27,3336
Section 3336
. 234.65 (1) (b) of the statutes is amended to read:
234.65 (1) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60, 234.61 and 234.66 and 234.70 do not apply to bonds or notes issued under this section.
27,3337
Section 3337
. 234.65 (1) (c) of the statutes is amended to read:
234.65 (1) (c) The authority may not issue more than $200,000,000 in aggregate principal amount of bonds and notes under this section, excluding bonds or notes secured by a capital reserve fund pursuant to sub. (6) (am) and excluding bonds and notes issued to refund outstanding bonds or notes issued under this section.
27,3338
Section 3338
. 234.65 (1) (d) of the statutes is amended to read:
234.65 (1) (d) Except as provided in sub. (6), s. Section 234.15 does not apply to bonds or notes issued under this section, and any bond or note issued under this section shall contain on its face a statement to that effect.
27,3339
Section 3339
. 234.65 (1) (gm) of the statutes is amended to read:
234.65 (1) (gm) The authority may not grant a loan in an amount greater than 4% of the amount of bonds and notes authorized under par. (c) for the benefit of a business that, together with all of its affiliates and subsidiaries and its parent company, has current gross annual sales in excess of $5,000,000. This paragraph does not apply to an economic development loan to finance a project described in s. 234.01 (4n) (d).
27,3340
Section 3340
. 234.65 (1) (gp) of the statutes is amended to read:
234.65 (1) (gp) The authority may not refinance a loan to a business which that has been a participant in a tax incremental financing district. This paragraph does not apply to an economic development loan to finance a project described in s. 234.01 (4n) (d).
27,3341
Section 3341
. 234.65 (1) (h) of the statutes is repealed.
27,3342
Section 3342
. 234.65 (1) (hm) of the statutes is repealed.
27,3343
Section 3343
. 234.65 (3) (d) of the statutes is amended to read:
234.65 (3) (d) The business receiving the benefits of the loan proceeds, together with all of its affiliates and subsidiaries and its parent company, has current gross annual sales of $35,000,000 or less. This paragraph does not apply to an economic development loan to finance a project described in s. 234.01 (4n) (d).
27,3344
Section 3344
. 234.65 (3) (e) of the statutes is amended to read:
234.65 (3) (e) The economic development loan will not be used to refinance existing debt, unless it is in conjunction with an expansion of the business or job creation. This paragraph does not apply to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c) or (d).
27,3346
Section 3346
. 234.65 (6) of the statutes is repealed.
27,3347
Section 3347
. 234.65 (7) of the statutes is repealed.
27,3348
Section 3348
. 234.65 (8) of the statutes is repealed.
27,3349
Section 3349
. 234.65 (10) of the statutes is repealed.
27,3350
Section 3350
. 234.66 (3) (b) of the statutes is amended to read:
234.66 (3) (b) The limits in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60, 234.61 and 234.65 and 234.70 do not apply to bonds or notes issued under this section.
27,3351
Section 3351
. 234.66 (3) (c) of the statutes is amended to read:
234.66 (3) (c) The authority may not issue more than $10,000,000 $17,500,000 in aggregate principal amount of bonds and notes under this section, excluding bonds and notes issued to refund outstanding bonds and notes issued under this section.
27,3351r
Section 3351r. Subchapter II (title) of chapter 234 [precedes 234.67] of the statutes is created to read:
Chapter 234
Subchapter II
Loan Guarantee Programs
27,3353
Section 3353
. 234.68 of the statutes is repealed.
27,3354
Section 3354
. 234.69 of the statutes is repealed.
27,3355c
Section 3355c. 234.70 of the statutes is renumbered 234.61, and 234.61 (1), as renumbered, is amended to read:
234.61 (1) Upon the authorization of the department of health and family services, the authority may issue bonds or notes and make loans for the financing of housing projects which are residential facilities as defined in s. 46.28 (1) (d) and the development costs of those housing projects, if the department of health and family services has approved the residential facilities for financing under s. 46.28 (2). The limitations in ss. 234.18 (1) and (2), 234.40, 234.50, 234.60, 234.65 and 234.66 do not apply to bonds or notes issued under this section. The definition of “nonprofit corporation" in s. 234.01 (9) does not apply to this section.
27,3356
Section 3356
. 234.75 of the statutes is repealed.
27,3357
Section 3357
. 234.76 of the statutes is repealed.
27,3358
Section 3358
. 234.765 of the statutes is repealed.
27,3359
Section 3359
. 234.80 of the statutes is repealed.
27,3360
Section 3360
. 234.802 of the statutes is renumbered 234.92.
27,3361
Section 3361
. 234.82 of the statutes is repealed.
27,3362
Section 3362
. 234.83 (title) of the statutes is amended to read:
234.83 (title) Targeted Small business development loan guarantee program.
27,3364
Section 3364
. 234.83 (1) (c) of the statutes is amended to read:
234.83 (1) (c) The lender is a financial institution that enters into an agreement under s. 234.93 (2) (a).
27,3365
Section 3365
. 234.83 (2) (a) of the statutes is renumbered 234.83 (2) (a) (intro.) and amended to read:
234.83 (2) (a) (intro.) A business, as defined in s. 560.60 (2)., to which all of the following apply:
27,3366
Section 3366
. 234.83 (2) (a) 1. to 3. of the statutes are created to read:
234.83 (2) (a) 1. The owner of the business is actively engaged in the business.
2. The business employs 50 or fewer employes on a full-time basis.
3. The authority has not received a certification under s. 49.855 (7) that the owner of the business is delinquent in making child support or maintenance payments.
27,3367
Section 3367
. 234.83 (3) (a) (intro.) of the statutes is renumbered 234.83 (3) (intro.).
27,3368
Section 3368
. 234.83 (3) (a) 1. of the statutes is renumbered 234.83 (3) (a) (intro.) and amended to read:
234.83 (3) (a) (intro.) The borrower uses the loan proceeds for a business development project in a targeted area. Loan proceeds may be used for direct or related expenses associated with any of the following:
1. The expansion or acquisition of a business, including the purchase or improvement of land, buildings, machinery, equipment or inventory.
27,3369
Section 3369
. 234.83 (3) (a) 2. to 9. of the statutes are renumbered 234.83 (3) (b) to (i), and 234.83 (3) (b), (d), (e), (f), (g), (h) and (i), as renumbered, are amended to read:
234.83 (3) (b) Loan proceeds are not used to refinance existing debt or for operating or entertainment expenses, expenses related to the production of an agricultural commodity, as defined in s. 94.67 (2), or expenses related to a community-based residential facility.
(d) The loan term does not extend beyond 15 years after the date on which the financial institution
lender disburses the loan unless the loan is extended by the authority agrees to an extension of the loan term.
(e) The total principal amount of all loans to the borrower that are guaranteed under this section does not exceed $250,000 $750,000.
(f) The financial institution lender obtains a security interest in the physical plant, equipment, machinery or other assets.
(g) The financial institution lender believes that it is reasonably likely that the borrower will be able to repay the loan in full with interest.
(h) The financial institution lender agrees to the percentage of guarantee established for the loan by the authority.
(i) The authority believes that the loan will have a positive economic impact on the targeted area in terms of job creation and or retention.
27,3370
Section 3370
. 234.83 (3) (a) 2. of the statutes is created to read:
234.83 (3) (a) 2. The start-up, expansion or acquisition of a day care business, including the purchase or improvement of land, buildings, machinery, equipment or inventory.
27,3371
Section 3371
. 234.83 (3) (b) of the statutes is repealed.
27,3372
Section 3372
. 234.83 (4) (title) and (a) of the statutes are amended to read:
234.83 (4) (title) Guarantee of
collection repayment. (a) Subject to par. (b), the authority
shall may guarantee collection repayment of a percentage, not exceeding 90%, portion of the principal of any loan eligible for a guarantee under sub. (1). That portion may not exceed 80% of the principal of the loan or $200,000, whichever is less. The authority shall establish the percentage portion of the principal of an eligible loan that will be guaranteed, using the procedures described in the agreement under s. 234.93 (2) (a). The authority may establish a single percentage portion for all guaranteed loans that do not exceed $250,000 and a single portion for all guaranteed loans that exceed $250,000 or establish on an individual basis different percentages portions for eligible loans on an individual basis that do not exceed $250,000 and different portions for eligible loans that exceed $250,000.
27,3373
Section 3373
. 234.83 (4) (b) of the statutes is amended to read:
234.83 (4) (b) Except as provided in s. 234.93 (3), the total outstanding guaranteed principal amount of all loans that the authority may guarantee under par. (a) may not exceed $10,000,000 $9,900,000.
27,3374
Section 3374
. 234.85 of the statutes is renumbered 234.35.
27,3375
Section 3375
. 234.86 of the statutes is created to read:
234.86 Drinking water loan guarantee program. (1) Definitions. In this section:
(a) “Community water system" means a public water system that serves at least 15 service connections used by year-round residents or that regularly serves at least 25 year-round residents.
(b) “Department" means the department of natural resources.
(c) “Local governmental unit" has the meaning given in s. 281.61 (1) (a).
(d) “Noncommunity water system" means a public water system that is not a community water system.
(e) “Public water system" has the meaning given in s. 281.61 (1) (c).
(2) Guarantee requirements. The authority may use money from the Wisconsin drinking water reserve fund under s. 234.933 to guarantee a loan under this section if all of the following apply:
(a) The borrower is not a local governmental unit and is one of the following:
1. The owner of a community water system.
2. The owner of a noncommunity water system and is not operated for profit.
(b) The loan qualifies as an eligible loan under sub. (3).
(c) The lender is a financial institution that enters into an agreement under s. 234.933 (3) (a).
(3) Eligible loans. A loan is an eligible loan if all of the following apply:
(a) The department determines that the loan will facilitate compliance with national primary drinking water regulations under 42 USC 300g-1 or otherwise significantly further the health protection objectives of the Safe Drinking Water Act, 42 USC 300f to 300j-26.
(b) The department determines that the loan satisfies the requirements under s. 281.625 (2).
(4) Guarantee of collection. (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 (3) (a). The authority may establish a single percentage for all guaranteed loans or establish different percentages for eligible loans on an individual basis.
(b) Except as provided in s. 234.933 (4), the total outstanding principal amount of all guaranteed loans under par. (a) may not exceed $3,000,000.
27,3376
Section 3376
. 234.87 of the statutes is repealed.
27,3377
Section 3377
. 234.88 of the statutes is created to read:
234.88 Brownfields remediation loan guarantee program. (1) Definitions. In this section:
(a) “Brownfields" means abandoned, idle or underused industrial or commercial facilities or sites, the expansion or redevelopment of which is adversely affected by actual or perceived environmental contamination.
