SB40-ASA1, s. 3581m
7Section 3581m. 560.30 (11) of the statutes is renumbered 560.29 (1) (g) and
8amended to read:
SB40-ASA1,1482,119
560.29
(1) (g) "Qualified investment" means an investment in a qualified
10business by a certified capital company that meets the requirements under s. 560.34
11(1)
, 2005 stats.
SB40-ASA1, s. 3581r
16Section 3581r. 560.35 (title) of the statutes is renumbered 560.29 (2) (title).
SB40-ASA1, s. 3581s
17Section 3581s. 560.35 (1) (intro.) of the statutes is renumbered 560.29 (2) (a)
18(intro.).
SB40-ASA1, s. 3581t
19Section 3581t. 560.35 (1m) of the statutes is renumbered 560.29 (2) (b) and
20amended to read:
SB40-ASA1,1482,2521
560.29
(2) (b)
Violation of agreements by qualified businesses. As soon as
22practicable after the receipt of information by the certified capital company that a
23qualified business has violated an agreement made under s. 560.34 (1) (b) to (e),
2005
24stats., the certified capital company shall notify the department of the violation and
25the facts giving rise to the violation.
SB40-ASA1, s. 3581v
2Section 3581v. 560.35 (3) of the statutes is renumbered 560.29 (2) (d) and
3amended to read:
SB40-ASA1,1483,154
560.29
(2) (d)
Financial statements. Within 90 days of the end of the certified
5capital company's fiscal year, the certified capital company shall provide to the
6department a copy of its annual audited financial statements, including the opinion
7of an independent certified public accountant. The audit shall address the methods
8of operation and conduct of the business of the certified capital company to determine
9whether the certified capital company is complying with this
subchapter section and
10the rules promulgated under
this subchapter subchapter II of ch. 560, 2005 stats.,
11including whether certified capital has been invested in the manner required under
12s. 560.34
, 2005 stats. The financial statements provided under this subsection shall
13be segregated by investment pool and shall be separately audited on that basis to
14allow the department to determine whether the certified capital company is in
15compliance with s. 560.34 (1m)
, 2005 stats.
SB40-ASA1, s. 3581w
16Section 3581w. 560.35 (4) of the statutes is renumbered 560.29 (2) (e) and
17amended to read:
SB40-ASA1,1483,2118
560.29
(2) (e)
Fees. On or before January 31 annually, a certified capital
19company shall pay a nonrefundable certification fee of $5,000 to the department,
20unless January 31 falls within 6 months of the date on which the certified capital
21company was certified under s. 560.31
, 2005 stats.
SB40-ASA1,1484,55
560.60
(3m) "Eligible activities" means any of the following:
SB40-ASA1,1484,66
(a) Capital financing.
SB40-ASA1,1484,77
(b) Worker training.
SB40-ASA1,1484,88
(c) Entrepreneurial development.
SB40-ASA1,1484,109
(d) Providing assistance to technology-based businesses or to businesses at a
10foreign trade show or event.
SB40-ASA1,1484,1111
(e) Promoting urban or regional economic development.
SB40-ASA1,1484,1212
(f) Establishing revolving loan funds.
SB40-ASA1,1484,1313
(g) Providing working capital.
SB40-ASA1,1484,1414
(h) Promoting employee ownership through all of the following:
SB40-ASA1,1484,1615
1. Conducting feasibility studies to investigate the reorganization or new
16incorporation of existing businesses as employee-owned businesses.
SB40-ASA1,1484,1717
2. Implementing feasibility studies under subd. 1.
SB40-ASA1,1484,2119
560.60
(4) "Eligible recipient" means a governing body or a person who is
20eligible to receive a grant or loan under s.
560.62, a grant or loan under s. 560.63 or
21a grant or loan under s. 560.65 560.61.
SB40-ASA1,1485,42
560.60
(15) "Small business" means a business
operating for profit, with
250
3or fewer
than 100 employees, including employees of any subsidiary or affiliated
4organization.
SB40-ASA1, s. 2734
7Section
2734. 560.605 (1) (intro.) of the statutes is amended to read:
SB40-ASA1,1485,128
560.605
(1) (intro.)
The Upon receipt of an application by an eligible recipient,
9the board may
consider any of the following in determining whether to award a grant
10or loan under s. 560.61
upon the receipt and consideration of an application by an
11eligible recipient for a project under ss. 560.62 to 560.66, if the board determines all
12of the following:
SB40-ASA1,1485,1414
560.605
(1) (a)
The Whether the project serves a public purpose.
SB40-ASA1,1485,1716
560.605
(1) (b)
The Whether the project will retain or increase employment in
17this state.
SB40-ASA1,1485,2019
560.605
(1) (c)
The Whether the project
is not likely to might not occur without
20the grant or loan.
SB40-ASA1,1485,2322
560.605
(1) (d)
Financing Whether financing is
unavailable available from
any
23other another source on reasonably equivalent terms.
SB40-ASA1,1486,4
1560.605
(1) (e)
Except as provided in s. 560.68 (6), the eligible recipient
2receiving the grant or loan will contribute, from The extent to which the project will
3be financed with funds not provided by this state
, not less than 25% of the cost of the
4project.
SB40-ASA1,1486,97
560.605
(1) (g)
Funds Whether funds from the grant or loan
under s. 560.62,
8560.63, 560.65 or 560.66 will
not be used to pay overhead costs
, except as provided
9in s. 560.65 (1m) (b), or to replace funds from
any other another source.
SB40-ASA1,1486,1211
560.605
(1) (h)
The Whether the project will
not displace
any workers in this
12state.
SB40-ASA1,1486,1715
560.605
(1) (p) For an ethanol production facility on which construction begins
16after July 27, 2005,
whether a competitive bidding process is used for the
17construction of the ethanol production facility.
SB40-ASA1, s. 2746
19Section
2746. 560.605 (2) (a) of the statutes is renumbered 560.605 (1) (j).
SB40-ASA1, s. 2747
20Section
2747. 560.605 (2) (b) of the statutes is renumbered 560.605 (1) (k).
SB40-ASA1, s. 2748
21Section
2748. 560.605 (2) (c) of the statutes is renumbered 560.605 (1) (L).
SB40-ASA1, s. 2749
22Section
2749. 560.605 (2) (d) of the statutes is renumbered 560.605 (1) (m) and
23amended to read:
SB40-ASA1,1486,2424
560.605
(1) (m) The financial soundness of the
business eligible recipient.
SB40-ASA1, s. 2750
25Section
2750. 560.605 (2) (e) of the statutes is renumbered 560.605 (1) (n).
SB40-ASA1, s. 2751
1Section
2751. 560.605 (2) (f) of the statutes is renumbered 560.605 (1) (o).
SB40-ASA1, s. 2752
2Section
2752. 560.605 (2m) (intro.) of the statutes is amended to read:
SB40-ASA1,1487,53
560.605
(2m) (intro.) When considering whether a project
under s. 560.62,
4560.63 or 560.66 will be located in a targeted area, the board
shall may consider
all
5any of the following:
SB40-ASA1,1487,1514
560.607
(1) Evaluations of proposed technical research projects
under s.
15560.62.
SB40-ASA1, s. 2761
16Section
2761. 560.61 (intro.) and (1) of the statutes are consolidated,
17renumbered 560.61 and amended to read:
SB40-ASA1,1487,22
18560.61 Wisconsin development fund. At the request of the board, the
19department
shall do all of the following: (1) Make may make a grant or loan to an
20eligible recipient
for a project that meets the criteria for funding under s. 560.605 (1)
21and (2) and under s. 560.62, 560.63, 560.65 or 560.66, whichever is appropriate, from
22the appropriations under s. 20.143 (1) (c) and (ie).
