SB148: Bill Text

SB148,337 Section 337. 106.16 (2) of the statutes is amended to read:

SB148,109,6 106.16 (2) Any company that receives a loan or grant from a state agency or an authority under ch. 231 or 234 shall notify the department and the local workforce development board established under 29 USC 2832, of any position in the company that is related to the project for which the grant or loan is received to be filled in this state within one year after receipt of the loan or grant. The company shall provide this notice at least 2 weeks prior to advertising the position.

SB148,338 Section 338. 106.16 (3) of the statutes is repealed.

SB148,339 Section 339. 106.27 (2m) of the statutes is amended to read:

SB148,109,11 106.27 (2m) Consultation. The department shall consult with the technical college system board and the Wisconsin Economic Development Corporation Forward Wisconsin Development Authority in implementing this section.

SB148,340 Section 340. 109.09 (2) (c) 1. a. of the statutes is amended to read:

SB148,109,14 109.09 (2) (c) 1. a. "Commercial lending institution" has the meaning given for "financial institution" in s. 234.01 235.40 (5k).

SB148,341 Section 341. 114.31 (6) of the statutes is amended to read:

SB148,110,2 114.31 (6) Technical services to municipalities. The secretary may, insofar as is reasonably possible, offer the engineering or other technical service of the department, to any municipality desiring them in connection with the construction, maintenance or operation or proposed construction, maintenance or operation of an airport. The secretary may assess reasonable costs for services including services performed while acting as agent for a municipality. Such assessment shall include properly allocated administrative costs. Municipalities are authorized to cooperate with the secretary in the development of aeronautics and aeronautical facilities in this state. The Wisconsin Economic Development Corporation Forward Wisconsin Development Authority and all agencies are authorized and directed to make available such facilities and services, and to cooperate as far as possible to promote the best interests of aeronautics of the state.

SB148,342 Section 342. 196.49 (4) of the statutes is amended to read:

SB148,110,7 196.49 (4) The commission may not issue a certificate under sub. (1), (2), or (3) for the construction of electric generating equipment and associated facilities unless the commission determines that brownfields, as defined in s. 238.13 235.13 (1) (a) or s. 560.13 (1) (a), 2009 stats., are used to the extent practicable.

SB148,343 Section 343. 196.491 (3) (a) 2m. b. of the statutes is amended to read:

SB148,110,12 196.491 (3) (a) 2m. b. The applicant proposes alternative construction sites for the facility that are contiguous or proximate, provided that at least one of the proposed sites is a brownfield, as defined in s. 238.13 235.13 (1) (a), or the site of a former or existing large electric generating facility.

SB148,344 Section 344. 196.491 (3) (d) 8. of the statutes is amended to read:

SB148,110,15 196.491 (3) (d) 8. For a large electric generating facility, brownfields, as defined in s. 238.13 235.13 (1) (a), are used to the extent practicable.

SB148,345 Section 345. 224.71 (1br) (intro.) of the statutes is amended to read:

SB148,110,22 224.71 (1br) (intro.) "Bona fide nonprofit organization" means an organization that is described in section 501 (c) (3) of the Internal Revenue Code and exempt from federal income tax under section 501 (a) of the Internal Revenue Code, that is certified by the federal department of housing and urban development or the Forward Wisconsin Housing and Economic Development Authority, and that does all of the following:

SB148,346 Section 346. 230.03 (3) of the statutes, as affected by 2013 Wisconsin Act 20, is amended to read:

SB148,111,10 230.03 (3) "Agency" means any board, commission, committee, council, or department in state government or a unit thereof created by the constitution or statutes if such board, commission, committee, council, department, unit, or the head thereof, is authorized to appoint subordinate staff by the constitution or statute, except the Board of Regents of the University of Wisconsin System, a legislative or judicial board, commission, committee, council, department, or unit thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233, 234 235, 237, 238, or 279. "Agency" does not mean any local unit of government or body within one or more local units of government that is created by law or by action of one or more local units of government.

SB148,347 Section 347. Chapter 234 (title) of the statutes is repealed.

SB148,348 Section 348. Subchapter I (title) of chapter 234 [precedes 234.01] of the statutes is renumbered subchapter IV (title) of chapter 235 [precedes 235.40] and amended to read:

SB148,111,15 CHAPTER 235

SB148,111,16 SUBCHAPTER IV

SB148,111,18 GENERAL PROVISIONS; HOUSING AND ECONOMIC DEVELOPMENT PROGRAMS

SB148,349 Section 349. 234.01 (intro.) of the statutes is renumbered 235.40 (intro.) and amended to read:

SB148,111,21 235.40 Definitions. (intro.) In this chapter subchapter:

SB148,350 Section 350. 234.01 (1) of the statutes is repealed.

SB148,351 Section 351. 234.01 (2) of the statutes is repealed.

SB148,352 Section 352. 234.01 (3) of the statutes is repealed.

SB148,353 Section 353. 234.01 (3m) of the statutes is renumbered 235.40 (3m) and amended to read:

SB148,112,5 235.40 (3m) "Collateral" means a 3rd-party note, mortgage, guaranty, insurance policy, bond, letter of credit, security agreement, or other instrument securing the repayment of an economic development loan or a mortgage loan.

SB148,354 Section 354. 234.01 (4) of the statutes is renumbered 235.40 (4).

SB148,355 Section 355. 234.01 (4m) of the statutes is repealed.

SB148,356 Section 356. 234.01 (4n) of the statutes is repealed.

SB148,357 Section 357. 234.01 (5) of the statutes is renumbered 235.40 (5).

SB148,358 Section 358. 234.01 (5k) of the statutes is renumbered 235.40 (5k).

SB148,359 Section 359. 234.01 (5m) of the statutes is renumbered 235.40 (5m) and amended to read:

SB148,112,14 235.40 (5m) "Homeownership mortgage loan" has the meaning given under s. 234.59 235.59 (1) (f).

SB148,360 Section 360. 234.01 (6) of the statutes is renumbered 235.40 (6), and 235.40 (6) (a) and (b), as renumbered, are amended to read:

SB148,112,20 235.40 (6) (a) If the corporation receives any loan or advance from the authority under this chapter subchapter, it may enter into an agreement with the authority providing for regulation with respect to rents, profits, dividends , and disposition of property or franchises; and.

SB148,113,5 (b) If the corporation receives a loan or advance under this chapter subchapter, the chairperson of the authority board, or his or her designee, acting with the prior approval of the majority of the members of the authority board, may, if he or she determines that any such loan or advance is in jeopardy of not being repaid, that the proposed development for which such loan or advance was made is in jeopardy of not being constructed, or that the corporation is not carrying out the intent and purposes of this chapter subchapter, appoint to the board of directors of such corporation a number of new directors, which number shall be sufficient to constitute a majority of such that board of directors, notwithstanding any other provision of such articles of incorporation or of any other provision of law.

SB148,361 Section 361. 234.01 (7) of the statutes is renumbered 235.40 (7).

SB148,362 Section 362. 234.01 (7m) of the statutes is renumbered 235.40 (7m) and amended to read:

SB148,113,10 235.40 (7m) "Housing rehabilitation loan" means a low interest housing rehabilitation loan as defined in s. 234.49 235.49 (1) (f) and (fm).

SB148,363 Section 363. 234.01 (8) of the statutes is renumbered 235.40 (8), and 235.40 (8) (a) and (b), as renumbered, are amended to read:

SB148,113,16 235.40 (8) (a) As a condition of acceptance of a loan or advance under this chapter subchapter, the limited-profit entity shall enter into an agreement with the authority providing for limitations of rents, profits, dividends, and disposition of property or franchises; and.

SB148,114,3 (b) If the limited-profit entity receives a loan or advance under this chapter subchapter, the chairperson of the authority board, or his or her designee, acting with the prior approval of the majority of members of the authority board, may, if he or she determines that any such loan or advance is in jeopardy of not being repaid, that the proposed development for which such loan or advance was made is in jeopardy of not being constructed, or that the limited-profit entity is otherwise not carrying out the intent and purposes of this chapter subchapter, appoint to the board of directors or other comparable controlling body of such limited-profit entity a number of new directors or persons, which number shall be sufficient to constitute a voting majority of such board or controlling body, notwithstanding any other provisions of the limited-profit entity's articles of incorporation or other documents of organization, or of any other provisions of law.

SB148,364 Section 364. 234.01 (9) of the statutes is renumbered 235.40 (9), and 235.40 (9) (a) 5., as renumbered, is amended to read:

SB148,114,19 235.40 (9) (a) 5. That if the corporation receives a loan or advance under this chapter subchapter, the chairperson of the authority board, or his or her designee, acting with the prior approval of the majority of the members of the authority board, may, on determination that any such loan or advance is in jeopardy of not being repaid, that the proposed development for which such loan or advance was made is in jeopardy of not being constructed, that some part of the net income or net earnings of the corporation is inuring to the benefit of any private person, that the corporation is in some manner controlled or under the direction of or acting in the substantial interest of any private person seeking to derive benefit or gain therefrom or seeking to eliminate or minimize losses in any dealings or transactions therewith, or that the corporation is not carrying out the intent and purposes of this chapter subchapter, appoint to the board of directors of such corporation a number of new directors, which number shall be sufficient to constitute a majority of such board, notwithstanding any other provisions of such articles of incorporation or of any other provisions of law.

SB148,365 Section 365. 234.01 (10) of the statutes is renumbered 235.40 (10) and amended to read:

SB148,115,8 235.40 (10) "Persons and families of low and moderate income" means persons and families who cannot afford to pay the amounts at which private enterprise, without federally-aided federally aided mortgages or loans from the authority, can provide a substantial supply of decent, safe and sanitary housing and who fall within income limitations set by the authority in its rules policies and procedures. In determining such income limitations the authority shall consider the amounts of the total income of such persons available for housing needs, the size of the family, the cost and condition of available housing facilities, standards established for various federal programs, and any other factors determined by the authority to be appropriate in arriving at such limitations. Among low- or moderate-income persons and families, preference shall be given to those displaced by governmental action.

SB148,366 Section 366. 234.02 of the statutes is repealed.

SB148,367 Section 367. 234.03 of the statutes is repealed.

SB148,368 Section 368. 234.032 of the statutes is repealed.

SB148,369 Section 369. 234.034 of the statutes is renumbered 235.401.

SB148,370 Section 370. 234.04 of the statutes is renumbered 235.406, and 235.406 (2), as renumbered, is amended to read:

SB148,116,5 235.406 (2) The authority may make or participate in the making and enter into commitments for the making of long-term mortgage loans to eligible sponsors of housing projects for occupancy by persons and families of low and moderate income, or for the making of homeownership mortgage loans or housing rehabilitation loans or loans for the refinancing of qualified subprime loans under s. 234.592   235.592 to persons and families of low and moderate income, an applicant under s. 234.59 or 234.592 235.59 to 235.592, or other eligible beneficiaries as defined in s. 234.49. The loans may be made only upon the determination by the authority that they are not otherwise available from private lenders upon reasonably equivalent terms and conditions 235.49. The authority may not make a loan to a person whose name appears on the statewide support lien docket under s. 49.854 (2) (b), unless the person provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a). The authority may employ, for such compensation as it determines, the services of any financial institution in connection with any loan.

SB148,371 Section 371. 234.05 of the statutes is renumbered 235.407.

SB148,372 Section 372. 234.06 of the statutes is renumbered 235.4075.

SB148,373 Section 373. 234.07 of the statutes is renumbered 235.408, and 235.408 (1), as renumbered, is amended to read:

SB148,117,8 235.408 (1) Except as provided in sub. (2), a limited-profit entity which that receives loans from the authority under this subchapter may not make distributions, other than from funds contributed to the limited-profit entity by stockholders, partners, members, or holders of beneficial interest in the limited-profit entity, in any one year with respect to a project financed by the authority in excess of 6% of its equity in such project on a cumulative basis. The equity in a project shall consist of the difference between the amount of the mortgage loan and the total project cost. Total project cost shall include construction or rehabilitation costs including job overhead and a builder's and sponsor's profit and risk fee, architectural, engineering, legal, and accounting costs, organizational expenses, land value, interest, and financing charges paid during construction, the cost of landscaping and off-site improvements, whether or not such costs have been paid in cash or in a form other than cash. With respect to every project the authority shall, pursuant to rules policies and procedures adopted by it, establish the entity's equity at the time of making of the final mortgage advance and, for purposes of this section, that figure shall remain constant during the life of the authority's loan with respect to such project. Upon the dissolution of the limited-profit entity any surplus in excess of the distributions allowed by this section shall be paid to the authority. For this purpose surplus shall not be deemed to include any increase in net worth of any limited-profit entity by reason of a reduction of mortgage indebtedness, by amortization or similar payments or by reason of the sale or disposition of any assets of a limited-profit entity to the extent such surplus can be attributed to any increase in market value of any real or tangible personal property accruing during the period the assets were owned and held by the limited-profit entity.

SB148,374 Section 374. 234.08 (title) of the statutes is renumbered 235.02 (title).

SB148,375 Section 375. 234.08 (1) of the statutes is renumbered 235.02 (1) (intro.) and amended to read:

SB148,117,15 235.02 (1) (intro.) The authority may issue its negotiable notes and bonds in such principal amount, as, in the opinion of the authority, is necessary to provide sufficient funds for achieving its corporate purposes and funding its projects and programs, including the purchase of to do any of the following:

SB148,117,21 (a) Purchase certain mortgages and securities and the making of make secured loans for low- and moderate-income housing for persons and families of low and moderate income, for the rehabilitation of existing structures, and for the construction of facilities appurtenant thereto as provided in this chapter; for the making of to existing structures consistent with the authority's housing-related purposes.

SB148,117,23 (b) Make secured loans to assist eligible elderly homeowners in paying property taxes and special assessments; for the payment of.

SB148,117,25 (c) Pay interest on notes and bonds of the authority during construction; for the establishment of.

SB148,118,1 (d) Establish reserves to secure such notes and bonds; for the provision of.

SB148,118,4 (e) Provide moneys for the housing development fund in order to make temporary loans to sponsors of housing projects as provided in this chapter; and for.

SB148,118,7 (f) Make all other expenditures of the authority incident to and necessary or convenient to carry out its corporate purposes and powers, including funding all projects and programs.

SB148,376 Section 376. 234.08 (2) of the statutes is renumbered 235.02 (2).

SB148,377 Section 377. 234.08 (3) of the statutes is renumbered 235.02 (3).

SB148,378 Section 378. 234.08 (4) of the statutes is renumbered 235.02 (4).

SB148,379 Section 379. 234.08 (5) of the statutes is repealed.

SB148,380 Section 380. 234.08 (6) of the statutes is repealed.

SB148,381 Section 381. 234.08 (7) of the statutes is renumbered 235.02 (7).

SB148,382 Section 382. 234.09 of the statutes is renumbered 235.021 and amended to read:

SB148,119,3 235.021 Same Notes and bonds; authorization; terms. The authority's notes and bonds shall be authorized by resolution of the members of the authority board; shall bear such date or dates, and shall mature at such time or times, in the case of any note, or any renewal thereof, not exceeding 5 years, from the date of issue of such original note, and in the case of any bond not exceeding 50 years from the date of issue, as the resolution provides. The notes and bonds shall bear interest at such rate or rates, fixed or variable, be in such denominations of $1,000 or more, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in such medium of payment, and at such place, and be subject to such terms of redemption, as the resolution provides. The bonds may be issued as serial bonds payable in annual installments or as term bonds or as a combination thereof. The notes and bonds of the authority may be sold by the authority, at public or private sale, at the price determined by the authority.

SB148,383 Section 383. 234.10 of the statutes is renumbered 235.0215, and 235.0215 (title) and (9), as renumbered, are amended to read:

SB148,119,7 235.0215 (title) Same Notes and bonds; resolution authorizing issuance, contents.

SB148,119,13 (9) Vesting in a trustee such property, rights, powers , and duties in trust as the authority determines, which may include any or all of the rights, powers, and duties of the trustee appointed by the noteholders or bondholders pursuant to s. 234.20 235.0265 and limiting or abrogating the right of the noteholders or bondholders to appoint a trustee under s. 234.20 235.0265 or limiting the rights, powers, and duties of such trustee, in which event s. 234.20 235.0265 shall not apply.

SB148,384 Section 384. 234.11 of the statutes is renumbered 235.022 and amended to read:

SB148,119,23 235.022 Same Notes and bonds; validity and effect of pledge. Any pledge made by the authority shall be valid and binding from the time when the pledge is made; the moneys or property so pledged and thereafter received 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 resolution nor any other instrument by which a pledge is created need be recorded.

SB148,385 Section 385. 234.12 of the statutes is renumbered 235.0225 and amended to read:

SB148,120,6 235.0225 Same Notes and bonds; personal liability of board members of authority. Neither the members of the authority board, nor the members of a committee established by the board, nor any authorized agent of the board, nor any person executing the notes or bonds of the authority shall be liable personally on the notes or bonds or be subject to any personal liability or accountability by reason of the issuance thereof.

SB148,386 Section 386. 234.13 (intro.) of the statutes is renumbered 235.023 and amended to read:

SB148,120,12 235.023 Same Notes and bonds; purchase for cancellation. The authority, subject to such agreements with noteholders or bondholders as may then exist, shall have power out of any funds available therefor to purchase notes or bonds of the authority, which shall thereupon be canceled, at a price not exceeding:.

SB148,387 Section 387. 234.13 (1) of the statutes is repealed.

SB148,388 Section 388. 234.13 (2) of the statutes is repealed.