SB148: Bill Text

SB148,152,17 (b) (intro.) Annually on August 31, the executive director of the authority shall provide to the secretary of administration and to the joint committee on finance a signed statement that includes all of the following:

SB148,469 Section 469. 234.932 of the statutes is renumbered 235.932, and 235.932 (2) (intro.) and (b), as renumbered, are amended to read:

SB148,152,23 235.932 (2) Establishment of fund. (intro.) There is established under the jurisdiction and control of the authority, for the purpose of providing funds for guaranteeing loans under s. 234.84 235.84, a Wisconsin job training reserve fund, consisting of all of the following:

SB148,152,25 (b) Any income from investment of money in the Wisconsin job training reserve fund by the authority under s. 234.03 (18) 235.012 (19).

SB148,470 Section 470. 234.933 of the statutes is renumbered 235.933, and 235.933 (1), (2) (intro.) and (b), as renumbered, are amended to read:

SB148,153,4 235.933 (1) Definition. In this section, "drinking water loan guarantee program" means the program under s. 234.86 235.86.

SB148,153,8 (2) Establishment of fund. (intro.) There is established under the jurisdiction and control of the authority, for the purpose of providing funds for guaranteeing loans under s. 234.86 235.86, a Wisconsin drinking water reserve fund, consisting of all of the following:

SB148,153,10 (b) Any income from investment of money in the Wisconsin drinking water reserve fund by the authority under s. 234.03 (18) 235.012 (19).

SB148,471 Section 471. Subchapter III (title) of chapter 234 [precedes 234.94] of the statutes is renumbered subchapter VI (title) of chapter 235 [precedes 235.94].

SB148,472 Section 472. 234.94 of the statutes is renumbered 235.94, and 235.94 (2) (b) 5. and (3), as renumbered, are amended to read:

SB148,153,17 235.94 (2) (b) 5. The corporation's purpose is to promote the employment of members of a target group through projects that meet the conditions specified in s. 234.96 235.96 (1) (a) to (d).

SB148,153,19 (3) "Community development finance company" means a corporation or a limited partnership organized for profit under s. 234.95 235.95.

SB148,473 Section 473. 234.95 of the statutes is renumbered 235.95, and 235.95 (1) and (2), as renumbered, are amended to read:

SB148,154,7 235.95 (1) The community development finance company is the corporation organized for profit under ch. 180, or limited partnership organized under ch. 179, which was created under s. 233.05 (1), 1985 stats. The chairperson of the authority board, or his or her designee, is a director of the community development finance company. The shareholders of the community development finance company shall elect 4 other people to the company's board of directors. To the extent practicable, 3 people elected to the board of directors shall have substantial business and financial experience and one person shall represent a community development corporation. If the community development finance company is organized as a limited partnership its general partner shall, to the extent practicable, have substantial business and financial experience.

SB148,154,11 (2) The community development finance company shall issue stock or partnership interests. The community development finance company shall invest funds it receives from the sale of stock or partnership interests by purchasing capital participation instruments under s. 234.96 235.96.

SB148,474 Section 474. 234.96 of the statutes is renumbered 235.96.

SB148,475 Section 475. 234.97 of the statutes is renumbered 235.97, and 235.97 (intro.) and (2), as renumbered, are amended to read:

SB148,154,16 235.97 Sale or purchase of stock or interest. (intro.) Subject to s. 234.96 235.96 (1) (h), the authority shall do all of the following:

SB148,154,19 (2) Use funds received from contributions, gifts, or grants under s. 234.03 (32) to purchase community development finance company stock or partnership interests or make grants or loans to community development corporations.

SB148,476 Section 476. 234.98 of the statutes is renumbered 235.98.

SB148,477 Section 477. Chapter 235 (title) and subchapter I of chapter 235 [precedes 235.001] of the statutes are created to read:

SB148,154,23 chapter 235

SB148,154,25 Forward Wisconsin Development Authority

SB148,155,1 Subchapter i

SB148,155,2 general provisions

SB148,478 Section 478. 235.001 of the statutes is created to read:

SB148,155,12 235.001 Legislative declaration. The legislature determines that the provision of assistance by state agencies to the authority, all appropriations of funds to the authority, and all moral obligation pledges under this chapter serve a statewide public purpose by assisting the development of housing in this state, especially housing for persons and families of low and moderate income, and by encouraging economic development, reducing unemployment, and bringing needed capital into the state for the benefit and welfare of people throughout the state. The legislature reaffirms its declarations in chapter 287, laws of 1971, section 1, with respect to the housing-related purposes of the authority.

SB148,479 Section 479. 235.01 of the statutes is created to read:

SB148,155,14 235.01 Definitions. In this chapter:

SB148,155,15 (1) "Authority" means the Forward Wisconsin Development Authority.

SB148,155,16 (2) "Board" means the board of directors of the authority.

SB148,155,17 (3) "Housing-related purpose" means any of the following:

SB148,155,20 (a) Any program or project that the authority develops, implements, or administers, or any power the authority exercises or duty or function it carries out, pursuant to s. 235.013 (1) or subch. IV.

SB148,155,25 (b) Any program or project that the Wisconsin Housing and Economic Development Authority developed, implemented, or administered under subch. I of ch. 234, 2013 stats., including any power exercised or duty or function carried out with respect to the program or project, that the authority has assumed as successor to the Wisconsin Housing and Economic Development Authority.

SB148,156,3 (c) Any other activity, function, or cost, including operational costs, of the authority that the authority determines is necessary with respect to a program, project, power, duty, or function specified in par. (a) or (b).

SB148,480 Section 480. 235.011 of the statutes is created to read:

SB148,156,13 235.011 Creation and organization. (1) There is created a public body corporate and politic, to be known as the "Forward Wisconsin Development Authority." The members of the board shall consist of 8 public members nominated by the governor, and with the advice and consent of the senate appointed, to serve 4-year terms; 2 members appointed by the speaker of the assembly, consisting of one majority and one minority party representative to the assembly, appointed as are the members of standing committees in the assembly, and 2 members appointed by the senate majority leader, consisting of one majority and one minority party senator, appointed as are members of standing committees in the senate.

SB148,156,17 (2) Seven members of the board constitutes a quorum for the purpose of conducting its business and exercising its powers and for all other purposes. Action may be taken by the board upon a vote of a majority of a quorum. The board shall elect a chairperson.

SB148,156,19 (3) A vacancy on the board shall be filled in the same manner as the original appointment to the board for the remainder of the unexpired term.

SB148,156,22 (4) (a) A chief executive officer shall be nominated by the governor, approved by the board, and with the advice and consent of the senate appointed, to serve at the pleasure of the governor.

SB148,156,24 (b) A chief operating officer shall be nominated by the governor, and with the approval of the board appointed, to serve at the pleasure of the governor.

SB148,157,4 (c) The board may delegate to the chief executive officer and chief operating officer any powers and duties the board considers proper. The chief executive officer and chief operating officer shall receive such compensation as may be determined by the board.

SB148,157,7 (d) The governor shall coordinate with the chief executive officer as if the chief executive officer were the secretary of a department in the executive branch of state government who is appointed by the governor.

SB148,157,10 (5) All powers and duties assigned to the authority under this chapter shall be exercised or carried out by the board, unless the board delegates the power or duty to an employee of the authority or a committee established by the board.

SB148,157,14 (6) The authority shall continue in existence until terminated by law, but no such law shall take effect while the authority has obligations outstanding. Upon termination, all assets of the authority shall transfer to the state or as provided otherwise by law.

SB148,481 Section 481. 235.012 of the statutes is created to read:

SB148,157,18 235.012 Powers of the authority. The authority shall have all the powers necessary or convenient to carry out the purposes and provisions of this chapter. In addition to all other powers granted the authority by law, the authority may:

SB148,157,20 (1) Adopt, amend, and repeal any bylaws, policies, and procedures for the regulation of its affairs and the conduct of its business.

SB148,157,21 (2) Have a seal and alter the seal at pleasure.

SB148,157,22 (3) Maintain offices.

SB148,157,23 (4) Sue and be sued.

SB148,157,25 (5) Accept gifts, grants, loans, or other contributions and aid from private or public sources.

SB148,158,2 (6) Establish the authority's annual budget and monitor the fiscal management of the authority.

SB148,158,3 (7) Make equity investments.

SB148,158,5 (8) Purchase and sell, and enter into commitments for the purchase or sale of, collateral, mortgages, and securities.

SB148,158,7 (9) Make and execute contracts and any other instrument necessary or convenient for the authority's operations and financing.

SB148,158,9 (10) Employ any officers, agents, employees, and special advisors that it may require and determine their qualifications, duties, and compensation.

SB148,158,10 (11) Issue notes, bonds, and any other obligations.

SB148,158,11 (12) Make, purchase, and sell loans and provide grants.

SB148,158,12 (13) Incur debt.

SB148,158,13 (14) Procure insurance.

SB148,158,17 (15) Enter into agreements regarding compensation, space, and other administrative matters as are necessary to operate offices in other states and foreign countries. Such agreements shall be subject to the approval of the secretary of administration.

SB148,158,19 (16) Agree and comply with any conditions attached to federal financial assistance.

SB148,158,21 (17) Lease or own real or personal property and accept federal funds for and participate in federal housing or other federal programs.

SB148,158,23 (18) Establish and maintain one or more corporations, limited liability companies, partnerships, or other entities organized under the laws of this state.

SB148,159,3 (19) Invest any funds held in reserve or sinking funds or any moneys not required for immediate use or disbursement at the discretion of the authority in such investments as may be lawful for fiduciaries in this state.

SB148,482 Section 482. 235.013 of the statutes is created to read:

SB148,159,6 235.013 Duties of the authority; mission. The authority, in order to carry out its public purposes, shall do all of the following:

SB148,159,12 (1) Develop, implement, and administer housing programs and projects to provide housing and related support, expertise, and assistance to persons in Wisconsin; to promote home ownership in Wisconsin; and to provide single and multifamily housing to persons and families of low and moderate income in Wisconsin. The board may also develop and implement any other programs and projects related to housing in Wisconsin.

SB148,159,17 (2) Develop, implement, and administer economic development programs to provide business support and expertise and financial assistance to companies that are investing and creating jobs in Wisconsin and to support new business start-ups and business expansion and growth in Wisconsin. The board may also develop and implement any other programs related to economic development in Wisconsin.

SB148,483 Section 483. 235.0255 (2) of the statutes is created to read:

SB148,159,21 235.0255 (2) The authority may not issue a note or bond that is secured by a capital reserve fund unless the authorizing resolution of the board specifies that the note or bond is secured by a capital reserve fund.

SB148,484 Section 484. 235.028 of the statutes is created to read:

SB148,160,7 235.028 Access to certain information. Notwithstanding s. 235.0279, the authority shall withhold from access under s. 19.35 (1) all information that is stored to a customer relationship management system maintained by the authority by a person other than the authority, including any other state authority or state agency, federal or local governmental unit, or economic development organization. The person storing the information to the customer relationship management system remains the custodian of the information while it is in the custody of the authority, and access to that information shall be determined by that person and in accordance with law. Any information stored to such a system by the authority remains subject to s. 235.0279.

SB148,485 Section 485. Subchapter II (title) of chapter 235 [precedes 235.03] of the statutes is created to read:

SB148,160,10 chapter 235

SB148,160,11 Subchapter iI

SB148,160,12 Economic Development

SB148,486 Section 486. 235.03 (3) (ad), (ah), (ap) and (at) of the statutes are created to read:

SB148,160,20 235.03 (3) (ad) That each recipient of a grant or loan under the program of at least $500,000 shall engage an independent certified public accountant to perform procedures, approved by the authority and consistent with applicable professional standards of the American Institute of Certified Public Accountants, to determine whether the grant or loan funds and any matching cash or in-kind match were expended in accordance with the grant or loan contract.

SB148,160,22 (ah) That each recipient make available for inspection the documents supporting the attestation submitted under par. (a).

SB148,160,24 (ap) That the contract with each grant or loan recipient shall include the requirements under pars. (a) to (ah).

SB148,161,3 (at) The requirements of pars. (a) to (ap) do not apply to a department, as defined in s. 15.01 (5), an independent agency, as defined in s. 15.01 (9), an authority, as defined in s. 16.41 (4), or the University of Wisconsin System.

SB148,487 Section 487. 235.04 of the statutes is created to read:

SB148,161,11 235.04 Economic development capital reserve funds. (1) In this section, "capital reserve fund requirement" means, as of any particular date of computation, an amount of money, as provided in the resolutions of the board authorizing the bonds with respect to which a capital reserve fund is established under this section, which amount shall not exceed the maximum annual debt service on those bonds for that fiscal year or any future fiscal year of the authority secured in whole or in part by the capital reserve fund.

SB148,161,18 (2) The authority may establish one or more capital reserve funds to secure its bonds issued in connection with its economic development programs, and shall pay into each such capital reserve fund any moneys appropriated and made available by the state for the purposes of such fund, any proceeds of sale of notes or bonds, to the extent provided in the resolution of the board authorizing the issuance thereof, and any other moneys made available to the authority for the purpose of such fund from any other source.

SB148,162,7 (3) All moneys held in any capital reserve fund established under this section, except as otherwise specifically provided, shall be used, as required, solely for the payment of the principal of bonds of the authority secured in whole or in part by such fund or of the sinking fund payments mentioned in this section with respect to such bonds, the purchase or redemption of such bonds, the payment of interest on such bonds, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; but, if moneys in such fund at any time are less than the capital reserve fund requirement established for such fund as provided in this section, the authority shall not use such moneys for any optional purchase or optional redemption of such bonds. Any income or interest earned by, or increment to, any capital reserve fund established under this section due to the investment thereof may be transferred by the authority to other funds or accounts of the authority to the extent such transfer does not reduce the amount of such capital reserve fund below the capital reserve fund requirement for such fund.

SB148,162,16 (4) (a) The authority shall not at any time issue bonds, secured in whole or in part by a capital reserve fund established under this section if upon the issuance of the bonds, the amount in the capital reserve fund will be less than the capital reserve fund requirement of the capital reserve fund, unless the authority, at the time of issuance of the bonds, deposits in the capital reserve fund from the proceeds of the bonds to be issued, or from other sources, an amount which, together with the amount then in the capital reserve fund, will not be less than the capital reserve fund requirement for the capital reserve fund. The annual debt service for any fiscal year is the amount of money equal to the aggregate of all of the following:

SB148,162,18 1. All interest payable during the fiscal year on all bonds secured in whole or in part by the capital reserve fund outstanding on the date of computation.