214,12r
Section 12r. 234.65 (1) (c) 2. of the statutes is created to read:
234.65 (1) (c) 2. If, after the last day of the 3rd fiscal year that begins after the effective date of this subdivision .... [LRB inserts date], the authority determines that a continuation of the program under this section will promote significant economic development in this state, the authority may seek approval from the joint committee on finance to issue additional bonds and notes under this section by submitting to the committee a written request that states the reasons supporting the authority's determination that the issuance of additional bonds and notes will promote significant economic development in this state. If, within 14 working days after the date of that written request, the cochairpersons of the committee do not notify the authority that the committee has scheduled a meeting to review the authority's proposal to issue additional bonds and notes under this section, the authority may proceed to issue not more than $150,000,000 in aggregate principal bonds and notes under this section, excluding bonds and notes issued to refund outstanding bonds or notes issued under this section, in each of the 3 consecutive fiscal years beginning with the fiscal year in which approval is obtained under this subdivision. If, within 14 working days after the date of that written request, the cochairpersons of the committee notify the authority that the committee has scheduled a meeting to review the authority's proposal to issue additional bonds and notes under this section, the authority may issue bonds and notes under this section only upon approval of the committee.
214,13
Section
13. 234.65 (1) (e) of the statutes is repealed.
214,15
Section
15. 234.65 (1) (g) of the statutes is amended to read:
234.65 (1) (g) In granting loans under this section the authority shall give preference to businesses which are more than 50% owned or controlled by women or minorities, to businesses that, together with all of their affiliates, subsidiaries and parent companies, have current gross annual sales of $5,000,000 or less or that employ 25
250 or fewer persons and to new businesses that have less than 50% of their ownership held or controlled by another business and have their principal business operations in this state.
214,16
Section
16. 234.65 (1) (gm) of the statutes is repealed.
214,17
Section
17. 234.65 (1) (gp) of the statutes is repealed.
234.65 (1m) The Wisconsin Economic Development Corporation authority shall, in consultation with the authority, adopt rules and procedures to implement sub. (3).
214,19
Section
19. 234.65 (2) (a) 2. of the statutes is repealed.
214,20
Section
20. 234.65 (2) (a) 4. of the statutes is amended to read:
234.65 (2) (a) 4. The number of financial institutions participating in the economic development loan program project.
214,21
Section
21. 234.65 (2) (c) of the statutes is repealed.
214,22
Section
22. 234.65 (3) (intro.) of the statutes is amended to read:
234.65 (3) (intro.) Except as provided in sub. (3g), the The authority may finance an economic development loan only if all of the following conditions are met:
234.65 (3) (am) The authority has received an estimate issued under s. 238.11 (5) (b), and the Wisconsin Economic Development Corporation has estimated whether the project that the authority would finance under the loan is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.
214,25
Section
25. 234.65 (3) (b) of the statutes is repealed.
214,26
Section
26. 234.65 (3) (bm) of the statutes is created to read:
234.65 (3) (bm) One or more other financial institutions participate in the economic development project.
214,27
Section
27. 234.65 (3) (d) of the statutes is repealed.
214,28
Section
28. 234.65 (3) (dg) of the statutes is amended to read:
234.65 (3) (dg) The authority shall not assume primary unsecured or uncollateralized risk for any economic development loan.
214,29
Section
29. 234.65 (3) (g) of the statutes is repealed.
214,30
Section
30. 234.65 (3g) of the statutes is amended to read:
234.65 (3g) (a) Nothing in sub. (3) (a) or (am) may be considered to require a business signing a loan contract to satisfy an estimate under sub. (3) (am).
(b) Paragraph (a) and sub. (3) (a) and (am) do not apply to a person engaged in the business of operating a railroad or to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c).
234.65 (3m) An economic development loan may not be made unless the Wisconsin Economic Development Corporation authority complies with sub. (1m) and certifies that each loan complies with sub. (3).
234.65 (3r) Any economic development loan that a business receives from the authority under this section to finance a project shall require the business to submit to the Wisconsin Economic Development Corporation authority within 12 months after the project is completed or 2 years after a loan is issued to finance the project, whichever is sooner, on a form prescribed under s. 234.11 (1), the net number of jobs eliminated, created, or maintained on the project site and elsewhere in this state as a result of the project. This subsection does not apply to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c).
214,33
Section
33. 234.65 (5) (intro.) of the statutes, as affected by
2011 Wisconsin Act 32, is renumbered 234.65 (4) (c) (intro.) and amended to read:
234.65 (4) (c) (intro.) On or before July 1, 1985, and every July 1 thereafter, the Wisconsin Economic Development Corporation shall submit to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), a report that addresses the The effects of lending under this section in the following areas:
214,34
Section
34. 234.65 (5) (a) of the statutes is renumbered 234.65 (4) (c) 1.
214,35
Section
35. 234.65 (5) (b) of the statutes is repealed.
214,36
Section
36. 234.65 (5) (c) of the statutes is renumbered 234.65 (4) (c) 2.
214,37
Section
37. 234.65 (5) (d) of the statutes is renumbered 234.65 (4) (c) 3.
214,38
Section
38. 234.65 (5) (e) of the statutes is renumbered 234.65 (4) (c) 4.
238.11 (1) The corporation shall prescribe the notice forms to be used under ss. s. 66.1103 (4m) (a) 1. and 234.65 (3) (a). The corporation shall include on the forms a requirement for information on the number of jobs the person submitting the notice expects to be eliminated, created, or maintained on the project site and elsewhere in this state by the project which is the subject of the notice. The corporation shall prescribe the forms to be used under ss. s. 66.1103 (4m) (b)
and 234.65 (3r).
214,41
Section
41. 238.11 (5) (intro.) and (a) of the statutes, as affected by
2011 Wisconsin Act 32, are consolidated, renumbered 238.11 (5) and amended to read:
238.11 (5) The corporation shall issue an estimate made: (a) Under under sub. (2)
, to the city, village, town, or county which will issue the bonds to finance the project which is the subject of the estimate.
238.25 Assistance to loan recipients. The corporation shall assist new businesses and small businesses receiving economic development loans under s. 234.65 (1) (a) or the assistance of the Wisconsin Housing and Economic Development Authority in locating sources of venture capital and in obtaining the state and federal licenses and permits necessary for business operations.
