LRB-1595/1
CTS:wlj:md
2011 - 2012 LEGISLATURE
April 1, 2011 - Introduced by Senators Lassa, Hansen, Holperin, Vinehout, Jauch,
Miller, Taylor and
Erpenbach, cosponsored by Representatives Berceau,
Vruwink, Clark and
Sinicki. Referred to Committee on Economic
Development and Veterans and Military Affairs.
SB52,1,3
1An Act to create 238.27 of the statutes;
relating to: requiring the Wisconsin
2Economic Development Corporation to issue bonds and notes to raise capital for
3investment by venture capital funds in Wisconsin businesses.
Analysis by the Legislative Reference Bureau
This bill requires the Wisconsin Economic Development Corporation
(corporation) to issue bonds and notes to raise not more than $100,000,000 for
investment in Wisconsin businesses on behalf of the corporation by up to ten venture
capital funds. The corporation must provide the capital to venture capital funds that
agree to invest the capital on behalf of the corporation in Wisconsin businesses in
various industry sectors and in different stages of development; to require a business
in which the capital is to be invested to raise funds from sources other than the state
or the corporation in an amount equal to four times the amount of capital to be
invested on behalf of the corporation; and to maintain offices, staff, and investment
in this state.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB52, s. 1
4Section
1. 238.27 of the statutes is created to read:
SB52,2,4
5238.27 Wisconsin growth initiative. The corporation shall implement a
6program to issue bonds and notes to raise capital for investment in Wisconsin
1businesses on behalf of the corporation by up to 10 venture capital funds. The
2program may not raise more than a total of $100,000,000, and may not raise funds
3after December 31, 2016. The corporation shall provide the capital raised under the
4program to venture capital funds that agree to do all of the following:
SB52,2,6
5(1) Invest the capital on behalf of the corporation in Wisconsin businesses in
6various industry sectors and in different stages of development.
SB52,2,9
7(2) Require a business in which the capital is to be invested to raise funds from
8sources other than the state or the corporation in an amount equal to 4 times the
9amount of capital to be invested on behalf of the corporation.
SB52,2,10
10(3) Maintain offices, staff, and investment in this state.
