AB684,42,9
6238.58 Wisconsin agricultural reserve fund. (1) Establishment of fund. 7There is established under the jurisdiction and control of the authority, for the
8purpose of providing funds for guaranteeing loans, a Wisconsin agricultural reserve
9fund, consisting of all of the following:
AB684,42,1110
(a) Moneys appropriated to the authority or received by the authority for the
11Wisconsin agricultural reserve fund from any other source.
AB684,42,1312
(b) Any income from investment of money in the Wisconsin agricultural reserve
13fund by the authority.
AB684,42,1514
(c) To be used for guaranteeing loans under s. 238.54, fees collected under s.
15238.54 (4).
AB684,42,21
16(2) Program administration. (a) The authority may enter into a guarantee
17agreement with any bank, production credit association, credit union, savings bank,
18savings and loan association or other person who wishes to participate in a loan
19program guaranteed by the Wisconsin agricultural reserve fund. The authority may
20determine all of the following, consistent with the terms of the specific loan
21guarantee program:
AB684,42,2222
1. The form of the agreement.
AB684,42,2423
2. Any conditions upon which the authority may refuse to enter into such an
24agreement.
AB684,43,2
13. Any procedures required to carry out the agreement, including default
2procedures and procedures for determining the guaranteed percentage of each loan.
AB684,43,53
(c) The authority may not use any moneys other than those in the Wisconsin
4agricultural reserve fund for programs guaranteed by the Wisconsin agricultural
5reserve fund.
AB684,43,96
(d) The authority may establish an eligibility criteria review panel, consisting
7of experts in finance and in the subject area of the loan guarantee program, to advise
8the authority about lending requirements and issues related to a loan guarantee
9program.
AB684,43,13
10(3) Loan guarantees; increases or decreases. (a) Except as provided in par.
11(b), the total principal amount or total outstanding guaranteed principal amount of
12all loans that the authority may guarantee under the programs guaranteed by funds
13from the Wisconsin agricultural reserve fund may not exceed $25,000,000.
AB684,43,2514
(b) The authority may request the joint committee on finance to take action
15under s. 13.10 to permit the authority to increase or decrease the total principal
16amount or total outstanding guaranteed principal amount of loans that it may
17guarantee under the programs guaranteed by the Wisconsin agricultural reserve
18fund and the joint committee on finance may take that action. Included with its
19request, the authority shall provide a projection, for the next June 30, that compares
20the amounts required on that date to pay outstanding claims and to fund guarantees
21under the aggregate of the programs guaranteed by funds from the Wisconsin
22agricultural reserve fund, and the balance remaining in the Wisconsin agricultural
23reserve fund on that date after deducting those amounts, if the increase or decrease
24is approved, with those amounts and the balance remaining, if the increase or
25decrease is not approved.
AB684,44,9
1(3m) Extension of loan guarantee program. When the authority prepares a
2fiscal estimate under s. 13.093 (2) (a) with respect to any bill that extends a program
3that is guaranteed by funds from the Wisconsin agricultural reserve fund, the
4authority shall include in its fiscal estimate a projection, for the next June 30, that
5compares the amounts required on that date to pay outstanding claims and to fund
6guarantees under all of the programs guaranteed by funds from the Wisconsin
7agricultural reserve fund, and the balance remaining in the Wisconsin agricultural
8reserve fund on that date after deducting those amounts, if the program is extended,
9with those amounts and the balance remaining if the program is not extended.
AB684,44,13
10(4) Balance transfer. (a) Annually on June 30, until no balance remains, the
11authority shall transfer to the general fund any balance remaining in the Wisconsin
12agricultural reserve fund on that date, after deducting an amount sufficient for all
13of the following:
AB684,44,1514
1. To pay all outstanding claims under the programs guaranteed by funds from
15the Wisconsin agricultural reserve fund.
AB684,44,1916
2. To fund guarantees under all of the programs guaranteed by funds from the
17Wisconsin agricultural reserve fund at a ratio of $1 of reserve funding to $4.50 of total
18outstanding principal and outstanding guaranteed principal that the authority may
19guarantee under all of those programs.
AB684,44,2220
(b) Annually on August 31, the executive director of the authority shall provide
21to the secretary of administration and to the joint committee on finance a signed
22statement that includes all of the following information:
AB684,44,2523
1. The amounts required to pay outstanding claims and to fund guarantees
24under each of the programs guaranteed by funds from the Wisconsin agricultural
25reserve fund on that date.
AB684,45,1
12. An explanation of how each amount under subd. 1. was determined.
AB684,45,42
3. The amount of the balance, if any, that remains in the Wisconsin agricultural
3reserve fund after deducting the amounts under subd. 1. and that will be transferred
4to the general fund under par. (a).
AB684,45,65
4. A projection of what the amounts under subds. 1. and 3. will be on June 30
6in each of the next 2 years.
AB684,45,10
7(4m) Limitation on loan guarantees. The authority shall regularly monitor
8the cash balance in the Wisconsin agricultural reserve fund. The authority shall
9ensure that the cash balance in the fund is sufficient for the purposes specified in sub.
10(4) (a) 1. and 2.
AB684,45,17
11(5) Annual report. On or before November 1 annually, the authority shall
12submit to the chief clerk of each house of the legislature for distribution under s.
1313.172 (2) and to the joint committee on finance a report on the number and total
14dollar amount of guaranteed loans under each of the programs guaranteed by the
15Wisconsin agricultural reserve fund, the default rate on the loans, and any other
16information on a program guaranteed by the Wisconsin agricultural reserve fund
17that the authority determines is significant.
AB684,45,21
18(6) Moral obligation. Recognizing its moral obligation, the legislature
19expresses its expectation that, if called upon to do so, it will make an appropriation
20to meet all demands for funds guaranteed by the Wisconsin agricultural reserve
21fund.
AB684,45,25
22238.65 Agricultural business development; additional powers. (1) The
23authority, in consultation with the department of commerce, may implement any of
24the following programs for the purpose of promoting the development of agricultural
25business in this state:
AB684,46,2
1(a) A revolving loan fund program pursuant to which the authority makes loans
2to finance agricultural businesses.
AB684,46,63
(b) An equity financing program pursuant to which the authority acts as an
4intermediary to facilitate equity investments in agricultural businesses. This
5paragraph does not permit the authority to invest its own moneys in any agricultural
6business.
AB684,46,97
(c) A conservation trading program pursuant to which the authority acts as an
8intermediary in the aggregation and trading of environmental credits related to
9agricultural production.
AB684,46,12
10(2) By July 1 annually, the authority shall file a report with the department
11of commerce describing the financial condition of and level of participation in any
12program under sub. (1).
AB684, s. 39
13Section
39. 281.75 (4) (b) 3. of the statutes is amended to read:
AB684,46,1414
281.75
(4) (b) 3. An authority created under ch. 231, 233, 234,
or 237
, or 238.
AB684, s. 40
15Section
40. 285.59 (1) (b) of the statutes is amended to read:
AB684,46,2316
285.59
(1) (b) "State agency" means any office, department, agency, institution
17of higher education, association, society or other body in state government created
18or authorized to be created by the constitution or any law which is entitled to expend
19moneys appropriated by law, including the legislature and the courts, the Wisconsin
20Housing and Economic Development Authority, the Bradley Center Sports and
21Entertainment Corporation, the University of Wisconsin Hospitals and Clinics
22Authority, the Fox River Navigational System Authority,
the Wisconsin Rural
23Finance Authority, and the Wisconsin Health and Educational Facilities Authority.
AB684, s. 41
24Section
41. 560.032 (1) of the statutes is amended to read:
AB684,47,7
1560.032
(1) Allocation. The department, by rule, shall establish under
26
2USC 146 and administer a system for the allocation of the volume cap on the issuance
3of private activity bonds, as defined under
26 USC 141 (a), among all municipalities,
4as defined in s. 67.01 (5), and any corporation formed on behalf of those
5municipalities, and among this state, the Wisconsin Health and Educational
6Facilities Authority
, the Wisconsin Rural Finance Authority, and the Wisconsin
7Housing and Economic Development Authority.
AB684, s. 42
8Section
42. 600.01 (1) (b) 7m. of the statutes is created to read:
AB684,47,109
600.01
(1) (b) 7m. Guarantees of the Wisconsin Rural Finance Authority under
10ss. 238.50, 238.52, and 238.54.
AB684, s. 43
11Section
43. 706.11 (1) (c) 2. of the statutes is amended to read:
AB684,47,1512
706.11
(1) (c) 2. The Wisconsin Health and Educational Facilities Authority
13created under ch. 231, the Wisconsin Housing and Economic Development Authority
14created under ch. 234,
the Wisconsin Rural Finance Authority created under ch. 238, 15or any other authority created by state law.
AB684,47,2017
(1)
Terms of initial members of board. Notwithstanding the length of terms
18specified for the members of the board of the Wisconsin Rural Finance Authority
19under section 238.02 (1) of the statutes, as created by this act, the initial members
20of the board shall be appointed for the following terms:
AB684,47,2321
(a) One member appointed under section 238.02 (1) (a) 1. of the statutes and
22one member appointed under section 238.02 (1) (a) 2. of the statutes, for terms
23expiring on July 1, 2005.
AB684,48,3
1(b) One member appointed under section 238.02 (1) (a) 1. of the statutes and
2one member appointed under section 238.02 (1) (a) 3. of the statutes, for terms
3expiring on July 1, 2006.
AB684,48,64
(c) One member appointed under section 238.02 (1) (a) 2. of the statutes and
5one member appointed under section 238.02 (1) (a) 3. of the statutes, for terms
6expiring on July 1, 2007.
AB684,48,97
(d) One member appointed under section 238.02 (1) (a) 1. of the statutes and
8one member appointed under section 238.02 (1) (a) 2. of the statutes, for terms
9expiring on July 1, 2008.
AB684, s. 45
10Section
45.
Effective dates. This act takes effect on the day after publication,
11except as follows:
AB684,48,1412
(1) The treatment of sections 234.66 (2), 234.90 (4), 234.907 (3), and 234.91 (5)
13(a) of the statutes takes effect on the first day of the 25th month beginning after
14publication.