SB21: Bill Text

SB21,3915 Section 3915. 234.84 (5) (a) of the statutes is repealed.

SB21,3916 Section 3916. 234.84 (5) (b) of the statutes is renumbered 235.84 (5) and amended to read:

SB21,1451,5 235.84 (5) The corporation authority may charge a premium, fee, or other charge to a borrower of a guaranteed loan under this section for the administration of the loan guarantee.

SB21,3917 Section 3917. 234.86 of the statutes is renumbered 235.86, and 235.86 (2) (intro.) and (c) and (4) (a) and (b), as renumbered, are amended to read:

SB21,1451,10 235.86 (2) Guarantee requirements. (intro.) The authority may use money from the Wisconsin drinking water reserve fund under s. 234.932 235.932 to guarantee a loan under this section if all of the following apply:

SB21,1451,12 (c) The lender is a financial institution that enters into an agreement under s. 234.933 235.933 (3) (a).

SB21,1451,19 (4) (a) Subject to par. (b), the authority may guarantee collection of a percentage, not exceeding 80%, of the principal of any loan eligible for a guarantee under this section. The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed using the procedures described in the guarantee agreement under s. 234.933 235.933 (3) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.

SB21,1451,21 (b) Except as provided in s. 234.933 235.933 (4), the total outstanding principal amount of all guaranteed loans under par. (a) may not exceed $3,000,000.

SB21,3918 Section 3918. 234.86 (1) (c) of the statutes is amended to read:

SB21,1451,25 234.86 (1) (c) "Local governmental unit" has the meaning given in s. 281.61 (1) (a) (am), except that the term does not include a joint local water authority created under s. 66.0823.

SB21,3919 Section 3919. 234.88 of the statutes is renumbered 235.88, and 235.88 (1) (c), (2) (intro.) and (6), as renumbered, are amended to read:

SB21,1452,6 235.88 (1) (c) "Participating lender" means a bank, production credit association, credit union, savings bank, savings and loan association, or other person who makes emergency heating assistance loans and who has entered into an agreement with the authority under s. 234.93 235.93 (2) (a).

SB21,1452,10 (2) Eligible loans. (intro.) An emergency heating assistance loan made by a participating lender is eligible for guarantee of collection under sub. (5) from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,1452,14 (6) Interest reduction. The authority shall pay, from the moneys in the Wisconsin development reserve fund under s. 234.93 235.93, to each participating lender an amount equal to 3.5 percent of the principal amount of any guaranteed loan to reduce interest payments on the guaranteed loan paid by an individual.

SB21,3920 Section 3920. 234.90 of the statutes is renumbered 235.90, and 235.90 (1) (d) and (2) (intro.), as renumbered, are amended to read:

SB21,1452,20 235.90 (1) (d) "Participating lender" means a bank, production credit association, credit union, savings bank, savings and loan association or other person who makes agricultural production loans and who has entered into an agreement with the authority under s. 234.93 235.93 (2) (a).

SB21,1452,24 (2) Eligible loans. (intro.) Except as provided in sub. (3j), an agricultural production loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,3921 Section 3921. 234.905 of the statutes is renumbered 235.905, and 235.905 (1) (f), (2) (intro.) and (4) (b), as renumbered, are amended to read:

SB21,1453,6 235.905 (1) (f) "Participating lender" means a bank, production credit association, credit union, savings bank, savings and loan association or other person who makes agricultural production drought assistance loans and who has entered into an agreement with the authority under s. 234.93 235.93 (2) (a).

SB21,1453,10 (2) Eligible loans. (intro.) An agricultural production drought assistance loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,1453,13 (4) (b) Except as provided in s. 234.93 235.93 (3), the total principal amounts of all agricultural production drought assistance loans which the authority may guarantee under par. (a) may not exceed $30,000,000.

SB21,3922 Section 3922. 234.907 of the statutes is renumbered 235.907, and 235.907 (1) (e), (2) (intro.) and (3), as renumbered, are amended to read:

SB21,1453,19 235.907 (1) (e) "Participating lender" means a bank, credit union, savings bank, savings and loan association or other person, who makes loans for working capital or to finance physical plant needs, equipment or machinery and who has entered into an agreement with the authority under s. 234.93 235.93 (2) (a).

SB21,1453,22 (2) Eligible loans. (intro.) A loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,1454,4 (3) Guarantee of collection. The authority shall guarantee collection of a percentage, not exceeding 90%, of the principal of any loan eligible for a guarantee under sub. (2). The authority shall establish the percentage of the unpaid principal of an eligible loan that will be guaranteed, using the procedures described in the guarantee agreement under s. 234.93 235.93 (2) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.

SB21,3923 Section 3923. 234.91 of the statutes is renumbered 235.91, and 235.91 (1) (e) and (2) (intro.), as renumbered, are amended to read:

SB21,1454,11 235.91 (1) (e) "Participating lender" means a bank, farm credit service, credit union, savings bank, savings and loan association or other person who makes loans for the acquisition or improvement of agricultural assets and who has entered into an agreement with the authority under s. 234.93 235.93 (2) (a). The term does not include a seller under a land contract.

SB21,1454,14 (2) Eligible loans. (intro.) A loan made by a participating lender is eligible for guarantee of collection from the Wisconsin development reserve fund under s. 234.93 235.93 if all of the following apply:

SB21,3924 Section 3924. 234.92 of the statutes is renumbered 235.92.

SB21,3925 Section 3925. 234.93 of the statutes is renumbered 235.93, and 235.93 (1) (a), (b), (cm) and (d) and (4) (a) 2. and 3. and (b) (intro.), as renumbered, are amended to read:

SB21,1454,21 235.93 (1) (a) Moneys appropriated to the authority under s. 20.490 (5) (a), (q) 20.885 (2) (qm), (r), and (s) or (3) (ap) or received by the authority for the Wisconsin development reserve fund from any other source.

SB21,1454,23 (b) Any income from investment of money in the Wisconsin development reserve fund by the authority under s. 234.03 (18).

SB21,1455,3 (cm) Any moneys transferred under 1999 Wisconsin Act 9, section 9125 (1), or under s. 234.75 235.75 (5) (c), from the housing rehabilitation loan program administration fund.

SB21,1455,5 (d) To be used for guaranteeing loans under s. 234.91 235.91, fees collected under s. 234.91 235.91 (4).

SB21,1455,10 (4) (a) 2. To fund guarantees under all of the programs guaranteed by funds from the Wisconsin development reserve fund, except for the program under s. 234.935, 1997 stats., and the program under s. 234.75 235.75, at a ratio of $1 of reserve funding to $4.50 of total outstanding principal and outstanding guaranteed principal that the authority may guarantee under all of those programs.

SB21,1455,14 3. To fund guarantees under the program under s. 234.935, 1997 stats., and the program under s. 234.75 235.75 at a ratio of $1 of reserve funding to $4 of total principal and outstanding guaranteed principal that the authority may guarantee under that program.

SB21,1455,17 (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:

SB21,3926 Section 3926. 234.932 of the statutes is renumbered 235.932, and 235.932 (2) (intro.) and (b), as renumbered, are amended to read:

SB21,1455,23 235.932 (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:

SB21,1455,25 (b) Any income from investment of money in the Wisconsin job training reserve fund by the authority under s. 234.03 (18).

SB21,3927 Section 3927. 234.933 of the statutes is renumbered 235.933, and 235.933 (1), (2) (intro.) and (b), as renumbered, are amended to read:

SB21,1456,4 235.933 (1) Definition. In this section, "drinking water loan guarantee program" means the program under s. 234.86 235.86.

SB21,1456,8 (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:

SB21,1456,10 (b) Any income from investment of money in the Wisconsin drinking water reserve fund by the authority under s. 234.03 (18).

SB21,3928 Section 3928. Subchapter III (title) of chapter 234 [precedes 234.94] of the statutes is renumbered subchapter VI (title) of chapter 235 [precedes 235.94].

SB21,3929 Section 3929. 234.94 of the statutes is renumbered 235.94, and 235.94 (2) (b) 5. and (3), as renumbered, are amended to read:

SB21,1456,17 235.94 (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).

SB21,1456,19 (3) "Community development finance company" means a corporation or a limited partnership organized for profit under s. 234.95 235.95.

SB21,3930 Section 3930. 234.95 of the statutes is renumbered 235.95, and 235.95 (2), as renumbered, is amended to read:

SB21,1456,25 235.95 (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.

SB21,3931 Section 3931. 234.96 of the statutes is renumbered 235.96.

SB21,3932 Section 3932. 234.97 of the statutes is renumbered 235.97, and 235.97 (intro.) and (2), as renumbered, are amended to read:

SB21,1457,5 235.97 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:

SB21,1457,8 (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.

SB21,3933 Section 3933. 234.98 of the statutes is renumbered 235.98.

SB21,3934 Section 3934. Chapter 235 of the statutes is created to read:

SB21,1457,11 chapter 235

SB21,1457,13 Forward Wisconsin Development Authority

SB21,1457,14 Subchapter i

SB21,1457,15 general provisions

SB21,1457,16 235.01 Definitions. In this chapter:

SB21,1457,17 (1) "Authority" means the Forward Wisconsin Development Authority.

SB21,1457,18 (2) "Board" means the board of directors of the authority.

SB21,1457,23 235.011 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 12 public members nominated by the governor, and with the advice and consent of the senate appointed, to serve 4-year terms. All members shall be employed in the private sector.

SB21,1458,2 (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.

SB21,1458,4 (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.

SB21,1458,7 (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.

SB21,1458,9 (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.

SB21,1458,13 (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.

SB21,1458,16 (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.

SB21,1458,19 (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.

SB21,1458,22 235.012 Powers of the board. The board 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 board by law, the board may:

SB21,1458,24 (1) Adopt, amend, and repeal any bylaws, policies, and procedures for the regulation of its affairs and the conduct of its business.

SB21,1458,25 (2) Have a seal and alter the seal at pleasure.

SB21,1459,1 (3) Maintain offices.

SB21,1459,2 (4) Sue and be sued.

SB21,1459,4 (5) Accept gifts, grants, loans, or other contributions from private or public sources.

SB21,1459,6 (6) Establish the authority's annual budget and monitor the fiscal management of the authority.

SB21,1459,8 (7) Make equity investments and execute contracts, securities, mortgages, and other instruments required for the operation of the authority.

SB21,1459,10 (8) Employ any officers, agents, and employees that it may require and determine their qualifications, duties, and compensation.

SB21,1459,11 (9) Issue notes, bonds, and any other obligations.

SB21,1459,12 (10) Make loans and provide grants.

SB21,1459,13 (11) Incur debt.

SB21,1459,14 (12) Procure liability insurance.

SB21,1459,18 (13) 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.

SB21,1459,20 (14) Agree and comply with any conditions attached to federal financial assistance.

SB21,1460,2 (15) Lease real or personal property and to accept federal funds for and participate in such federal housing programs as are enacted on May 4, 1976, or at any future time, except that the authority may not accept without the consent of the governor federal funds under federal housing programs enacted after May 8, 1982, if issuance of the authority's bonds or notes is not required to participate in the programs.

SB21,1460,3 (16) Establish and maintain a corporation organized under ch. 180 or 181.

SB21,1460,11 235.013 Duties of the board; mission. The board shall develop and implement economic development programs, and housing programs and projects, to provide business, housing, and other support and expertise and assistance to persons that are investing or creating jobs in Wisconsin, to support new business start-ups, business expansion and growth, and 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 economic development or housing in Wisconsin.