LRB-5219/1
MPG:cjs/wlj/klm
2021 - 2022 LEGISLATURE
November 19, 2021 - Introduced by Senators Felzkowski, Stafsholt, Petrowski,
Bernier and Bewley, cosponsored by Representatives Mursau, B. Meyers,
Spiros, Tusler and Shankland. Referred to Committee on Insurance,
Licensing and Forestry.
SB712,1,3 1An Act relating to: grant related to the Verso Paper Mill in the city of Wisconsin
2Rapids and loan guarantee related to the Park Falls Pulp and Paper Mill in the
3city of Park Falls.
Analysis by the Legislative Reference Bureau
This bill authorizes the Wisconsin Economic Development Corporation award
a grant of up to $1,000,000 to an eligible recipient to maintain operations at the Verso
Paper Mill in the city of Wisconsin Rapids. The grant is to be upon the terms and
conditions determined by WEDC, and WEDC may award the grant only as approved
or modified by the Joint Committee on Finance.
The bill also authorizes WEDC to issue a loan guarantee of up to $15,000,000
to an eligible borrower to purchase or make infrastructure improvements to the Park
Falls Pulp and Paper Mill in the city of Park Falls. The loan guarantee is to be upon
the terms and conditions determined by WEDC, and WEDC may issue the loan
guarantee only as approved or modified by the Joint Committee on Finance.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB712,1 4Section 1 . Nonstatutory provisions.
SB712,2,1
1(1) Definitions.
SB712,2,22 (a) “Corporation” means the Wisconsin Economic Development Corporation.
SB712,2,43 (b) “Park Falls Mill” means the Park Falls Pulp and Paper Mill located at 200
41st Avenue North in the city of Park Falls.
SB712,2,65 (c) “Verso Mill” means the Verso Paper Mill located at 600 4th Avenue North
6in the city of Wisconsin Rapids.
SB712,2,87 (2) Administration of programs. The corporation shall administer the
8economic development programs under this section.
SB712,2,99 (3) Grant related to the Verso Mill.
SB712,2,1510 (a) Grant. Subject to par. (b), from the appropriation under s. 20.192 (1) (r), of
11the moneys transferred to the economic development fund under par. (c), the
12corporation may award a grant of up to $1,000,000 to an eligible recipient for the
13purpose of maintaining operations at the Verso Mill. The grant shall be upon the
14terms and conditions determined by the corporation, as approved or modified under
15par. (b).
SB712,2,2016 (b) Approval of proposed grant. No later than 30 days after the effective date
17of this paragraph, the corporation shall submit the terms and conditions for a
18proposed grant under par. (a) to the joint committee on finance. The committee may
19approve, modify, or deny the proposal. The corporation may not award a grant under
20par. (a) except as approved or modified by the committee.
SB712,2,2121 (c) Fund transfers.
SB712,3,2 221. There is transferred from the general fund to the economic development fund
23$1,000,000 in fiscal year 2021-22. The moneys transferred under this subdivision
24shall be credited to the appropriation account under s. 20.192 (1) (r), may not be
25considered expended for purposes of s. 20.192 (1) (a), shall be considered encumbered

1for purposes of s. 20.192 (1) (a), and may not be expended other than as provided
2under this subsection.
SB712,3,5 32. If the joint committee on finance denies the proposed grant under par. (b ),
4no later than 30 days after the date of the denial, the secretary of administration
5shall transfer $1,000,000 from the economic development fund to the general fund.
SB712,3,9 63. If the joint committee on finance approves or modifies a proposed grant under
7par. (b), and the corporation does not award the grant before June 30, 2023, the
8secretary of administration shall transfer $1,000,000 from the economic
9development fund to the general fund on that date.
SB712,3,1010 (4) Loan guarantee related to the Park Falls Mill.
SB712,3,1711 (a) Loan guarantee. Subject to par. (b ), from the appropriation under s. 20.192
12(1) (r), of the moneys transferred to the economic development fund under par. (c),
13the corporation may issue a loan guarantee of up to $15,000,000 to an eligible
14borrower to secure financing that is not otherwise readily available for the purpose
15of purchasing or making infrastructure improvements to the Park Falls Mill, or both.
16The loan guarantee shall be upon the terms and conditions determined by the
17corporation, as approved or modified under par. (b ).
SB712,3,2218 (b) Approval of loan guarantee. No later than 30 days after the effective date
19of this paragraph, the corporation shall submit the terms and conditions for a loan
20guarantee under par. (a) to the joint committee on finance. The committee may
21approve, modify, or deny the proposal. The corporation may not issue a loan
22guarantee under par. (a) except as approved or modified by the committee.
SB712,3,2323 (c) Fund transfers.
SB712,4,4 241. There is transferred from the general fund to the economic development fund
25$15,000,000 in fiscal year 2021-22. The moneys transferred under this subdivision

1shall be credited to the appropriation account under s. 20.192 (1) (r), may not be
2considered expended for purposes of s. 20.192 (1) (a), shall be considered encumbered
3for purposes of s. 20.192 (1) (a), and may not be expended other than as provided
4under this subsection.
SB712,4,8 52. If the joint committee on finance denies the proposed loan guarantee under
6par. (b), no later than 30 days after the date of the denial, the secretary of
7administration shall transfer $15,000,000 from the economic development fund to
8the general fund.
SB712,4,12 93. If the joint committee on finance approves or modifies a proposed loan
10guarantee under par. (b), and the corporation does not issue the loan guarantee
11before June 30, 2023, the secretary of administration shall transfer $15,000,000 from
12the economic development fund to the general fund on that date.
SB712,4,18 134. If the joint committee on finance approves or modifies a proposed loan
14guarantee under par. (b), and the eligible borrower does not draw upon the full
15amount of the loan guarantee before the end date of the term of the loan guarantee,
16as approved by the committee, no later than 30 days after that end date, the secretary
17of administration shall transfer $15,000,000 less the amount drawn upon from the
18economic development fund to the general fund.
SB712,4,1919 (End)
Loading...
Loading...