AB100, s. 3337
23Section
3337. 234.65 (1) (c) of the statutes is amended to read:
AB100,1363,224
234.65
(1) (c) The authority may not issue more than $200,000,000 in aggregate
25principal amount of bonds and notes under this section, excluding
bonds or notes
1secured by a capital reserve fund pursuant to sub. (6) (am) and excluding bonds and
2notes issued to refund outstanding bonds or notes issued under this section.
AB100, s. 3338
3Section
3338. 234.65 (1) (d) of the statutes is amended to read:
AB100,1363,64
234.65
(1) (d)
Except as provided in sub. (6), s. Section 234.15 does not apply
5to bonds or notes issued under this section
, and any bond or note issued under this
6section shall contain on its face a statement to that effect.
AB100, s. 3339
7Section
3339. 234.65 (1) (gm) of the statutes is amended to read:
AB100,1363,138
234.65
(1) (gm) The authority may not grant a loan in an amount greater than
94% of the amount of bonds and notes authorized under par. (c) for the benefit of a
10business that, together with all of its affiliates and subsidiaries and its parent
11company, has current gross annual sales in excess of $5,000,000.
This paragraph
12does not apply to an economic development loan to finance a project described in s.
13234.01 (4n) (d).
AB100, s. 3340
14Section
3340. 234.65 (1) (gp) of the statutes is amended to read:
AB100,1363,1815
234.65
(1) (gp) The authority may not refinance a loan to a business
which that 16has been a participant in a tax incremental financing district.
This paragraph does
17not apply to an economic development loan to finance a project described in s. 234.01
18(4n) (d).
AB100, s. 3341
19Section
3341. 234.65 (1) (h) of the statutes is repealed.
AB100, s. 3342
20Section
3342. 234.65 (1) (hm) of the statutes is repealed.
AB100, s. 3343
21Section
3343. 234.65 (3) (d) of the statutes is amended to read:
AB100,1363,2522
234.65
(3) (d) The business receiving the benefits of the loan proceeds, together
23with all of its affiliates and subsidiaries and its parent company, has current gross
24annual sales of $35,000,000 or less.
This paragraph does not apply to an economic
25development loan to finance a project described in s. 234.01 (4n) (d).
AB100, s. 3344
1Section
3344. 234.65 (3) (e) of the statutes is amended to read:
AB100,1364,52
234.65
(3) (e) The economic development loan will not be used to refinance
3existing debt, unless it is in conjunction with an expansion of the business or job
4creation. This paragraph does not apply to an economic development loan to finance
5an economic development project described under s. 234.01 (4n) (c)
or (d).
AB100, s. 3345
6Section
3345. 234.65 (5) (intro.) of the statutes is amended to read:
AB100,1364,117
234.65
(5) (intro.) On or before July 1,
1985 1998, and every July 1 thereafter,
8the
department of commerce authority shall submit to the chief clerk of each house
9of the legislature, for distribution to the appropriate standing committees under s.
1013.172 (3), a report which shall address the effects of lending under this section in
11the following areas:
AB100, s. 3346
12Section
3346. 234.65 (6) of the statutes is repealed.
AB100, s. 3347
13Section
3347. 234.65 (7) of the statutes is repealed.
AB100, s. 3348
14Section
3348. 234.65 (8) of the statutes is repealed.
AB100, s. 3349
15Section
3349. 234.65 (10) of the statutes is repealed.
AB100, s. 3350
16Section
3350. 234.66 (3) (b) of the statutes is amended to read:
AB100,1364,1817
234.66
(3) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60,
234.61
18and 234.65
and 234.70 do not apply to bonds or notes issued under this section.
AB100, s. 3351
19Section
3351. 234.66 (3) (c) of the statutes is amended to read:
AB100,1364,2220
234.66
(3) (c) The authority may not issue more than
$10,000,000 $17,500,000 21in aggregate principal amount of bonds and notes under this section, excluding bonds
22and notes issued to refund outstanding bonds and notes issued under this section.
AB100, s. 3355
1Section
3355. 234.70 of the statutes is renumbered 234.61.
AB100, s. 3360
6Section
3360. 234.802 of the statutes is renumbered 234.92.
AB100, s. 3362
8Section
3362. 234.83 (title) of the statutes is amended to read:
AB100,1365,10
9234.83 (title)
Targeted Small business development loan guarantee
10program.
AB100, s. 3363
11Section
3363. Subchapter II (title) of chapter 234 [precedes 234.83] of the
12statutes is created to read:
AB100,1365,1313
Chapter 234
AB100,1365,1514
Subchapter II
15
Loan guarantee programs
AB100, s. 3364
16Section
3364. 234.83 (1) (c) of the statutes is amended to read:
AB100,1365,1817
234.83
(1) (c) The lender
is a financial institution that enters into an agreement
18under s. 234.93 (2) (a).
AB100, s. 3365
19Section
3365. 234.83 (2) (a) of the statutes is renumbered 234.83 (2) (a) (intro.)
20and amended to read:
AB100,1365,2221
234.83
(2) (a) (intro.) A business, as defined in s. 560.60 (2)
., to which all of the
22following apply:
AB100, s. 3366
23Section
3366. 234.83 (2) (a) 1. to 3. of the statutes are created to read:
AB100,1365,2424
234.83
(2) (a) 1. The owner of the business is actively engaged in the business.
AB100,1365,2525
2. The business employs 50 or fewer employes on a full-time basis.
AB100,1366,3
13. The authority has not received a certification under s. 49.855 (7) that the
2owner of the business is delinquent in making child support or maintenance
3payments.
AB100, s. 3367
4Section
3367. 234.83 (3) (a) (intro.) of the statutes is renumbered 234.83 (3)
5(intro.).
AB100, s. 3368
6Section
3368. 234.83 (3) (a) 1. of the statutes is renumbered 234.83 (3) (a)
7(intro.) and amended to read:
AB100,1366,108
234.83
(3) (a) (intro.) The borrower uses the loan proceeds for a business
9development project
in a targeted area. Loan proceeds may be used for direct or
10related expenses associated with
any of the following:
AB100,1366,12
111. The expansion or acquisition of a business, including the purchase or
12improvement of land, buildings, machinery, equipment or inventory.
AB100, s. 3369
13Section
3369. 234.83 (3) (a) 2. to 9. of the statutes are renumbered 234.83 (3)
14(b) to (i), and 234.83 (3) (b), (d), (e), (f), (g), (h) and (i), as renumbered, are amended
15to read:
AB100,1366,1916
234.83
(3) (b) Loan proceeds are not used to refinance existing debt or for
17operating or entertainment expenses
, expenses related to the production of an
18agricultural commodity, as defined in s. 94.67 (2), or expenses related to a
19community-based residential facility.
AB100,1366,2220
(d) The loan term does not extend beyond 15 years after the date on which the
21financial institution lender disburses the loan unless
the loan is extended by the
22authority
agrees to an extension of the loan term.
AB100,1366,2423
(e) The total principal amount of all loans to the borrower that are guaranteed
24under this section does not exceed
$250,000 $750,000.
AB100,1367,2
1(f) The
financial institution lender obtains a security interest in the physical
2plant, equipment, machinery or other assets.
AB100,1367,43
(g) The
financial institution lender believes that it is reasonably likely that the
4borrower will be able to repay the loan in full with interest.
AB100,1367,65
(h) The
financial institution lender agrees to the percentage of guarantee
6established for the loan by the authority.
AB100,1367,87
(i) The authority believes that the loan will have a positive
economic impact
on
8the targeted area in terms of job creation
and
or retention.
AB100, s. 3370
9Section
3370. 234.83 (3) (a) 2. of the statutes is created to read:
AB100,1367,1210
234.83
(3) (a) 2. The start-up, expansion or acquisition of a day care business,
11including the purchase or improvement of land, buildings, machinery, equipment or
12inventory.
AB100, s. 3371
13Section
3371. 234.83 (3) (b) of the statutes is repealed.
AB100, s. 3372
14Section
3372. 234.83 (4) (title) and (a) of the statutes are amended to read:
AB100,1367,2515
234.83
(4) (title)
Guarantee of collection repayment. (a) Subject to par. (b),
16the authority
shall may guarantee
collection repayment of a
percentage, not
17exceeding 90%, portion of the principal of any loan eligible for a guarantee under sub.
18(1).
That portion may not exceed 80% of the principal of the loan or $200,000,
19whichever is less. The authority shall establish the
percentage portion of the
20principal of an eligible loan that will be guaranteed, using the procedures described
21in the agreement under s. 234.93 (2) (a). The authority may establish a single
22percentage portion for all guaranteed loans
that do not exceed $250,000 and a single
23portion for all guaranteed loans that exceed $250,000 or establish
on an individual
24basis different
percentages portions for eligible loans
on an individual basis that do
25not exceed $250,000 and different portions for eligible loans that exceed $250,000.
AB100, s. 3373
1Section
3373. 234.83 (4) (b) of the statutes is amended to read:
AB100,1368,42
234.83
(4) (b) Except as provided in s. 234.93 (3), the total outstanding
3guaranteed principal amount of all loans that the authority may guarantee under
4par. (a) may not exceed
$10,000,000 $28,750,000.
AB100, s. 3374
5Section
3374. 234.85 of the statutes is renumbered 234.35.
AB100, s. 3375
6Section
3375. 234.86 of the statutes is created to read:
AB100,1368,8
7234.86 Drinking water loan guarantee program. (1) Definitions. In this
8section:
AB100,1368,119
(a) "Community water system" means a public water system that serves at
10least 15 service connections used by year-round residents or that regularly serves
11at least 25 year-round residents.
AB100,1368,1212
(b) "Department" means the department of natural resources.
AB100,1368,1313
(c) "Local governmental unit" has the meaning given in s. 281.61 (1) (a).
AB100,1368,1514
(d) "Noncommunity water system" means a public water system that is not a
15community water system.
AB100,1368,1616
(e) "Public water system" has the meaning given in s. 281.61 (1) (c).
AB100,1368,19
17(2) Guarantee requirements. The authority may use money from the
18Wisconsin drinking water reserve fund under s. 234.933 to guarantee a loan under
19this section if all of the following apply:
AB100,1368,2020
(a) The borrower is not a local governmental unit and is one of the following:
AB100,1368,2121
1. The owner of a community water system.
AB100,1368,2222
2. The owner of a noncommunity water system and is not operated for profit.
AB100,1368,2323
(b) The loan qualifies as an eligible loan under sub. (3).
AB100,1368,2524
(c) The lender is a financial institution that enters into an agreement under s.
25234.933 (3) (a).
AB100,1369,1
1(3) Eligible loans. A loan is an eligible loan if all of the following apply:
AB100,1369,52
(a) The department determines that the loan will facilitate compliance with
3national primary drinking water regulations under
42 USC 300g-1 or otherwise
4significantly further the health protection objectives of the Safe Drinking Water Act,
542 USC 300f to
300j-26.
AB100,1369,76
(b) The department determines that the loan satisfies the requirements under
7s. 281.62 (2).
AB100,1369,14
8(4) Guarantee of collection. (a) Subject to par. (b), the authority may
9guarantee collection of a percentage, not exceeding 80%, of the principal of any loan
10eligible for a guarantee under this section. The authority shall establish the
11percentage of the unpaid principal of an eligible loan that will be guaranteed using
12the procedures described in the guarantee agreement under s. 234.933 (3) (a). The
13authority may establish a single percentage for all guaranteed loans or establish
14different percentages for eligible loans on an individual basis.
AB100,1369,1615
(b) Except as provided in s. 234.933 (4), the total outstanding principal amount
16of all guaranteed loans under par. (a) may not exceed $3,000,000.
AB100, s. 3377
18Section
3377. 234.88 of the statutes is created to read:
AB100,1369,20
19234.88 Brownfields redevelopment loan guarantee program. (1)
20Definitions. In this section: