AB66: Bill Text

AB66,11,5 231.03 (18) Make studies of needed health facilities, educational facilities, cultural facilities, and child care centers that could not sustain a loan were it made under this chapter and recommend remedial action to the legislature; and do the same with regard to any laws or rules that prevent health facilities, educational facilities, cultural facilities, and child care centers from benefiting from this chapter.

AB66, s. 24 Section 24. 231.03 (19) of the statutes is amended to read:

AB66,11,17 231.03 (19) Obtain, or aid in obtaining, from any department or agency of the United States or of this state or any private company, any insurance or guaranty concerning the payment or repayment of, interest or principal, or both, or any part thereof, on any loan, lease, or obligation or any instrument evidencing or securing the same, made or entered into under the provisions of this chapter; and notwithstanding any other provisions of this chapter, to enter into any agreement, contract, or any other instrument with respect to that insurance or guaranty, to accept payment in the manner and form provided therein in the event of default by a participating health institution, participating educational institution, participating cultural institution, or participating child care provider, and to assign the insurance or guaranty as security for the authority's bonds.

AB66, s. 25 Section 25. 231.04 of the statutes is amended to read:

AB66,12,6 231.04 Expenses. All expenses of the authority incurred in carrying out this chapter shall be payable solely from funds provided under the authority of this chapter, and no liability may be incurred by the authority beyond the extent to which moneys have been provided under this chapter except that, for the purposes of meeting the necessary expenses of initial organization and operation of the authority for the period commencing on June 19, 1974 and continuing until such date as the authority derives moneys from funds provided to it under the authority of this chapter, the authority may borrow such moneys as it requires to supplement the funds provided under s. 20.440. Such moneys borrowed by the authority shall subsequently be charged to and apportioned among participating health institutions, participating educational institutions, participating cultural institutions, and participating child care providers in an equitable manner, and repaid with appropriate interest over a reasonable period of time.

AB66, s. 26 Section 26. 231.05 (1) of the statutes is amended to read:

AB66,12,14 231.05 (1) By means of this chapter, it is the intent of the legislature to provide assistance and alternative methods of financing to nonprofit health institutions to aid them in providing needed health services consistent with the state's health plan, to nonprofit educational institutions to aid them in providing needed educational services, to nonprofit cultural institutions to aid them in providing needed cultural facilities, and to nonprofit child care providers to aid them in providing needed child care services.

AB66, s. 27 Section 27. 231.06 of the statutes is amended to read:

AB66,13,2 231.06 Property acquisition. The authority may acquire, directly or by and through a participating health institution, participating educational institution, participating cultural institution, or participating child care provider as its agent, by purchase or by gift or devise, such lands, structures, property, rights, rights-of-way, franchises, easements, and other interests in lands, including lands lying under water and riparian rights, which are located within this state as it deems necessary or convenient for the construction or operation of a project, upon such terms and at such prices as it considers reasonable and can be agreed upon between it and the owner thereof, and take title thereto in the name of the authority or in the name of a health facility, educational facility, cultural facility, or child care center as its agent.

AB66, s. 28 Section 28. 231.07 (1) (b) of the statutes is amended to read:

AB66,13,9 231.07 (1) (b) Convey to the participating health institution, participating educational institution, participating cultural institution, or participating child care provider the authority's interest in the project and in any other health facility, educational facility, cultural facility, or child care center leased, mortgaged, or subject to a deed of trust or any other form of security arrangement to secure the bond.

AB66, s. 29 Section 29. 231.07 (2) (a) of the statutes is amended to read:

AB66,13,17 231.07 (2) (a) The principal of and interest on any bond issued by the authority to finance a project or to refinance or refund outstanding indebtedness of one or more participating health institutions, participating educational institutions, participating cultural institutions, or participating child care providers, including any refunding bonds issued to refund and refinance the bond, have been fully paid and the bonds retired or if the adequate provision has been made to pay fully and retire the bond; and

AB66, s. 30 Section 30. 231.08 (5) of the statutes is amended to read:

AB66,13,25 231.08 (5) In addition to the other authorizations under this section, bonds of the authority may be secured by a pooling of leases whereby the authority may assign its rights, as lessor, and pledge rents under 2 or more leases of health facilities, educational facilities, cultural facilities, or child care centers with 2 or more health institutions, educational institutions, cultural institutions, or child care providers, as lessees respectively, upon such terms as may be provided for in bond resolutions of the authority.

AB66, s. 31 Section 31. 231.10 (1) of the statutes is amended to read:

AB66,14,10 231.10 (1) The state is not liable on notes or bonds of the authority and the notes and bonds are not a debt of the state. All notes and bonds of the authority shall contain on the face thereof a statement to this effect. The issuance of bonds under this chapter shall not, directly or indirectly or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in this section prevents the authority from pledging its full faith and credit or the full faith and credit of a health institution, educational institution, cultural institution, or child care provider to the payment of bonds authorized under this chapter.

AB66, s. 32 Section 32. 231.12 of the statutes is amended to read:

AB66,15,3 231.12 Studies and recommendations. It is the intent and purpose of this chapter that the exercise by the authority of the powers granted to it shall be in all respects for the benefit of the people of this state to assist them to provide needed health facilities, educational facilities, cultural facilities, and child care centers of the number, size, type, distribution, and operation that will assure admission and health care, education, cultural opportunities, or child care of high quality to all who need it. The authority shall identify and study all projects which are determined by health planning agencies to be needed, but which could not sustain a loan were such to be made to it under this chapter. The authority shall formulate and recommend to the legislature such amendments to this and other laws, and such other specific measures as grants, loan guarantees, interest subsidies, or other actions the state may provide which would render the construction and operation of needed health facilities, educational facilities, cultural facilities, and child care centers feasible and in the public interest. The authority also shall identify and study any laws or rules which it finds handicaps or bars a needed health facility, educational facility, cultural facility, or child care center from participating in the benefits of this chapter, and recommend to the legislature such actions as will remedy such situation.

AB66, s. 33 Section 33. 231.13 (1) (intro.) of the statutes is amended to read:

AB66,15,11 231.13 (1) (intro.) The authority shall collect rents for the use of, or other revenues relating to the financing of, each project. The authority shall contract with a participating health institution, participating educational institution, participating cultural institution, or participating child care provider for each issuance of bonds. The contract shall provide that the rents or other revenues payable by the health facility, educational facility, cultural facility, or child care center shall be sufficient at all times to:

AB66, s. 34 Section 34. 231.13 (2) of the statutes is amended to read:

AB66,16,3 231.13 (2) The authority shall pledge the revenues derived and to be derived from a project and other related health facilities, educational facilities, cultural facilities, or child care centers for the purposes specified in sub. (1), and additional bonds may be issued which may rank on a parity with other bonds relating to the project to the extent and on the terms and conditions provided in the bond resolution. Such pledge shall be valid and binding from the time when the pledge is made, the revenues so pledged by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. Neither the bond resolution nor any financing statement, continuation statement, or other instrument by which a pledge is created or by which the authority's interest in revenues is assigned need be filed or recorded in any public records in order to perfect the lien thereof as against 3rd parties, except that a copy thereof shall be filed in the records of the authority and with the department of financial institutions.

AB66, s. 35 Section 35. 231.16 (1) of the statutes is amended to read:

AB66,16,18 231.16 (1) The authority may issue bonds to refund any outstanding bond of the authority or indebtedness that a participating health institution, participating educational institution, participating cultural institution, or participating child care provider may have incurred for the construction or acquisition of a project prior to or after April 30, 1980, including the payment of any redemption premium on the outstanding bond or indebtedness and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity, or to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project. Except for bonds to refund bonds issued under s. 231.03 (6) (g), no bonds may be issued under this section unless the authority has first entered into a new or amended agreement with a participating health institution, participating educational institution, participating cultural institution, or participating child care provider to provide sufficient revenues to pay the costs and other items described in s. 231.13.

AB66, s. 36 Section 36. 231.20 of the statutes is amended to read:

AB66,17,4 231.20 Waiver of construction and bidding requirements. In exercising its powers under s. 101.12, the department of commerce or any city, village, town, or county may, within its discretion for proper cause shown, waive any particular requirements relating to public buildings, structures, grounds, works , and improvements imposed by law upon projects under this chapter; the requirements of s. 101.13 may not be waived, however. If, however, the prospective lessee so requests in writing, the authority shall, through the participating health institution, participating educational institution, participating cultural institution, or participating child care provider as its agent, call for construction bids in such manner as is determined by the authority with the approval of the lessee.

AB66, s. 37 Section 37. 231.23 of the statutes is amended to read:

AB66,17,13 231.23 Nonprofit institutions. It is intended that all nonprofit health and institutions, educational institutions, cultural institutions, and child care providers in this state be enabled to benefit from and participate in this chapter. To this end, all nonprofit health and institutions, educational institutions, cultural institutions, and child care providers operating, or authorized to be operated, under any law of this state may undertake projects and utilize the capital financing sources and methods of repayment provided by this chapter, the provisions of any other laws to the contrary notwithstanding.

AB66,17,14 (End)