diaper service,
15as defined in s. 234.67 (1) (am) business that supplies and launders cloth diapers.
AB1045, s. 64
16Section
64. 600.01 (1) (b) 8. of the statutes, as affected by 1995 Wisconsin Acts
17116 and 150, is amended to read:
AB1045,14,2118
600.01
(1) (b) 8. Guarantees of the Wisconsin housing and economic
19development authority under
ss. s. 234.67,
1993 stats., s. 234.68,
1993 stats., s. 20234.69,
1993 stats., s. 234.765,
1993 stats., s. 234.82,
1993 stats., s. 234.83,
s. 234.84,
21s. 234.87,
s. 234.90,
234.905, s. 234.907
, 1993 stats., and
s. 234.91.