SB1,1401,143
560.29
(2) (d)
Financial statements. Within 90 days of the end of the certified
4capital company's fiscal year, the certified capital company shall provide to the
5department a copy of its annual audited financial statements, including the opinion
6of an independent certified public accountant. The audit shall address the methods
7of operation and conduct of the business of the certified capital company to determine
8whether the certified capital company is complying with this
subchapter section and
9the rules promulgated under
this subchapter subchapter II of ch. 560, 2005 stats.,
10including whether certified capital has been invested in the manner required under
11s. 560.34
, 2005 stats. The financial statements provided under this subsection shall
12be segregated by investment pool and shall be separately audited on that basis to
13allow the department to determine whether the certified capital company is in
14compliance with s. 560.34 (1m)
, 2005 stats.
SB1, s. 3581w
15Section 3581w. 560.35 (4) of the statutes is renumbered 560.29 (2) (e) and
16amended to read:
SB1,1401,2017
560.29
(2) (e)
Fees. On or before January 31 annually, a certified capital
18company shall pay a nonrefundable certification fee of $5,000 to the department,
19unless January 31 falls within 6 months of the date on which the certified capital
20company was certified under s. 560.31
, 2005 stats.
SB1, s. 3581x
21Section 3581x. 560.35 (5) of the statutes is renumbered 560.29 (2) (f).
SB1, s. 3581y
22Section 3581y. 560.36 of the statutes is repealed.
SB1, s. 3581z
23Section 3581z. 560.37 of the statutes is repealed.
SB1, s. 3582
25Section
3582. 560.60 (1m) of the statutes is repealed.
SB1, s. 3583
1Section
3583. 560.60 (1v) of the statutes is repealed.
SB1, s. 3584
2Section
3584. 560.60 (3) of the statutes is repealed.
SB1, s. 3585
3Section
3585. 560.60 (3m) of the statutes is created to read:
SB1,1402,44
560.60
(3m) "Eligible activities" means any of the following:
SB1,1402,55
(a) Capital financing.
SB1,1402,66
(b) Worker training.
SB1,1402,77
(c) Entrepreneurial development.
SB1,1402,98
(d) Providing assistance to technology-based businesses or to businesses at a
9foreign trade show or event.
SB1,1402,1010
(e) Promoting urban or regional economic development.
SB1,1402,1111
(f) Establishing revolving loan funds.
SB1,1402,1212
(g) Providing working capital.
SB1,1402,1313
(h) Promoting employee ownership through all of the following:
SB1,1402,1514
1. Conducting feasibility studies to investigate the reorganization or new
15incorporation of existing businesses as employee-owned businesses.
SB1,1402,1616
2. Implementing feasibility studies under subd. 1.
SB1, s. 3586
17Section
3586. 560.60 (4) of the statutes is amended to read:
SB1,1402,2018
560.60
(4) "Eligible recipient" means a governing body or a person who is
19eligible to receive a grant or loan under s.
560.62, a grant or loan under s. 560.63 or
20a grant or loan under s. 560.65 560.61.
SB1, s. 3587
21Section
3587. 560.60 (8) of the statutes is repealed.
SB1, s. 3588
22Section
3588. 560.60 (10) of the statutes is repealed.
SB1, s. 3589
23Section
3589. 560.60 (11) of the statutes is repealed.
SB1, s. 3590
24Section
3590. 560.60 (13) of the statutes is repealed.
SB1, s. 3591
25Section
3591. 560.60 (15) of the statutes is amended to read:
SB1,1403,3
1560.60
(15) "Small business" means a business
operating for profit, with
250
2or fewer
than 100 employees, including employees of any subsidiary or affiliated
3organization.
SB1, s. 3592
4Section
3592. 560.60 (17) of the statutes is repealed.
SB1, s. 3593
5Section
3593. 560.60 (18m) of the statutes is repealed.
SB1, s. 3594
6Section
3594. 560.605 (1) (intro.) of the statutes is amended to read:
SB1,1403,117
560.605
(1) (intro.)
The Upon receipt of an application by an eligible recipient,
8the board may
consider any of the following in determining whether to award a grant
9or loan under s. 560.61
upon the receipt and consideration of an application by an
10eligible recipient for a project under ss. 560.62 to 560.66, if the board determines all
11of the following:
SB1, s. 3595
12Section
3595. 560.605 (1) (a) of the statutes is amended to read:
SB1,1403,1313
560.605
(1) (a)
The Whether the project serves a public purpose.
SB1, s. 3596
14Section
3596. 560.605 (1) (b) of the statutes is amended to read:
SB1,1403,1615
560.605
(1) (b)
The Whether the project will retain or increase employment in
16this state.
SB1, s. 3597
17Section
3597. 560.605 (1) (c) of the statutes is amended to read:
SB1,1403,1918
560.605
(1) (c)
The Whether the project
is not likely to might not occur without
19the grant or loan.
SB1, s. 3598
20Section
3598. 560.605 (1) (d) of the statutes is amended to read:
SB1,1403,2221
560.605
(1) (d)
Financing Whether financing is
unavailable available from
any
22other another source on reasonably equivalent terms.
SB1, s. 3599
23Section
3599. 560.605 (1) (e) of the statutes is amended to read:
SB1,1404,224
560.605
(1) (e)
Except as provided in s. 560.68 (6), the eligible recipient
25receiving the grant or loan will contribute, from The extent to which the project will
1be financed with funds not provided by this state
, not less than 25% of the cost of the
2project.
SB1, s. 3600
3Section
3600. 560.605 (1) (f) of the statutes is repealed.
SB1, s. 3601
4Section
3601. 560.605 (1) (g) of the statutes is amended to read:
SB1,1404,75
560.605
(1) (g)
Funds Whether funds from the grant or loan
under s. 560.62,
6560.63, 560.65 or 560.66 will
not be used to pay overhead costs
, except as provided
7in s. 560.65 (1m) (b), or to replace funds from
any other another source.
SB1, s. 3602
8Section
3602. 560.605 (1) (h) of the statutes is amended to read:
SB1,1404,109
560.605
(1) (h)
The Whether the project will
not displace
any workers in this
10state.
SB1, s. 3603
11Section
3603. 560.605 (1) (i) of the statutes is repealed.
SB1, s. 3604
12Section
3604. 560.605 (1) (p) of the statutes is amended to read:
SB1,1404,1513
560.605
(1) (p) For an ethanol production facility on which construction begins
14after July 27, 2005,
whether a competitive bidding process is used for the
15construction of the ethanol production facility.
SB1, s. 3605
16Section
3605. 560.605 (2) (intro.) of the statutes is repealed.
SB1, s. 3606
17Section
3606. 560.605 (2) (a) of the statutes is renumbered 560.605 (1) (j).
SB1, s. 3607
18Section
3607. 560.605 (2) (b) of the statutes is renumbered 560.605 (1) (k).
SB1, s. 3608
19Section
3608. 560.605 (2) (c) of the statutes is renumbered 560.605 (1) (L).
SB1, s. 3609
20Section
3609. 560.605 (2) (d) of the statutes is renumbered 560.605 (1) (m) and
21amended to read:
SB1,1404,2222
560.605
(1) (m) The financial soundness of the
business eligible recipient.
SB1, s. 3610
23Section
3610. 560.605 (2) (e) of the statutes is renumbered 560.605 (1) (n).
SB1, s. 3611
24Section
3611. 560.605 (2) (f) of the statutes is renumbered 560.605 (1) (o).
SB1, s. 3612
25Section
3612. 560.605 (2m) (intro.) of the statutes is amended to read:
SB1,1405,3
1560.605
(2m) (intro.) When considering whether a project
under s. 560.62,
2560.63 or 560.66 will be located in a targeted area, the board
shall may consider
all
3any of the following:
SB1, s. 3613
4Section
3613. 560.605 (2m) (c) of the statutes is repealed.
SB1, s. 3614
5Section
3614. 560.605 (2m) (d) of the statutes is repealed.
SB1, s. 3615
6Section
3615. 560.605 (2m) (e) of the statutes is repealed.
SB1, s. 3616
7Section
3616. 560.605 (4) of the statutes is repealed.
SB1, s. 3617
8Section
3617. 560.605 (5) of the statutes is repealed.
SB1, s. 3618
9Section
3618. 560.605 (5m) of the statutes is repealed.
SB1, s. 3619
10Section
3619. 560.605 (6) of the statutes is repealed.
SB1, s. 3621
11Section
3621. 560.607 (1) of the statutes is amended to read:
SB1,1405,1312
560.607
(1) Evaluations of proposed technical research projects
under s.
13560.62.
SB1, s. 3622
14Section
3622. 560.61 (intro.) and (1) of the statutes are consolidated,
15renumbered 560.61 and amended to read:
SB1,1405,20
16560.61 Wisconsin development fund. At the request of the board, the
17department
shall do all of the following: (1) Make may make a grant or loan to an
18eligible recipient
for a project that meets the criteria for funding under s. 560.605 (1)
19and (2) and under s. 560.62, 560.63, 560.65 or 560.66, whichever is appropriate, from
20the appropriations under s. 20.143 (1) (c) and (ie).
SB1, s. 3623
21Section
3623. 560.61 (3) of the statutes is repealed.
SB1, s. 3624
22Section
3624. 560.62 of the statutes is repealed.
SB1, s. 3625
23Section
3625. 560.63 of the statutes is repealed.
SB1, s. 3626
24Section
3626. 560.65 of the statutes is repealed.
SB1, s. 3627
25Section
3627. 560.66 of the statutes is repealed.
SB1, s. 3628
1Section
3628. 560.68 (1m) of the statutes is created to read:
SB1,1406,42
560.68
(1m) The department shall establish criteria for the award of grants
3and loans under s. 560.61, including the types of projects that are eligible for funding
4and the types of eligible projects that will receive priority.
SB1, s. 3629
5Section
3629. 560.68 (2m) of the statutes is created to read:
SB1,1406,76
560.68
(2m) The department shall determine conditions applicable to a grant
7or loan under s. 560.61.
SB1, s. 3630
8Section
3630. 560.68 (3) of the statutes is amended to read:
SB1,1406,139
560.68
(3) The department may charge a grant or loan recipient an origination
10fee of
up to not more than 2% of the grant or loan amount if the grant or loan
equals
11or exceeds $200,000
and is awarded under s. 560.63 or 560.66. The department shall
12deposit all origination fees collected under this subsection in the appropriation
13account under s. 20.143 (1) (gm).
SB1, s. 3631
14Section
3631. 560.68 (5) of the statutes is renumbered 560.68 (5) (intro.) and
15amended to read:
SB1,1406,1816
560.68
(5) (intro.) The department, with the approval of the board, shall
17develop procedures
to evaluate related to grants and loans under s. 560.61 for all of
18the following:
SB1,1406,19
19(b) Evaluating applications
, monitor
.
SB1,1406,20
20(c) Monitoring project performance
and audit.
SB1,1406,21
21(d) Auditing the grants and loans
awarded under this subchapter.