SB148,373
8Section
373. 234.07 of the statutes is renumbered 235.408, and 235.408 (1),
9as renumbered, is amended to read:
SB148,117,810
235.408
(1) Except as provided in sub. (2), a limited-profit entity
which that 11receives loans from the authority
under this subchapter may not make distributions,
12other than from funds contributed to the limited-profit entity by stockholders,
13partners, members
, or holders of beneficial interest in the limited-profit entity, in
14any one year with respect to a project financed by the authority in excess of 6% of its
15equity in such project on a cumulative basis. The equity in a project shall consist of
16the difference between the amount of the mortgage loan and the total project cost.
17Total project cost shall include construction or rehabilitation costs including job
18overhead and a builder's and sponsor's profit and risk fee, architectural, engineering,
19legal
, and accounting costs, organizational expenses, land value, interest
, and
20financing charges paid during construction, the cost of landscaping and off-site
21improvements, whether or not such costs have been paid in cash or in a form other
22than cash. With respect to every project the authority shall, pursuant to
rules 23policies and procedures adopted by it, establish the entity's equity at the time of
24making of the final mortgage advance and, for purposes of this section, that figure
25shall remain constant during the life of the authority's loan with respect to such
1project. Upon the dissolution of the limited-profit entity any surplus in excess of the
2distributions allowed by this section shall be paid to the authority. For this purpose
3surplus shall not be deemed to include any increase in net worth of any limited-profit
4entity by reason of a reduction of mortgage indebtedness, by amortization or similar
5payments or by reason of the sale or disposition of any assets of a limited-profit entity
6to the extent such surplus can be attributed to any increase in market value of any
7real or tangible personal property accruing during the period the assets were owned
8and held by the limited-profit entity.
SB148,374
9Section
374. 234.08 (title) of the statutes is renumbered 235.02 (title).
SB148,375
10Section
375. 234.08 (1) of the statutes is renumbered 235.02 (1) (intro.) and
11amended to read:
SB148,117,1512
235.02
(1) (intro.) The authority may issue its negotiable notes and bonds in
13such principal amount, as, in the opinion of the authority, is necessary to provide
14sufficient funds for achieving its corporate purposes
and funding its projects and
15programs, including
the purchase of to do any of the following:
SB148,117,21
16(a) Purchase certain mortgages and securities and
the making of make 17secured loans for
low- and moderate-income housing
for persons and families of
18low and moderate income, for the rehabilitation of existing structures
, and for the
19construction of facilities appurtenant
thereto as provided in this chapter; for the
20making of to existing structures consistent with the authority's housing-related
21purposes.
SB148,117,23
22(b) Make secured loans to assist eligible elderly homeowners in paying
23property taxes and special assessments
; for the payment of.
SB148,117,25
24(c) Pay interest on notes and bonds of the authority during construction
; for
25the establishment of.
SB148,118,1
1(d) Establish reserves to secure
such notes and bonds
; for the provision of.
SB148,118,4
2(e) Provide moneys for the housing development fund in order to make
3temporary loans to sponsors of housing projects
as provided in this chapter; and
4for.
SB148,118,7
5(f) Make all other expenditures of the authority incident to and necessary or
6convenient to carry out its corporate purposes and powers
, including funding all
7projects and programs.
SB148,376
8Section
376. 234.08 (2) of the statutes is renumbered 235.02 (2).
SB148,377
9Section
377. 234.08 (3) of the statutes is renumbered 235.02 (3).
SB148,378
10Section
378. 234.08 (4) of the statutes is renumbered 235.02 (4).
SB148,379
11Section
379. 234.08 (5) of the statutes is repealed.
SB148,380
12Section
380. 234.08 (6) of the statutes is repealed.
SB148,381
13Section
381. 234.08 (7) of the statutes is renumbered 235.02 (7).
SB148,382
14Section
382. 234.09 of the statutes is renumbered 235.021 and amended to
15read:
SB148,119,3
16235.021 Same Notes and bonds; authorization; terms. The
authority's 17notes and bonds shall be authorized by resolution of the
members of the authority 18board; shall bear such date or dates, and shall mature at such time or times,
in the
19case of any note, or any renewal thereof, not exceeding 5 years, from the date of issue
20of such original note, and in the case of any bond not exceeding 50 years from the date
21of issue, as the resolution provides. The notes and bonds shall bear interest at such
22rate or rates,
fixed or variable, be in such denominations
of $1,000 or more, be in such
23form,
either coupon or registered, carry such registration privileges, be executed in
24such manner, be payable in such medium of payment
,
and at such place
, and be
25subject to such terms of redemption
, as the resolution provides. The bonds may be
1issued as serial bonds payable in annual installments or as term bonds or as a
2combination thereof. The notes and bonds of the authority may be sold by the
3authority, at public or private sale, at the price determined by the authority.
SB148,383
4Section
383. 234.10 of the statutes is renumbered 235.0215, and 235.0215
5(title) and (9), as renumbered, are amended to read:
SB148,119,7
6235.0215 (title)
Same Notes and bonds; resolution authorizing
7issuance, contents.
SB148,119,13
8(9) Vesting in a trustee such property, rights, powers
, and duties in trust as the
9authority determines, which may include any or all of the rights, powers
, and duties
10of the trustee appointed by the noteholders or bondholders pursuant to s.
234.20 11235.0265 and limiting or abrogating the right of the noteholders or bondholders to
12appoint a trustee under s.
234.20 235.0265 or limiting the rights, powers
, and duties
13of such trustee, in which event s.
234.20 235.0265 shall not apply.
SB148,384
14Section
384. 234.11 of the statutes is renumbered 235.022 and amended to
15read:
SB148,119,23
16235.022 Same Notes and bonds; validity and effect of pledge. Any pledge
17made by the authority shall be valid and binding from the time when the pledge is
18made; the moneys or property so pledged and thereafter received by the authority
19shall immediately be subject to the lien of such pledge without any physical delivery
20thereof or further act; and the lien of any such pledge shall be valid and binding as
21against all parties having claims of any kind in tort, contract
. or otherwise against
22the authority, irrespective of whether such parties have notice thereof. Neither the
23resolution nor any other instrument by which a pledge is created need be recorded.
SB148,385
24Section
385. 234.12 of the statutes is renumbered 235.0225 and amended to
25read:
SB148,120,6
1235.0225 Same Notes and bonds; personal liability of board members
2of authority. Neither the members of the
authority board, nor the members of a
3committee established by the board, nor any authorized agent of the board, nor any
4person executing
the notes or bonds
of the authority shall be liable personally on the
5notes or bonds or be subject to any personal liability or accountability by reason of
6the issuance thereof.
SB148,386
7Section
386. 234.13 (intro.) of the statutes is renumbered 235.023 and
8amended to read:
SB148,120,12
9235.023 Same Notes and bonds; purchase for cancellation. The
10authority, subject to such agreements with noteholders or bondholders as may then
11exist, shall have power out of any funds available therefor to purchase notes or bonds
12of the authority
, which shall thereupon be canceled, at a price not exceeding:.
SB148,387
13Section
387. 234.13 (1) of the statutes is repealed.
SB148,388
14Section
388. 234.13 (2) of the statutes is repealed.
SB148,389
15Section
389. 234.14 of the statutes is renumbered 235.0235, and 235.0235
16(title), as renumbered, is amended to read:
SB148,120,17
17235.0235 (title)
Same Notes and bonds; liability of state.
SB148,390
18Section
390. 234.15 of the statutes is renumbered 235.403, and 235.403 (1g),
19(1r), (2), (3) (a) (intro.) and 3. and (b) and (4), as renumbered, are amended to read:
SB148,121,220
235.403
(1g) In this section, "capital reserve fund requirement" means, as of
21any particular date of computation, an amount of money, as provided in the
22resolutions of the
authority board authorizing the bonds with respect to which a
23capital reserve fund is established
under this section, which amount shall not exceed
24the maximum annual debt service on
the those bonds
of the authority for that fiscal
1year or any future fiscal year of the authority secured in whole or in part by the
2capital reserve fund.
SB148,121,9
3(1r) The authority
shall may establish one or more
special capital reserve funds
4to secure its bonds
, referred to in this chapter as capital reserve funds issued for
5housing-related purposes, and shall pay into each such capital reserve fund any
6moneys appropriated and made available by the state for the purposes of such fund,
7any proceeds of sale of notes or bonds, to the extent provided in the resolution of the
8authority board authorizing the issuance thereof
, and any other moneys
which are 9made available to the authority for the purpose of such fund from any other source.
SB148,121,23
10(2) All moneys held in any capital reserve fund
established under this section,
11except as otherwise specifically provided, shall be used, as required, solely for the
12payment of the principal of bonds of the authority secured in whole or in part by such
13fund or of the sinking fund payments mentioned in this section with respect to such
14bonds, the purchase or redemption of such bonds, the payment of interest on such
15bonds
, or the payment of any redemption premium required to be paid when such
16bonds are redeemed prior to maturity; but, if moneys in such fund at any time are
17less than the capital reserve fund requirement established for such fund as provided
18in this section, the authority shall not use such moneys for any optional purchase or
19optional redemption of such bonds. Any income or interest earned by, or increment
20to, any capital reserve fund
established under this section due to the investment
21thereof may be transferred by the authority to other funds or accounts of the
22authority to the extent such transfer does not reduce the amount of such capital
23reserve fund below the capital reserve fund requirement for such fund.
SB148,122,7
24(3) (a) (intro.) The authority shall not at any time issue bonds, secured in whole
25or in part by a capital reserve fund
established under this section if upon the issuance
1of the bonds, the amount in the capital reserve fund will be less than the capital
2reserve fund requirement of the capital reserve fund, unless the authority, at the
3time of issuance of the bonds, deposits in the capital reserve fund from the proceeds
4of the bonds to be issued, or from other sources, an amount which, together with the
5amount then in the capital reserve fund, will not be less than the capital reserve fund
6requirement for the capital reserve fund. The annual debt service for any fiscal year
7is the amount of money equal to the aggregate of all of the following:
SB148,122,108
3. All amounts specified in any resolution of the
authority board authorizing
9any of the bonds described in subd. 1. as payable during the fiscal year as a sinking
10fund payment with respect to any of the bonds which mature after the fiscal year.
SB148,122,1911
(b) The annual debt service calculation made under par. (a) shall be calculated
12on the assumption that the bonds will after the date of computation cease to be
13outstanding by reason, but only by reason, of the payment of bonds when due, and
14the payment when due and application in accordance with the resolution authorizing
15those bonds, of all of the sinking fund payments payable at or after the date of
16computation. However, in computing the annual debt service for any fiscal year,
17bonds considered to have been paid in accordance with the defeasance provisions of
18the resolution of the
authority board authorizing the issuance thereof shall not be
19included in bonds outstanding on the date of computation.
SB148,123,11
20(4) To assure the continued operation and solvency of the authority for the
21carrying out of the public purposes of this
chapter
subchapter, the authority shall
22accumulate in each capital reserve fund
established under this section an amount
23equal to the capital reserve fund requirement for such fund. If at any time the capital
24reserve fund requirement for any capital reserve fund
established under this section 25exceeds the amount of such capital reserve fund, the chairperson of the
authority
1board shall certify to the secretary of administration, the governor
, and the joint
2committee on finance the amount necessary to restore such capital reserve fund to
3an amount equal to the capital reserve fund requirement in respect thereto. If such
4certification is received by the secretary of administration in an even-numbered year
5prior to the completion of the budget compilation under s. 16.43, the secretary shall
6include the certified amount in the budget compilation. In any case, the joint
7committee on finance shall introduce in either house, in bill form, an appropriation
8of the amount so certified to the appropriate capital reserve fund of the authority.
9Recognizing its moral obligation to do so, the legislature hereby expresses its
10expectation and aspiration that, if ever called upon to do so, it shall make such
11appropriation.
SB148,391
12Section
391. 234.16 of the statutes is renumbered 235.404, and 235.404 (1)
13(intro.) and (c), as renumbered, are amended to read:
SB148,123,2014
235.404
(1) (intro.) The authority shall establish a
special fund, referred to in
15this chapter as general reserve fund, and shall pay into such fund all fees and charges
16collected by the authority
in connection with its housing-related purposes and any
17moneys
which that the authority transfers from
the a capital reserve fund
18established under s. 235.403. Such moneys and any other moneys paid into the
19general reserve fund, in the discretion of the authority but subject to agreements
20with bondholders and noteholders, may be used by the authority:
SB148,123,2121
(c) For transfers to
the a capital reserve fund
established under s. 235.403;
SB148,392
22Section
392. 234.165 of the statutes is renumbered 235.405, and 235.405 (2)
23(a), (b) 1. (intro.) and (dm), as renumbered, are amended to read:
SB148,124,424
235.405
(2) (a) In this subsection, "surplus" means assets of the authority
25which in the Wisconsin housing finance fund that are not required to pay the cost of
1issuance of bonds or notes of the authority
issued in connection with its
2housing-related purposes, to make financially feasible
economic development loans
3and expenditures for housing projects receiving proceeds from authority bond or note
4issues
, or to honor agreements with bondholders and noteholders.
SB148,124,95
(b) 1. (intro.) Annually before August 31 the chairperson of the
authority board 6shall certify and file with the secretary of administration a report of the actual
7surplus available on the preceding June 30 and the surplus projected by the
8authority to be available on the succeeding June 30. Together with this report, the
9chairperson of the
authority board shall report, as of the preceding June 30:
SB148,124,1210
(dm) The authority shall allocate a portion of its surplus in a plan prepared
11under par. (b) to the property tax deferral loan program under ss.
234.621 to 234.626 12235.621 to 235.626.
SB148,393
13Section
393. 234.17 of the statutes is repealed.
SB148,394
14Section
394. 234.18 of the statutes is renumbered 235.0255 (1) and amended
15to read:
SB148,124,2116
235.0255
(1) The authority may not issue notes and bonds that are secured by
17a capital reserve fund to which s.
234.15 235.403 (4) applies if, upon issuance, the
18total aggregate outstanding principal amount of notes and bonds that are secured
19by a capital reserve fund to which s.
234.15 235.403 (4) applies would exceed
20$600,000,000. This section does not apply to bonds and notes issued to refund
21outstanding notes and bonds.
SB148,395
22Section
395. 234.19 of the statutes is renumbered 235.026.
SB148,396
23Section
396. 234.20 of the statutes is renumbered 235.0265.
SB148,397
24Section
397. 234.21 of the statutes is renumbered 235.027 and amended to
25read:
SB148,125,5
1235.027 Trustee; additional powers. The trustee, in addition to the powers
2granted in s.
234.20 235.0265 shall have all of the powers necessary or appropriate
3for the exercise of any functions specifically set forth in this chapter or incident to
4the general representation of noteholders or bondholders in the enforcement and
5protection of their rights.
SB148,398
6Section
398. 234.22 of the statutes is renumbered 235.0271 and amended to
7read:
SB148,125,10
8235.0271 Venue. The venue of any action or proceeding by the trustee under
9ss.
234.19, 234.20 and 234.21 235.026, 235.0265, and 235.027 shall be in Dane
10County.
SB148,399
11Section
399. 234.23 of the statutes is renumbered 235.0273.
SB148,400
12Section
400. 234.24 of the statutes is renumbered 235.0275.
SB148,401
13Section
401. 234.25 of the statutes is repealed.
SB148,402
14Section
402. 234.255 of the statutes is repealed.
SB148,403
15Section
403. 234.26 of the statutes is renumbered 235.0277.
SB148,404
16Section
404. 234.265 of the statutes is renumbered 235.0279 and amended to
17read:
SB148,125,20
18235.0279 Records of the authority. All records of the authority or any
19corporation established by the authority shall be open to the public
as provided in
20s. 19.35 (1), except:
SB148,125,24
21(1) Those records relating to pending grants,
economic development loans
,
22economic development projects, or housing projects
which that, in the opinion of the
23authority, must remain confidential to protect the competitive nature of the grant,
24loan
, or project.
SB148,126,9
1(2) Records or portions of records consisting of personal or financial
2information provided by a person seeking a grant
or, loan
under s. 234.63, 2007
3stats., or s. 234.04, 234.08, 234.49, 234.59, 234.592, 234.605, 234.61, 234.65, 234.67,
4234.83, 234.84, 234.90, 234.905, 234.907, or 234.91, seeking a loan under ss. 234.621
5to 234.626, seeking financial assistance under s. 234.66, 2005 stats., seeking
6mortgage loan refinancing from a lender under s. 234.605, seeking investment of
7funds under s. 234.03 (18m), or in which the authority has invested funds under s.
8234.03 (18m), unless the person consents to disclosure of the information, tax credit,
9or other assistance from the authority.
SB148,405
10Section
405. 234.28 of the statutes is renumbered 235.0281 and amended to
11read:
SB148,126,19
12235.0281 Notes and bonds; exemption from taxation. The state covenants
13with the purchasers and all subsequent holders and transferees of notes and bonds
14issued by the authority
or by the Wisconsin Housing and Economic Development
15Authority under ch. 234, 2013 stats., in consideration of the acceptance of any
16payment for the notes and bonds, that its fees, charges, gifts, grants, revenues,
17receipts
, and other moneys received or to be received, pledged to pay or secure the
18payment of such notes or bonds shall at all times be free and exempt from all state,
19city, county
, or other taxation provided by the laws of the state.
SB148,406
20Section
406. 234.29 of the statutes is renumbered 235.0283.
SB148,407
21Section
407. 234.30 of the statutes is renumbered 235.0285.
SB148,408
22Section
408. 234.31 of the statutes is renumbered 235.0287.
SB148,409
23Section
409. 234.32 of the statutes is renumbered 235.0289.
SB148,410
24Section
410. 234.35 of the statutes is renumbered 235.0291.
SB148,411
25Section
411. 234.36 of the statutes is renumbered 235.0293.
SB148,412
1Section
412. 234.40 of the statutes is renumbered 235.409, and 235.409 (2),
2(3) and (4), as renumbered, are amended to read:
SB148,127,103
235.409
(2) Bonds issued under the authority of this section are payable out
4of revenues or moneys received from the repayment of veterans housing loans and
5related funds made available in ss.
234.42 235.42 and
234.43 235.43. All assets and
6liabilities created through the issuance of bonds to purchase mortgage loans
7representing veterans housing loans are to be separate from all other assets and
8liabilities of the authority. No funds of the veterans housing loan program may be
9commingled with any other funds of the authority
, including the Wisconsin housing
10finance fund.
SB148,127,15
11(3) It is the intent of the legislature that the authority be used to finance the
12veterans housing program. Nothing in this
chapter
subchapter shall be construed
13to supersede the powers vested by subch. III of ch. 45 in the department of veterans
14affairs for carrying out program responsibilities for which debt has been incurred by
15the authority.
SB148,127,20
16(4) The limitations established in ss.
234.18, 234.50, 234.60, 234.61, and 234.65 17235.0255, 235.50, 235.60, and 235.61 are not applicable to bonds issued under the
18authority of this section. The authority may not have outstanding at any one time
19bonds for veterans housing loans in an aggregate principal amount exceeding
20$61,945,000, excluding bonds being issued to refund outstanding bonds.
SB148,413
21Section
413. 234.41 of the statutes is renumbered 235.41, and 235.41 (3), as
22renumbered, is amended to read:
SB148,128,323
235.41
(3) Moneys of the veterans housing loan fund may be invested as
24provided in s.
234.03 (18) 235.012 (19). All such investments shall be the exclusive
25property of the fund. All earnings on or income from such investments shall be
1credited to the fund, paid over to the department of veterans affairs and deposited
2in the veterans trust fund after payment or repayment of any deficits arising in the
3veterans capital reserve fund and after payment of expenses contained in sub. (4).
SB148,414
4Section
414. 234.42 of the statutes is renumbered 235.42, and 235.42 (1g), (1s)
5and (4), as renumbered, are amended to read:
SB148,128,176
235.42
(1g) In this section "veterans capital reserve fund requirement" means
7an amount equal to the maximum amount, in any succeeding year, of principal and
8interest, other than principal and interest for which sinking fund payments are
9specified in any resolution of the
authority board authorizing veterans housing
10bonds of the authority then outstanding, maturing
, and becoming due in that
11succeeding year on all veterans housing bonds of the authority then outstanding,
12except veterans housing bonds due in that succeeding year issued to provide funds
13for mortgage loans through the purchase of mortgages or mortgage-backed
14securities guaranteed by the United States or an agency or instrumentality of the
15United States, plus all amounts specified in any resolution of the
authority board 16authorizing veterans housing bonds of the authority then outstanding as payable as
17a sinking fund payment in such year.
SB148,128,24
18(1s) The authority shall establish the veterans capital reserve fund to secure
19the veterans housing bonds sold pursuant to s.
234.40
235.409, and shall pay into the
20veterans capital reserve fund any moneys appropriated and made available by the
21state for the purposes of such fund, any proceeds of sale of bonds, to the extent
22provided in the resolution of the
authority board authorizing the issuance thereof
23and any other moneys which are made available to the authority for the purpose of
24such fund from any other source.
SB148,129,16
1(4) To assure the continued operation and solvency of the authority for the
2carrying out of the veterans housing loan program of this
chapter subchapter, the
3authority shall accumulate in the veterans capital reserve fund an amount equal to
4the veterans capital reserve fund requirement. If at any time the veterans capital
5reserve fund requirement exceeds the amount of the veterans capital reserve fund,
6the chairperson of the
authority board shall certify to the secretary of
7administration, the governor and the joint committee on finance, the amount
8necessary to restore the veterans capital reserve fund to an amount equal to the
9veterans capital reserve fund requirement. If such certification is received by the
10secretary of administration in an even-numbered year prior to the completion of the
11budget compilation under s. 16.43, the secretary shall include the certified amount
12in the budget compilation. In any case, the joint committee on finance shall introduce
13in either house, in bill form, an appropriation of the amount so certified to the
14veterans capital reserve fund of the authority. Recognizing its moral obligation to
15do so, the legislature hereby expresses its expectation and aspiration that, if ever
16called upon to do so, it shall make such appropriation.
SB148,415
17Section
415. 234.43 of the statutes is renumbered 235.43, and 235.43 (1), as
18renumbered, is amended to read:
SB148,129,2419
235.43
(1) The authority shall establish the veterans housing bond redemption
20fund. All mortgages purchased with moneys from the veterans housing loan fund
21shall be the exclusive property of the bond redemption fund. All moneys received by
22the authority from the repayment of veterans housing loans shall be deposited into
23such fund to be used for the repayment of veterans housing bonds issued pursuant
24to s.
234.40 235.409.
SB148,416
1Section
416. 234.44 of the statutes is renumbered 235.44 and amended to
2read:
SB148,130,18
3235.44 Validation of certain obligations and proceedings. 4Notwithstanding any provision of this chapter or any other law, in the absence of
5fraud, all obligations issued prior to
May 4, 1976
the effective date of this section ....
6[LRB inserts date], purportedly pursuant to
this
chapter ch. 234, 2013 stats., and all
7proceedings prior to such time taken purportedly pursuant to
this chapter ch. 234,
82013 stats., for the authorization and issuance of such obligations or of obligations
9not yet issued, and the sale, execution
, and delivery of such obligations issued prior
10to
May 4, 1976 the effective date of this section .... [LRB inserts date], are hereby
11validated, ratified, approved
, and confirmed, notwithstanding any lack of power,
12however patent, other than constitutional, of the issuing authority or the governing
13body or officer thereof, to authorize such obligations, or to sell, execute,
or deliver the
14same, and notwithstanding any defects or irregularities, however patent, other than
15constitutional, in such proceeding or in such sale, execution
, or delivery of such
16obligations. All such obligations issued prior to
May 4, 1976 the effective date of this
17section .... [LRB inserts date], are binding, legal obligations in accordance with their
18terms.
SB148,417
19Section
417. 234.49 of the statutes is renumbered 235.49, and 235.49 (1)
20(intro.) and (2) (a) (intro.), 6. and 8., as renumbered, are amended to read:
SB148,130,2121
235.49
(1) Definitions. (intro.) In ss.
234.49 235.49 to
234.55 235.55: