AB684: Bill Text

AB684,42,22 1. The form of the agreement.

AB684,42,24 2. Any conditions upon which the authority may refuse to enter into such an agreement.

AB684,43,2 3. Any procedures required to carry out the agreement, including default procedures and procedures for determining the guaranteed percentage of each loan.

AB684,43,5 (c) The authority may not use any moneys other than those in the Wisconsin agricultural reserve fund for programs guaranteed by the Wisconsin agricultural reserve fund.

AB684,43,9 (d) The authority may establish an eligibility criteria review panel, consisting of experts in finance and in the subject area of the loan guarantee program, to advise the authority about lending requirements and issues related to a loan guarantee program.

AB684,43,13 (3) Loan guarantees; increases or decreases. (a) Except as provided in par. (b), the total principal amount or total outstanding guaranteed principal amount of all loans that the authority may guarantee under the programs guaranteed by funds from the Wisconsin agricultural reserve fund may not exceed $25,000,000.

AB684,43,25 (b) The authority may request the joint committee on finance to take action under s. 13.10 to permit the authority to increase or decrease the total principal amount or total outstanding guaranteed principal amount of loans that it may guarantee under the programs guaranteed by the Wisconsin agricultural reserve fund and the joint committee on finance may take that action. Included with its request, the authority shall provide a projection, for the next June 30, that compares the amounts required on that date to pay outstanding claims and to fund guarantees under the aggregate of the programs guaranteed by funds from the Wisconsin agricultural reserve fund, and the balance remaining in the Wisconsin agricultural reserve fund on that date after deducting those amounts, if the increase or decrease is approved, with those amounts and the balance remaining, if the increase or decrease is not approved.

AB684,44,9 (3m) Extension of loan guarantee program. When the authority prepares a fiscal estimate under s. 13.093 (2) (a) with respect to any bill that extends a program that is guaranteed by funds from the Wisconsin agricultural reserve fund, the authority shall include in its fiscal estimate a projection, for the next June 30, that compares the amounts required on that date to pay outstanding claims and to fund guarantees under all of the programs guaranteed by funds from the Wisconsin agricultural reserve fund, and the balance remaining in the Wisconsin agricultural reserve fund on that date after deducting those amounts, if the program is extended, with those amounts and the balance remaining if the program is not extended.

AB684,44,13 (4) Balance transfer. (a) Annually on June 30, until no balance remains, the authority shall transfer to the general fund any balance remaining in the Wisconsin agricultural reserve fund on that date, after deducting an amount sufficient for all of the following:

AB684,44,15 1. To pay all outstanding claims under the programs guaranteed by funds from the Wisconsin agricultural reserve fund.

AB684,44,19 2. To fund guarantees under all of the programs guaranteed by funds from the Wisconsin agricultural reserve fund 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.

AB684,44,22 (b) 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 information:

AB684,44,25 1. The amounts required to pay outstanding claims and to fund guarantees under each of the programs guaranteed by funds from the Wisconsin agricultural reserve fund on that date.

AB684,45,1 2. An explanation of how each amount under subd. 1. was determined.

AB684,45,4 3. The amount of the balance, if any, that remains in the Wisconsin agricultural reserve fund after deducting the amounts under subd. 1. and that will be transferred to the general fund under par. (a).

AB684,45,6 4. A projection of what the amounts under subds. 1. and 3. will be on June 30 in each of the next 2 years.

AB684,45,10 (4m) Limitation on loan guarantees. The authority shall regularly monitor the cash balance in the Wisconsin agricultural reserve fund. The authority shall ensure that the cash balance in the fund is sufficient for the purposes specified in sub. (4) (a) 1. and 2.

AB684,45,17 (5) Annual report. On or before November 1 annually, the authority shall submit to the chief clerk of each house of the legislature for distribution under s. 13.172 (2) and to the joint committee on finance a report on the number and total dollar amount of guaranteed loans under each of the programs guaranteed by the Wisconsin agricultural reserve fund, the default rate on the loans, and any other information on a program guaranteed by the Wisconsin agricultural reserve fund that the authority determines is significant.

AB684,45,21 (6) Moral obligation. Recognizing its moral obligation, the legislature expresses its expectation that, if called upon to do so, it will make an appropriation to meet all demands for funds guaranteed by the Wisconsin agricultural reserve fund.

AB684,45,25 238.65 Agricultural business development; additional powers. (1) The authority, in consultation with the department of commerce, may implement any of the following programs for the purpose of promoting the development of agricultural business in this state:

AB684,46,2 (a) A revolving loan fund program pursuant to which the authority makes loans to finance agricultural businesses.

AB684,46,6 (b) An equity financing program pursuant to which the authority acts as an intermediary to facilitate equity investments in agricultural businesses. This paragraph does not permit the authority to invest its own moneys in any agricultural business.

AB684,46,9 (c) A conservation trading program pursuant to which the authority acts as an intermediary in the aggregation and trading of environmental credits related to agricultural production.

AB684,46,12 (2) By July 1 annually, the authority shall file a report with the department of commerce describing the financial condition of and level of participation in any program under sub. (1).

AB684, s. 39 Section 39. 281.75 (4) (b) 3. of the statutes is amended to read:

AB684,46,14 281.75 (4) (b) 3. An authority created under ch. 231, 233, 234, or 237, or 238.

AB684, s. 40 Section 40. 285.59 (1) (b) of the statutes is amended to read:

AB684,46,23 285.59 (1) (b) "State agency" means any office, department, agency, institution of higher education, association, society or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Rural Finance Authority, and the Wisconsin Health and Educational Facilities Authority.

AB684, s. 41 Section 41. 560.032 (1) of the statutes is amended to read:

AB684,47,7 560.032 (1) Allocation. The department, by rule, shall establish under 26 USC 146 and administer a system for the allocation of the volume cap on the issuance of private activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and among this state, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Rural Finance Authority, and the Wisconsin Housing and Economic Development Authority.

AB684, s. 42 Section 42. 600.01 (1) (b) 7m. of the statutes is created to read:

AB684,47,10 600.01 (1) (b) 7m. Guarantees of the Wisconsin Rural Finance Authority under ss. 238.50, 238.52, and 238.54.

AB684, s. 43 Section 43. 706.11 (1) (c) 2. of the statutes is amended to read:

AB684,47,15 706.11 (1) (c) 2. The Wisconsin Health and Educational Facilities Authority created under ch. 231, the Wisconsin Housing and Economic Development Authority created under ch. 234, the Wisconsin Rural Finance Authority created under ch. 238, or any other authority created by state law.

AB684, s. 44 Section 44. Nonstatutory provisions.

AB684,47,20 (1) Terms of initial members of board. Notwithstanding the length of terms specified for the members of the board of the Wisconsin Rural Finance Authority under section 238.02 (1) of the statutes, as created by this act, the initial members of the board shall be appointed for the following terms:

AB684,47,23 (a) One member appointed under section 238.02 (1) (a) 1. of the statutes and one member appointed under section 238.02 (1) (a) 2. of the statutes, for terms expiring on July 1, 2005.

AB684,48,3 (b) One member appointed under section 238.02 (1) (a) 1. of the statutes and one member appointed under section 238.02 (1) (a) 3. of the statutes, for terms expiring on July 1, 2006.

AB684,48,6 (c) One member appointed under section 238.02 (1) (a) 2. of the statutes and one member appointed under section 238.02 (1) (a) 3. of the statutes, for terms expiring on July 1, 2007.

AB684,48,9 (d) One member appointed under section 238.02 (1) (a) 1. of the statutes and one member appointed under section 238.02 (1) (a) 2. of the statutes, for terms expiring on July 1, 2008.

AB684, s. 45 Section 45. Effective dates. This act takes effect on the day after publication, except as follows:

AB684,48,14 (1) The treatment of sections 234.66 (2), 234.90 (4), 234.907 (3), and 234.91 (5) (a) of the statutes takes effect on the first day of the 25th month beginning after publication.

AB684,48,15 (End)