AB100: Bill Text

AB100,1361,10 234.01 (4n) (a) 3m. e. The facility is located in a targeted area, as determined by the authority after considering the factors set out in s. 560.605 (2m) (a) to (h).

AB100, s. 3329 Section 3329. 234.01 (4n) (d) of the statutes is repealed.

AB100, s. 3330 Section 3330. 234.03 (2m) of the statutes is amended to read:

AB100,1361,14 234.03 (2m) To issue notes and bonds in accordance with ss. 234.08, 234.40, 234.50, 234.60, 234.61, 234.626, 234.65, and 234.66 and 234.70.

AB100, s. 3331 Section 3331. 234.265 (2) of the statutes is amended to read:

AB100,1361,23 234.265 (2) Records or portions of records consisting of personal or financial information provided by a person seeking a grant or loan under s. 234.08, 234.49, 234.59, 234.61, 234.65, 234.67, 234.68, 234.69, 234.70, 234.765, 234.82, 234.83, 234.84, 234.87 234.88, 234.90, 234.905, 234.907 or 234.91, seeking a loan under ss. 234.621 to 234.626, seeking financial assistance under s. 234.66 or under ss. 234.75 to 234.802, seeking investment of funds under s. 234.03 (18m) or in which the authority has invested funds under s. 234.03 (18m), unless the person consents to disclosure of the information.

AB100, s. 3332 Section 3332. 234.40 (4) of the statutes is amended to read:

AB100,1362,5 234.40 (4) The limitations established in s. ss. 234.18 (1) and (2), 234.50, 234.60, 234.61, 234.65, and 234.66 or 234.70 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for veterans housing loans in an aggregate principal amount exceeding $61,945,000, excluding bonds being issued to refund outstanding bonds.

AB100, s. 3333 Section 3333. 234.50 (4) of the statutes is amended to read:

AB100,1362,13 234.50 (4) The limitations established in s. ss. 234.18 (1) and (2), 234.40, 234.60, 234.61, 234.65, and 234.66 or 234.70 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for housing rehabilitation loans in an aggregate principal amount exceeding $100,000,000, excluding bonds being issued to refund outstanding bonds. The authority shall consult with and coordinate the issuance of bonds with the building commission prior to the issuance of bonds.

AB100, s. 3334 Section 3334. 234.60 (2) of the statutes is amended to read:

AB100,1362,17 234.60 (2) The limitations in ss. 234.18 (1) and (2), 234.40, 234.50, 234.61, 234.65, and 234.66 and 234.70 do not apply to bonds or notes issued under this section.

AB100, s. 3335 Section 3335. 234.622 (intro.) of the statutes is amended to read:

AB100,1362,19 234.622 Definitions. (intro.) In this subchapter ss. 234.621 to 234.626:

AB100, s. 3336 Section 3336. 234.65 (1) (b) of the statutes is amended to read:

AB100,1362,22 234.65 (1) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60, 234.61 and 234.66 and 234.70 do not apply to bonds or notes issued under this section.

AB100, s. 3337 Section 3337. 234.65 (1) (c) of the statutes is amended to read:

AB100,1363,2 234.65 (1) (c) The authority may not issue more than $200,000,000 in aggregate principal amount of bonds and notes under this section, excluding bonds or notes secured by a capital reserve fund pursuant to sub. (6) (am) and excluding bonds and notes issued to refund outstanding bonds or notes issued under this section.

AB100, s. 3338 Section 3338. 234.65 (1) (d) of the statutes is amended to read:

AB100,1363,6 234.65 (1) (d) Except as provided in sub. (6), s. Section 234.15 does not apply to bonds or notes issued under this section, and any bond or note issued under this section shall contain on its face a statement to that effect.

AB100, s. 3339 Section 3339. 234.65 (1) (gm) of the statutes is amended to read:

AB100,1363,13 234.65 (1) (gm) The authority may not grant a loan in an amount greater than 4% of the amount of bonds and notes authorized under par. (c) for the benefit of a business that, together with all of its affiliates and subsidiaries and its parent company, has current gross annual sales in excess of $5,000,000. This paragraph does not apply to an economic development loan to finance a project described in s. 234.01 (4n) (d).

AB100, s. 3340 Section 3340. 234.65 (1) (gp) of the statutes is amended to read:

AB100,1363,18 234.65 (1) (gp) The authority may not refinance a loan to a business which that has been a participant in a tax incremental financing district. This paragraph does not apply to an economic development loan to finance a project described in s. 234.01 (4n) (d).

AB100, s. 3341 Section 3341. 234.65 (1) (h) of the statutes is repealed.

AB100, s. 3342 Section 3342. 234.65 (1) (hm) of the statutes is repealed.

AB100, s. 3343 Section 3343. 234.65 (3) (d) of the statutes is amended to read:

AB100,1363,25 234.65 (3) (d) The business receiving the benefits of the loan proceeds, together with all of its affiliates and subsidiaries and its parent company, has current gross annual sales of $35,000,000 or less. This paragraph does not apply to an economic development loan to finance a project described in s. 234.01 (4n) (d).

AB100, s. 3344 Section 3344. 234.65 (3) (e) of the statutes is amended to read:

AB100,1364,5 234.65 (3) (e) The economic development loan will not be used to refinance existing debt, unless it is in conjunction with an expansion of the business or job creation. This paragraph does not apply to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c) or (d).

AB100, s. 3345 Section 3345. 234.65 (5) (intro.) of the statutes is amended to read:

AB100,1364,11 234.65 (5) (intro.) On or before July 1, 1985 1998, and every July 1 thereafter, the department of commerce authority shall submit to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), a report which shall address the effects of lending under this section in the following areas:

AB100, s. 3346 Section 3346. 234.65 (6) of the statutes is repealed.

AB100, s. 3347 Section 3347. 234.65 (7) of the statutes is repealed.

AB100, s. 3348 Section 3348. 234.65 (8) of the statutes is repealed.

AB100, s. 3349 Section 3349. 234.65 (10) of the statutes is repealed.

AB100, s. 3350 Section 3350. 234.66 (3) (b) of the statutes is amended to read:

AB100,1364,18 234.66 (3) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60, 234.61 and 234.65 and 234.70 do not apply to bonds or notes issued under this section.

AB100, s. 3351 Section 3351. 234.66 (3) (c) of the statutes is amended to read:

AB100,1364,22 234.66 (3) (c) The authority may not issue more than $10,000,000 $17,500,000 in aggregate principal amount of bonds and notes under this section, excluding bonds and notes issued to refund outstanding bonds and notes issued under this section.

AB100, s. 3352 Section 3352. 234.67 of the statutes is repealed.

AB100, s. 3353 Section 3353. 234.68 of the statutes is repealed.

AB100, s. 3354 Section 3354. 234.69 of the statutes is repealed.

AB100, s. 3355 Section 3355. 234.70 of the statutes is renumbered 234.61.

AB100, s. 3356 Section 3356. 234.75 of the statutes is repealed.

AB100, s. 3357 Section 3357. 234.76 of the statutes is repealed.

AB100, s. 3358 Section 3358. 234.765 of the statutes is repealed.

AB100, s. 3359 Section 3359. 234.80 of the statutes is repealed.

AB100, s. 3360 Section 3360. 234.802 of the statutes is renumbered 234.92.

AB100, s. 3361 Section 3361. 234.82 of the statutes is repealed.

AB100, s. 3362 Section 3362. 234.83 (title) of the statutes is amended to read:

AB100,1365,10 234.83 (title) Targeted Small business development loan guarantee program.

AB100, s. 3363 Section 3363. Subchapter II (title) of chapter 234 [precedes 234.83] of the statutes is created to read:

AB100,1365,13 Chapter 234

AB100,1365,15 Subchapter II Loan guarantee programs

AB100, s. 3364 Section 3364. 234.83 (1) (c) of the statutes is amended to read:

AB100,1365,18 234.83 (1) (c) The lender is a financial institution that enters into an agreement under s. 234.93 (2) (a).

AB100, s. 3365 Section 3365. 234.83 (2) (a) of the statutes is renumbered 234.83 (2) (a) (intro.) and amended to read:

AB100,1365,22 234.83 (2) (a) (intro.) A business, as defined in s. 560.60 (2)., to which all of the following apply:

AB100, s. 3366 Section 3366. 234.83 (2) (a) 1. to 3. of the statutes are created to read:

AB100,1365,24 234.83 (2) (a) 1. The owner of the business is actively engaged in the business.

AB100,1365,25 2. The business employs 50 or fewer employes on a full-time basis.

AB100,1366,3 3. The authority has not received a certification under s. 49.855 (7) that the owner of the business is delinquent in making child support or maintenance payments.

AB100, s. 3367 Section 3367. 234.83 (3) (a) (intro.) of the statutes is renumbered 234.83 (3) (intro.).

AB100, s. 3368 Section 3368. 234.83 (3) (a) 1. of the statutes is renumbered 234.83 (3) (a) (intro.) and amended to read:

AB100,1366,10 234.83 (3) (a) (intro.) The borrower uses the loan proceeds for a business development project in a targeted area. Loan proceeds may be used for direct or related expenses associated with any of the following:

AB100,1366,12 1. The expansion or acquisition of a business, including the purchase or improvement of land, buildings, machinery, equipment or inventory.

AB100, s. 3369 Section 3369. 234.83 (3) (a) 2. to 9. of the statutes are renumbered 234.83 (3) (b) to (i), and 234.83 (3) (b), (d), (e), (f), (g), (h) and (i), as renumbered, are amended to read:

AB100,1366,19 234.83 (3) (b) Loan proceeds are not used to refinance existing debt or for operating or entertainment expenses, expenses related to the production of an agricultural commodity, as defined in s. 94.67 (2), or expenses related to a community-based residential facility.

AB100,1366,22 (d) The loan term does not extend beyond 15 years after the date on which the financial institution lender disburses the loan unless the loan is extended by the authority agrees to an extension of the loan term.

AB100,1366,24 (e) The total principal amount of all loans to the borrower that are guaranteed under this section does not exceed $250,000 $750,000.

AB100,1367,2 (f) The financial institution lender obtains a security interest in the physical plant, equipment, machinery or other assets.

AB100,1367,4 (g) The financial institution lender believes that it is reasonably likely that the borrower will be able to repay the loan in full with interest.

AB100,1367,6 (h) The financial institution lender agrees to the percentage of guarantee established for the loan by the authority.

AB100,1367,8 (i) The authority believes that the loan will have a positive economic impact on the targeted area in terms of job creation and or retention.

AB100, s. 3370 Section 3370. 234.83 (3) (a) 2. of the statutes is created to read:

AB100,1367,12 234.83 (3) (a) 2. The start-up, expansion or acquisition of a day care business, including the purchase or improvement of land, buildings, machinery, equipment or inventory.

AB100, s. 3371 Section 3371. 234.83 (3) (b) of the statutes is repealed.

AB100, s. 3372 Section 3372. 234.83 (4) (title) and (a) of the statutes are amended to read:

AB100,1367,25 234.83 (4) (title) Guarantee of collection repayment. (a) Subject to par. (b), the authority shall may guarantee collection repayment of a percentage, not exceeding 90%, portion of the principal of any loan eligible for a guarantee under sub. (1). That portion may not exceed 80% of the principal of the loan or $200,000, whichever is less. The authority shall establish the percentage portion of the principal of an eligible loan that will be guaranteed, using the procedures described in the agreement under s. 234.93 (2) (a). The authority may establish a single percentage portion for all guaranteed loans that do not exceed $250,000 and a single portion for all guaranteed loans that exceed $250,000 or establish on an individual basis different percentages portions for eligible loans on an individual basis that do not exceed $250,000 and different portions for eligible loans that exceed $250,000.

AB100, s. 3373 Section 3373. 234.83 (4) (b) of the statutes is amended to read:

AB100,1368,4 234.83 (4) (b) Except as provided in s. 234.93 (3), the total outstanding guaranteed principal amount of all loans that the authority may guarantee under par. (a) may not exceed $10,000,000 $28,750,000.

AB100, s. 3374 Section 3374. 234.85 of the statutes is renumbered 234.35.

AB100, s. 3375 Section 3375. 234.86 of the statutes is created to read:

AB100,1368,8 234.86 Drinking water loan guarantee program. (1) Definitions. In this section:

AB100,1368,11 (a) "Community water system" means a public water system that serves at least 15 service connections used by year-round residents or that regularly serves at least 25 year-round residents.

AB100,1368,12 (b) "Department" means the department of natural resources.

AB100,1368,13 (c) "Local governmental unit" has the meaning given in s. 281.61 (1) (a).

AB100,1368,15 (d) "Noncommunity water system" means a public water system that is not a community water system.