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3855. 234.17 of the statutes is repealed.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3863. 234.25 of the statutes is repealed.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3864. 234.255 of the statutes is repealed.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).
SB21,3874
1Section
3874. 234.40 of the statutes is renumbered 235.409, and 235.409 (2),
2(3) and (4), as renumbered, are amended to read:
SB21,1432,93
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.
SB21,1432,14
10(3) It is the intent of the legislature that the authority be used to finance the
11veterans housing program. Nothing in this
chapter
subchapter shall be construed
12to supersede the powers vested by subch. III of ch. 45 in the department of veterans
13affairs for carrying out program responsibilities for which debt has been incurred by
14the authority.
SB21,1432,19
15(4) The limitations established in ss.
234.18, 234.50, 234.60, 234.61, and 234.65 16235.0255, 235.50, 235.60, and 235.61 are not applicable to bonds issued under the
17authority of this section. The authority may not have outstanding at any one time
18bonds for veterans housing loans in an aggregate principal amount exceeding
19$61,945,000, excluding bonds being issued to refund outstanding bonds.
SB21,3875
20Section
3875. 234.41 of the statutes is renumbered 235.41, and 235.41 (3), as
21renumbered, is amended to read:
SB21,1433,322
235.41
(3) Moneys of the veterans housing loan fund may be invested as
23provided in
s. 234.03 (18) policies and procedures established by the authority. All
24such investments shall be the exclusive property of the fund. All earnings on or
25income from such investments shall be credited to the fund, paid over to the
1department of veterans affairs and deposited in the veterans trust fund after
2payment or repayment of any deficits arising in the veterans capital reserve fund and
3after payment of expenses contained in sub. (4).
SB21,3876
4Section
3876. 234.42 of the statutes is renumbered 235.42, and 235.42 (1s)
5and (4), as renumbered, are amended to read:
SB21,1433,126
235.42
(1s) The authority shall establish the veterans capital reserve fund to
7secure the veterans housing bonds sold pursuant to s.
234.40 235.409, and shall pay
8into the veterans capital reserve fund any moneys appropriated and made available
9by the state for the purposes of such fund, any proceeds of sale of bonds, to the extent
10provided in the resolution of the authority authorizing the issuance thereof and any
11other moneys which are made available to the authority for the purpose of such fund
12from any other source.
SB21,1434,3
13(4) To assure the continued operation and solvency of the authority for the
14carrying out of the veterans housing loan program of this
chapter subchapter, the
15authority shall accumulate in the veterans capital reserve fund an amount equal to
16the veterans capital reserve fund requirement. If at any time the veterans capital
17reserve fund requirement exceeds the amount of the veterans capital reserve fund,
18the chairperson of the authority shall certify to the secretary of administration, the
19governor and the joint committee on finance, the amount necessary to restore the
20veterans capital reserve fund to an amount equal to the veterans capital reserve fund
21requirement. If such certification is received by the secretary of administration in
22an even-numbered year prior to the completion of the budget compilation under s.
2316.43, the secretary shall include the certified amount in the budget compilation. In
24any case, the joint committee on finance shall introduce in either house, in bill form,
25an appropriation of the amount so certified to the veterans capital reserve fund of the
1authority. Recognizing its moral obligation to do so, the legislature hereby expresses
2its expectation and aspiration that, if ever called upon to do so, it shall make such
3appropriation.
SB21,3877
4Section
3877. 234.43 of the statutes is renumbered 235.43, and 235.43 (1), as
5renumbered, is amended to read:
SB21,1434,116
235.43
(1) The authority shall establish the veterans housing bond redemption
7fund. All mortgages purchased with moneys from the veterans housing loan fund
8shall be the exclusive property of the bond redemption fund. All moneys received by
9the authority from the repayment of veterans housing loans shall be deposited into
10such fund to be used for the repayment of veterans housing bonds issued pursuant
11to s.
234.40 235.409.
SB21,3878
12Section
3878. 234.44 of the statutes is renumbered 235.44 and amended to
13read:
SB21,1435,2
14235.44 Validation of certain obligations and proceedings. 15Notwithstanding any provision of this chapter or any other law, in the absence of
16fraud, all obligations issued prior to May 4, 1976 purportedly pursuant to
this 17chapter ch. 234, 2013 stats., and all proceedings prior to such time taken purportedly
18pursuant to
this chapter ch. 234, 2013 stats., for the authorization and issuance of
19such obligations or of obligations not yet issued, and the sale, execution
, and delivery
20of such obligations issued prior to May 4, 1976, are hereby validated, ratified,
21approved
, and confirmed, notwithstanding any lack of power, however patent, other
22than constitutional, of the issuing authority or the governing body or officer thereof,
23to authorize such obligations, or to sell, execute,
or deliver the same, and
24notwithstanding any defects or irregularities, however patent, other than
25constitutional, in such proceeding or in such sale, execution
, or delivery of such
1obligations. All such obligations issued prior to May 4, 1976 are binding, legal
2obligations in accordance with their terms.
SB21,3879
3Section
3879. 234.49 of the statutes is renumbered 235.49, and 235.49 (1)
4(intro.) and (2) (a) (intro.), 6. and 8., as renumbered, are amended to read:
SB21,1435,55
235.49
(1) Definitions. (intro.) In ss.
234.49 235.49 to
234.55 235.55:
SB21,1435,8
6(2) (a) (intro.) The authority has the following powers for the purpose of
7implementing this section, in addition to all other powers granted by this
chapter 8subchapter:
SB21,1435,159
6. To enter into contracts or agreements with authorized lenders and sponsors
10providing for the maximum and minimum acceptable rates of interest to be charged
11for various classifications of housing rehabilitation loans. In no event may the stated
12rate of interest on any housing rehabilitation loan under this section exceed the
13greater of 8% per year or 3% plus the rate necessary to fully repay interest and
14principal on housing rehabilitation loan program bonds issued pursuant to s.
234.50 15235.50.
SB21,1435,1716
8. To adopt procedures and forms necessary to effectuate the rehabilitation
17program or to facilitate the marketing of bonds issued under s.
234.50 235.50.
SB21,3880
18Section
3880. 234.50 of the statutes is renumbered 235.50, and 235.50 (1), (2)
19and (4), as renumbered, are amended to read:
SB21,1436,520
235.50
(1) The authority may issue its negotiable bonds in such principal
21amount and of such length of maturity as, in the opinion of the authority, is necessary
22to provide sufficient funds for purchasing housing rehabilitation loans or for funding
23commitments for loans to lenders for housing rehabilitation loans; for purchasing
24property tax deferral loans under s.
234.49 235.49 (2) (a) 10.; for the establishment
25of reserves to secure such bonds; and for all other expenditures of the authority
1incident to or necessary and convenient in connection therewith. The authority may,
2whenever it deems refunding expedient, refund any bonds by the issuance of new
3bonds whether the bonds to be refunded have or have not matured, and issue bonds
4partly to refund bonds then outstanding and partly for the purpose authorized by
5this section.
SB21,1436,15
6(2) Bonds issued under the authority of this section shall be special obligations
7of the authority payable solely out of revenues, moneys or other property received in
8connection with the housing rehabilitation loan program, including, without
9limitation, repayments of housing rehabilitation loans, federal insurance or
10guarantee payments, the proceeds of bonds issued under the authority of this
11section, and the amounts made available under ss.
234.54 235.54 and
234.55 235.55.
12All assets and liabilities created through the issuance of bonds to purchase housing
13rehabilitation loans shall be separate from all other assets and liabilities of the
14authority. No funds of the housing rehabilitation loan program may be commingled
15with any other funds of the authority.
SB21,1436,22
16(4) The limitations established in ss.
234.18, 234.40, 234.60, 234.61, and 234.65 17235.0255, 235.409, 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 housing rehabilitation loans in an aggregate principal amount exceeding
20$100,000,000, excluding bonds being issued to refund outstanding bonds. The
21authority shall consult with and coordinate the issuance of bonds with the building
22commission prior to the issuance of bonds.
SB21,3881
23Section
3881. 234.51 of the statutes is renumbered 235.51, and 235.51 (1), (2)
24(a) and (3), as renumbered, are amended to read:
SB21,1437,6
1235.51
(1) There is established under the jurisdiction of the authority a housing
2rehabilitation loan program administration fund. There shall be paid into such fund
3the amounts appropriated under s.
20.490 20.885 (2)
(a) (ad), the amounts provided
4in s.
234.55 235.55, any amounts transferred by the authority to such fund from other
5funds or sources and any other moneys which may be available to the authority for
6the purpose of such fund from any other source.
SB21,1437,10
7(2) (a) To pay all administrative costs, expenses
, and charges, including
8origination fees and servicing fees, incurred in conducting the housing rehabilitation
9loan program other than those described in ss.
234.53
235.53 (4) and
234.55 235.55 10(2) (b).
SB21,1437,14
11(3) Moneys of the fund may be invested as provided in
s. 234.03 (18) policies
12and procedures established by the authority. All such investments shall be the
13exclusive property of the fund. All earnings on or income from such investments
14shall be credited to the fund.
SB21,3882
15Section
3882. 234.52 of the statutes is renumbered 235.52, and 235.52 (1), (2)
16and (3), as renumbered, are amended to read:
SB21,1437,2217
235.52
(1) There is established under the jurisdiction of the authority a housing
18rehabilitation loan program loan-loss reserve fund. There shall be paid into such
19fund the amounts appropriated under s.
20.490 20.885 (2) (q), the amounts provided
20under s.
234.55 235.55, any amounts transferred by the authority to such fund from
21other funds or sources and any other moneys which may be available to the authority
22for the purposes of such fund from any other source.
SB21,1438,5
23(2) Subject to agreements with bondholders, the authority shall use moneys in
24the fund solely for transfer to the housing rehabilitation loan program bond
25redemption fund in amounts equal to losses on housing rehabilitation loans owned
1by that fund which are not made good by federal insurance or guarantee payments,
2and solely for the purposes described in s.
234.55
235.55 (2) (a). Any balance
3remaining after payment or due provision for payment of all outstanding bonds
4issued under the authority of s.
234.50 235.50 shall be transferred to the housing
5rehabilitation loan program administration fund.
SB21,1438,9
6(3) Moneys of the fund may be invested as provided in
s. 234.03 (18) policies
7and procedures established by the authority. All such investments shall be the
8exclusive property of the fund. All earnings on or income from such investments
9shall be credited to the fund.
SB21,3883
10Section
3883. 234.53 of the statutes is renumbered 235.53, and 235.53 (1), (2)
11and (3), as renumbered, are amended to read:
SB21,1438,1612
235.53
(1) The authority shall establish the housing rehabilitation loan fund.
13All moneys resulting from the sale of bonds issued under the authority of s.
234.50 14235.50, not including bonds issued to refund outstanding bonds, and unless credited
15to the housing rehabilitation loan program capital reserve or bond redemption funds,
16shall be credited to such fund.
SB21,1438,21
17(2) The authority shall use moneys in the fund for the purpose of purchasing
18housing rehabilitation loans or for funding commitments for loans to lenders for
19housing rehabilitation loans. All disbursements of funds under this section for
20purchasing such loans shall be made payable to an authorized lender as defined in
21s.
234.49 235.49 (1) (b) or a duly authorized agent thereof.
SB21,1438,25
22(3) Moneys of the fund may be invested as provided in
s. 234.03 (18) policies
23and procedures established by the authority. All such investments shall be the
24exclusive property of the fund. All earnings on or income from such investments
25shall be credited to the fund.
SB21,3884
1Section
3884. 234.54 of the statutes is renumbered 235.54, and 235.54 (1r)
2and (4) (a), as renumbered, are amended to read:
SB21,1439,93
235.54
(1r) The authority shall establish the housing rehabilitation loan
4program capital reserve fund to secure the bonds issued under the authority of s.
5234.50 235.50, and shall pay into such fund any moneys appropriated and made
6available by the state for the purposes of such fund, any proceeds of sale of housing
7rehabilitation bonds to the extent provided in the resolution of the authority
8authorizing the issuance thereof and any other moneys which are made available to
9the authority for the purpose of such fund from any other source.
SB21,1439,13
10(4) (a) To assure the continued operation and solvency of the authority for the
11carrying out of the public purposes of this
chapter
subchapter, the authority shall
12accumulate in the capital reserve fund an amount equal to the capital reserve fund
13requirement for such fund.
SB21,3885
14Section
3885. 234.55 of the statutes is renumbered 235.55, and 235.55 (1) and
15(4), as renumbered, are amended to read:
SB21,1440,316
235.55
(1) The authority shall establish the housing rehabilitation loan
17program bond redemption fund. All housing rehabilitation loans purchased with
18moneys from the housing rehabilitation loan fund or notes evidencing loans to
19lenders from such fund for housing rehabilitation loans shall be the exclusive
20property of such redemption fund. All moneys received from the repayment of such
21loans, any amounts transferred by the authority to such fund pursuant to s.
234.52 22235.52 or from other funds or sources, any federal insurance or guarantee payments
23with respect to such loans, all moneys resulting from the sale of bonds for the purpose
24of refunding outstanding housing rehabilitation bonds unless credited to the housing
25rehabilitation loan program capital reserve fund, and any other moneys which may
1be available to the authority for the purpose of such fund, shall be deposited into such
2fund to be used for the repayment of housing rehabilitation bonds issued under the
3authority of s.
234.50 235.50.
SB21,1440,7
4(4) Moneys of the fund may be invested as provided in
s. 234.03 (18) policies
5and procedures established by the authority. All such investments shall be the
6exclusive property of the fund. All earnings on or income from such investments
7shall be credited to the fund.
SB21,3886
8Section
3886. 234.59 of the statutes is renumbered 235.59, and 235.59 (2) (e)
9and (3) (bc) 3., as renumbered, are amended to read:
SB21,1440,1210
235.59
(2) (e) May enter into agreements to insure or provide additional
11security for homeownership mortgage loans or bonds or notes issued under s.
234.60 12235.60.
SB21,1440,17
13(3) (bc) 3. If the authority sets aside at least 20% of the proceeds of a bond or
14note issuance under s.
234.60 235.60 to fund home ownership mortgage loans for
15eligible properties that are targeted area residences, the authority may apply up to
1633% of the proceeds that are set aside for that purpose without regard to the income
17of the applicant.
SB21,3887
18Section
3887. 234.592 of the statutes is renumbered 235.592, and 235.592 (1)
19(a), (b) and (c) and (2) (c), as renumbered, are amended to read:
SB21,1440,2120
235.592
(1) (a) "Authorized lender" has the meaning given in s.
234.59 235.59 21(1) (a).
SB21,1440,2222
(b) "Eligible property" has the meaning given in s.
234.59 235.59 (1) (d) 1.
SB21,1440,2323
(c) "Principal residence" has the meaning given in. s.
234.59 235.59 (1) (j).
SB21,1440,25
24(2) (c) May enter into agreements to insure or provide additional security for
25loans or bonds or notes issued under s.
234.60 235.60.
SB21,3888
1Section
3888. 234.60 of the statutes is renumbered 235.60, and 235.60 (1), (2),
2(5) (c) and (9), as renumbered, are amended to read:
SB21,1441,53
235.60
(1) The authority may issue its bonds or notes to fund homeownership
4mortgage loans or the refinancing of qualified subprime loans under s.
234.592 5235.592.
SB21,1441,7
6(2) The limitations in ss.
234.18, 234.40, 234.50, 234.61, and 234.65 235.0255,
7235.409, 235.50, and 235.61 do not apply to bonds or notes issued under this section.
SB21,1441,10
8(5) (c) The secretary of administration shall determine the date after which no
9bond or note may be issued under this section for the purpose of financing the
10acquisition or replacement of an existing mortgage under s.
234.592 235.592.
SB21,1441,13
11(9) The
executive director of the authority shall make every effort to encourage
12participation in the homeownership mortgage loan program and the qualified
13subprime loan refinancing program by women and minorities.
SB21,3889
14Section
3889. 234.605 of the statutes is renumbered 235.605, and 235.605 (1)
15(a) and (2), as renumbered, are amended to read:
SB21,1441,1716
235.605
(1) (a) "Eligible property" has the meaning given in s.
234.59 235.59 17(1) (d) 1.
SB21,1441,21
18(2) Subject to the approval of all members of the
board of directors of the 19authority, the authority may establish and administer a homeowner eviction and
20lien protection program to encourage the refinancing of mortgage loans by lenders
21in order to facilitate the retention of eligible property by persons and families.
SB21,3890
22Section
3890. 234.61 of the statutes is renumbered 235.61, and 235.61 (1), as
23renumbered, is amended to read:
SB21,1442,624
235.61
(1) Upon the authorization of the department of health services, the
25authority may issue bonds or notes and make loans for the financing of housing
1projects which are residential facilities as defined in s. 46.28 (1) (d) and the
2development costs of those housing projects, if the department of health services has
3approved the residential facilities for financing under s. 46.28 (2). The limitations
4in ss.
234.18, 234.40, 234.50, 234.60, and 234.65
235.0255, 235.409, 235.50, and
5235.60 do not apply to bonds or notes issued under this section. The definition of
6"nonprofit corporation" in s.
234.01 235.40 (9) does not apply to this section.
SB21,3891
7Section
3891. 234.621 of the statutes is renumbered 235.621.