SB21,3815 21Section 3815. 234.01 (2) of the statutes is repealed.
SB21,3816 22Section 3816. 234.01 (3) of the statutes is repealed.
SB21,3817 23Section 3817. 234.01 (3m) of the statutes is renumbered 235.40 (3m) and
24amended to read:
SB21,1421,3
1235.40 (3m) "Collateral" means a 3rd-party note, mortgage, guaranty,
2insurance policy, bond, letter of credit, security agreement, or other instrument
3securing the repayment of an economic development loan or a mortgage loan.
SB21,3818 4Section 3818. 234.01 (4) of the statutes is renumbered 235.40 (4).
SB21,3819 5Section 3819. 234.01 (4m) of the statutes is repealed.
SB21,3820 6Section 3820. 234.01 (4n) of the statutes is repealed.
SB21,3821 7Section 3821. 234.01 (5) of the statutes is renumbered 235.40 (5).
SB21,3822 8Section 3822. 234.01 (5k) of the statutes is renumbered 235.40 (5k).
SB21,3823 9Section 3823. 234.01 (5m) of the statutes is renumbered 235.40 (5m) and
10amended to read:
SB21,1421,1211 235.40 (5m) "Homeownership mortgage loan" has the meaning given under s.
12234.59 235.59 (1) (f).
SB21,3824 13Section 3824. 234.01 (6) of the statutes is renumbered 235.40 (6), and 235.40
14(6) (a) and (b), as renumbered, are amended to read:
SB21,1421,1815 235.40 (6) (a) If the corporation receives any loan or advance from the authority
16under this chapter subchapter, it may enter into an agreement with the authority
17providing for regulation with respect to rents, profits, dividends , and disposition of
18property or franchises; and.
SB21,1422,319 (b) If the corporation receives a loan or advance under this chapter subchapter,
20the chairperson of the board of the authority, or his or her designee, acting with the
21prior approval of the majority of the members of the authority board, may, if he or
22she determines that any such loan or advance is in jeopardy of not being repaid, that
23the proposed development for which such loan or advance was made is in jeopardy
24of not being constructed, or that the corporation is not carrying out the intent and
25purposes of this chapter subchapter, appoint to the board of directors of such

1corporation a number of new directors, which number shall be sufficient to constitute
2a majority of such that board of directors, notwithstanding any other provision of
3such articles of incorporation or of any other provision of law.
SB21,3825 4Section 3825. 234.01 (7) of the statutes is renumbered 235.40 (7).
SB21,3826 5Section 3826. 234.01 (7m) of the statutes is renumbered 235.40 (7m) and
6amended to read:
SB21,1422,87 235.40 (7m) "Housing rehabilitation loan" means a low interest housing
8rehabilitation loan as defined in s. 234.49 235.49 (1) (f) and (fm).
SB21,3827 9Section 3827. 234.01 (8) of the statutes is renumbered 235.40 (8), and 235.40
10(8) (a) and (b), as renumbered, are amended to read:
SB21,1422,1411 235.40 (8) (a) As a condition of acceptance of a loan or advance under this
12chapter subchapter, the limited-profit entity shall enter into an agreement with the
13authority providing for limitations of rents, profits, dividends, and disposition of
14property or franchises; and.
SB21,1423,215 (b) If the limited-profit entity receives a loan or advance under this chapter
16subchapter, the chairperson of the board of directors of the authority, or his or her
17designee
, acting with the prior approval of the majority of members of the authority
18board, may, if he or she determines that any such loan or advance is in jeopardy of
19not being repaid, that the proposed development for which such loan or advance was
20made is in jeopardy of not being constructed, or that the limited-profit entity is
21otherwise not carrying out the intent and purposes of this chapter subchapter,
22appoint to the board of directors or other comparable controlling body of such
23limited-profit entity a number of new directors or persons, which number shall be
24sufficient to constitute a voting majority of such board or controlling body,

1notwithstanding any other provisions of the limited-profit entity's articles of
2incorporation or other documents of organization, or of any other provisions of law.
SB21,3828 3Section 3828. 234.01 (9) of the statutes is renumbered 235.40 (9), and 235.40
4(9) (a) 5., as renumbered, is amended to read:
SB21,1423,195 235.40 (9) (a) 5. That if the corporation receives a loan or advance under this
6chapter subchapter, the chairperson of the board of directors of the authority, or his
7or her designee
, acting with the prior approval of the majority of the members of the
8authority
board, may, on determination that any such loan or advance is in jeopardy
9of not being repaid, that the proposed development for which such loan or advance
10was made is in jeopardy of not being constructed, that some part of the net income
11or net earnings of the corporation is inuring to the benefit of any private person, that
12the corporation is in some manner controlled or under the direction of or acting in
13the substantial interest of any private person seeking to derive benefit or gain
14therefrom or seeking to eliminate or minimize losses in any dealings or transactions
15therewith, or that the corporation is not carrying out the intent and purposes of this
16chapter subchapter, appoint to the board of directors of such corporation a number
17of new directors, which number shall be sufficient to constitute a majority of such
18board, notwithstanding any other provisions of such articles of incorporation or of
19any other provisions of law.
SB21,3829 20Section 3829. 234.01 (10) of the statutes is renumbered 235.40 (10) and
21amended to read:
SB21,1424,822 235.40 (10) "Persons and families of low and moderate income" means persons
23and families who cannot afford to pay the amounts at which private enterprise,
24without federally-aided federally aided mortgages or loans from the authority, can
25provide a substantial supply of decent, safe and sanitary housing and who fall within

1income limitations set by the authority in its rules policies and procedures. In
2determining such income limitations the authority shall consider the amounts of the
3total income of such persons available for housing needs, the size of the family, the
4cost and condition of available housing facilities, standards established for various
5federal programs, and any other factors determined by the authority to be
6appropriate in arriving at such limitations. Among low- or moderate-income
7persons and families, preference shall be given to those displaced by governmental
8action.
SB21,3830 9Section 3830. 234.02 of the statutes is repealed.
SB21,3831 10Section 3831. 234.03 of the statutes is repealed.
SB21,3832 11Section 3832. 234.032 of the statutes is repealed.
SB21,3833 12Section 3833. 234.034 of the statutes is renumbered 235.401.
SB21,3834 13Section 3834. 234.04 of the statutes is renumbered 235.402, and 235.402 (2),
14as renumbered, is amended to read:
SB21,1425,515 235.402 (2) The authority may make or participate in the making and enter
16into commitments for the making of long-term mortgage loans to eligible sponsors
17of housing projects for occupancy by persons and families of low and moderate
18income, or for the making of homeownership mortgage loans or housing
19rehabilitation loans or loans for the refinancing of qualified subprime loans under
20s. 234.592   235.592 to persons and families of low and moderate income, an applicant
21under s. 234.59 or 234.592 235.59 to 235.592, or other eligible beneficiaries as defined
22in s. 234.49 235.49. The loans may be made only upon the determination by the
23authority that they are not otherwise available from private lenders upon reasonably
24equivalent terms and conditions. The authority may not make a loan to a person
25whose name appears on the statewide support lien docket under s. 49.854 (2) (b),

1unless the person provides to the authority a payment agreement that has been
2approved by the county child support agency under s. 59.53 (5) and that is consistent
3with rules promulgated under s. 49.858 (2) (a). The authority may employ, for such
4compensation as it determines, the services of any financial institution in connection
5with any loan.
SB21,3835 6Section 3835. 234.05 of the statutes is renumbered 235.403.
SB21,3836 7Section 3836. 234.06 of the statutes is renumbered 235.404.
SB21,3837 8Section 3837. 234.07 of the statutes is renumbered 235.405, and 235.405 (1),
9as renumbered, is amended to read:
SB21,1426,810 235.405 (1) Except as provided in sub. (2), a limited-profit entity which that
11receives loans from the authority may not make distributions, other than from funds
12contributed to the limited-profit entity by stockholders, partners, members, or
13holders of beneficial interest in the limited-profit entity, in any one year with respect
14to a project financed by the authority in excess of 6% of its equity in such project on
15a cumulative basis. The equity in a project shall consist of the difference between the
16amount of the mortgage loan and the total project cost. Total project cost shall
17include construction or rehabilitation costs including job overhead and a builder's
18and sponsor's profit and risk fee, architectural, engineering, legal , and accounting
19costs, organizational expenses, land value, interest, and financing charges paid
20during construction, the cost of landscaping and off-site improvements, whether or
21not such costs have been paid in cash or in a form other than cash. With respect to
22every project the authority shall, pursuant to rules policies and procedures adopted
23by it, establish the entity's equity at the time of making of the final mortgage advance
24and, for purposes of this section, that figure shall remain constant during the life of
25the authority's loan with respect to such project. Upon the dissolution of the

1limited-profit entity any surplus in excess of the distributions allowed by this section
2shall be paid to the authority. For this purpose surplus shall not be deemed to include
3any increase in net worth of any limited-profit entity by reason of a reduction of
4mortgage indebtedness, by amortization or similar payments or by reason of the sale
5or disposition of any assets of a limited-profit entity to the extent such surplus can
6be attributed to any increase in market value of any real or tangible personal
7property accruing during the period the assets were owned and held by the
8limited-profit entity.
SB21,3838 9Section 3838. 234.08 (title) of the statutes is renumbered 235.02 (title).
SB21,3839 10Section 3839. 234.08 (1) of the statutes is renumbered 235.02 (1) and amended
11to read:
SB21,1426,2412 235.02 (1) The authority may issue its negotiable notes and bonds in such
13principal amount, as, in the opinion of the authority, is necessary to provide sufficient
14funds for achieving its corporate purposes, including the purchase of certain
15mortgages and securities and the making of secured loans for low- and
16moderate-income housing, for the rehabilitation of existing structures and for the
17construction of facilities appurtenant thereto as provided in this chapter; for the
18making of secured loans to assist eligible elderly homeowners in paying property
19taxes and special assessments; for the payment of interest on notes and bonds of the
20authority during construction; for the establishment of reserves to secure such notes
21and bonds; for the provision of moneys for the housing development fund in order to
22make temporary loans to sponsors of housing projects as provided in this chapter;
23and for all other expenditures of the authority incident to and necessary or
24convenient to carry out its corporate purposes and powers
.
SB21,3840 25Section 3840. 234.08 (2) of the statutes is renumbered 235.02 (2).
SB21,3841
1Section 3841. 234.08 (3) of the statutes is renumbered 235.02 (3).
SB21,3842 2Section 3842. 234.08 (4) of the statutes is renumbered 235.02 (4).
SB21,3843 3Section 3843. 234.08 (5) of the statutes is repealed.
SB21,3844 4Section 3844. 234.08 (6) of the statutes is repealed.
SB21,3845 5Section 3845. 234.08 (7) of the statutes is renumbered 235.02 (7).
SB21,3846 6Section 3846. 234.09 of the statutes is renumbered 235.021 and amended to
7read:
SB21,1427,20 8235.021 Same Notes and bonds; authorization; terms. The authority's
9notes and bonds shall be authorized by resolution of the members of the authority
10board; shall bear such date or dates, and shall mature at such time or times, in the
11case of any note, or any renewal thereof, not exceeding 5 years, from the date of issue
12of such original note, and in the case of any bond not exceeding 50 years from the date
13of issue, as the resolution provides. The notes and bonds shall bear interest at such
14rate or rates, be in such denominations of $1,000 or more, be in such form, either
15coupon or registered, carry such registration privileges, be executed in such manner,
16be payable in such medium of payment, at such place and be subject to such terms
17of redemption as the resolution provides. The bonds may be issued as serial bonds
18payable in annual installments or as term bonds or as a combination thereof. The
19notes and bonds of the authority may be sold by the authority, at public or private
20sale, at the price determined by the authority.
SB21,3847 21Section 3847. 234.10 of the statutes is renumbered 235.0215, and 235.0215
22(title) and (9), as renumbered, are amended to read:
SB21,1427,24 23235.0215 (title) Same Notes and bonds; resolution authorizing
24issuance, contents.
SB21,1428,6
1(9) Vesting in a trustee such property, rights, powers, and duties in trust as the
2authority determines, which may include any or all of the rights, powers, and duties
3of the trustee appointed by the noteholders or bondholders pursuant to s. 234.20
4235.0265 and limiting or abrogating the right of the noteholders or bondholders to
5appoint a trustee under s. 234.20 235.0265 or limiting the rights, powers, and duties
6of such trustee, in which event s. 234.20 235.0265 shall not apply.
SB21,3848 7Section 3848. 234.11 of the statutes is renumbered 235.022 and amended to
8read:
SB21,1428,16 9235.022 Same Notes and bonds; validity and effect of pledge. Any pledge
10made by the authority shall be valid and binding from the time when the pledge is
11made; the moneys or property so pledged and thereafter received by the authority
12shall immediately be subject to the lien of such pledge without any physical delivery
13thereof or further act; and the lien of any such pledge shall be valid and binding as
14against all parties having claims of any kind in tort, contract. or otherwise against
15the authority, irrespective of whether such parties have notice thereof. Neither the
16resolution nor any other instrument by which a pledge is created need be recorded.
SB21,3849 17Section 3849. 234.12 of the statutes is renumbered 235.0225 and amended to
18read:
SB21,1428,23 19235.0225 Same Notes and bonds; personal liability of members of
20authority.
Neither the members of the authority board, nor the members of a
21committee established by the board,
nor any person executing the notes or bonds
22shall be liable personally on the notes or bonds or be subject to any personal liability
23or accountability by reason of the issuance thereof.
SB21,3850 24Section 3850. 234.13 of the statutes is renumbered 235.023, and 235.023
25(title), as renumbered, is amended to read:
SB21,1429,1
1235.023 (title) Same Notes and bonds; purchase for cancellation.
SB21,3851 2Section 3851. 234.14 of the statutes is renumbered 235.0235, and 235.0235
3(title), as renumbered, is amended to read:
SB21,1429,4 4235.0235 (title) Same Notes and bonds; liability of state.
SB21,3852 5Section 3852. 234.15 of the statutes is renumbered 235.024.
SB21,3853 6Section 3853. 234.16 of the statutes is renumbered 235.0245.
SB21,3854 7Section 3854. 234.165 of the statutes is renumbered 235.025, and 235.025 (2)
8(dm), as renumbered, is amended to read:
SB21,1429,119 235.025 (2) (dm) The authority shall allocate a portion of its surplus in a plan
10prepared under par. (b) to the property tax deferral loan program under ss. 234.621
11to 234.626
235.621 to 235.626.
SB21,3855 12Section 3855. 234.17 of the statutes is repealed.
SB21,3856 13Section 3856. 234.18 of the statutes is renumbered 235.0255 and amended to
14read:
SB21,1429,21 15235.0255 Limit on amount of outstanding bonds and notes. The
16authority may not issue notes and bonds that are secured by a capital reserve fund
17to which s. 234.15 235.024 (4) applies if, upon issuance, the total aggregate
18outstanding principal amount of notes and bonds that are secured by a capital
19reserve fund to which s. 234.15 235.024 (4) applies would exceed $600,000,000. This
20section does not apply to bonds and notes issued to refund outstanding notes and
21bonds.
SB21,3857 22Section 3857. 234.19 of the statutes is renumbered 235.026.
SB21,3858 23Section 3858. 234.20 of the statutes is renumbered 235.0265.
SB21,3859 24Section 3859. 234.21 of the statutes is renumbered 235.027 and amended to
25read:
SB21,1430,5
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.
SB21,3860 6Section 3860. 234.22 of the statutes is renumbered 235.0271 and amended to
7read:
SB21,1430,10 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.
SB21,3861 11Section 3861. 234.23 of the statutes is renumbered 235.0273.
SB21,3862 12Section 3862. 234.24 of the statutes is renumbered 235.0275.
SB21,3863 13Section 3863. 234.25 of the statutes is repealed.
SB21,3864 14Section 3864. 234.255 of the statutes is repealed.
SB21,3865 15Section 3865. 234.26 of the statutes is renumbered 235.0277.
SB21,3866 16Section 3866. 234.265 of the statutes is renumbered 235.0279 and amended
17to read:
SB21,1430,20 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:
SB21,1430,24 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.
SB21,1431,9
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
.
SB21,3867 10Section 3867. 234.28 of the statutes is renumbered 235.028.
SB21,3868 11Section 3868. 234.29 of the statutes is renumbered 235.0283.
SB21,3869 12Section 3869. 234.30 of the statutes is renumbered 235.0285.
SB21,3870 13Section 3870. 234.31 of the statutes is renumbered 235.0287.
SB21,3871 14Section 3871. 234.32 of the statutes is renumbered 235.0289.
SB21,3872 15Section 3872 . 234.35 of the statutes is renumbered 235.0291, and 235.0291
16(1), as renumbered, is amended to read:
SB21,1431,2017 235.0291 (1) In this section, "minority business", "minority financial adviser"
18and "minority investment firm" mean a business, financial adviser and investment
19firm, respectively, certified by the department of administration under s. 16.287
20203.07 (2).
SB21,3873 21Section 3873 . 234.36 of the statutes is renumbered 235.0293, and 235.0293
22(1), as renumbered, is amended to read:
SB21,1431,2523 235.0293 (1) In this section, "business," "financial adviser," and "investment
24firm" mean a business, financial adviser, and investment firm certified by the
25department of administration
under s. 16.283 203.03 (3).
Loading...
Loading...