Amendment ASA1-AB56

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1995 - 1996 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1, To 1995 ASSEMBLY BILL 56

February 23, 1995 - Offered by Joint committee on Finance.

AB56-ASA1,1,6 An Act to repeal 234.90 (2) (d), 234.90 (3m) (b) and 234.90 (5); to renumber and amend 234.90 (3m) (a); to amend 234.90 (4) (a) and 234.93 (4) (a) 2.; and to create 234.93 (4m) of the statutes; relating to: extending the agricultural production loan guarantee program, eliminating the interest subsidy and requesting an audit of administrative assessments against the Wisconsin development reserve fund.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB56-ASA1, s. 1 Section 1. 234.90 (2) (d) of the statutes is repealed.

AB56-ASA1, s. 2 Section 2. 234.90 (3m) (a) of the statutes is renumbered 234.90 (3m) and amended to read:

AB56-ASA1,1,12 234.90 (3m) Extension. Except as provided in par. (b), a A participating lender may extend the term of a loan until no later than June 30 of the calendar year following the calendar year in which the participating lender granted the loan.

AB56-ASA1, s. 3 Section 3. 234.90 (3m) (b) of the statutes is repealed.

AB56-ASA1, s. 4 Section 4. 234.90 (4) (a) of the statutes is amended to read:

AB56-ASA1,2,5 234.90 (4) (a) Except as provided in par. (b), the authority shall guarantee repayment of 90% of the principal of any agricultural production loan eligible for guarantee under sub. (2) made to a farmer eligible for a guaranteed loan under sub. (3) or (3g) during the period beginning on January 1, 1993, and ending on December 31, 1994.

AB56-ASA1, s. 5 Section 5. 234.90 (5) of the statutes is repealed.

AB56-ASA1, s. 6 Section 6. 234.93 (4) (a) 2. of the statutes is amended to read:

AB56-ASA1,2,11 234.93 (4) (a) 2. To fund guarantees under all of the programs guaranteed by funds from the Wisconsin development reserve fund at a ratio of $1 of reserve funding to $4 of total principal and outstanding guaranteed principal that the authority may guarantee under all of those programs.

AB56-ASA1, s. 7 Section 7. 234.93 (4m) of the statutes is created to read:

AB56-ASA1,2,16 234.93 (4m) Limitation on loan guarantees. The authority shall regularly monitor the cash balance in the Wisconsin development reserve fund. The authority shall ensure that the cash balance in the fund is sufficient for the purposes specified in sub. (4) (a) 1. and 2.

AB56-ASA1, s. 8 Section 8. Nonstatutory provisions.

AB56-ASA1,3,3 (1) The joint legislative audit committee is requested to direct the legislative audit bureau to perform a financial and performance evaluation audit of the assessments made against the Wisconsin development reserve fund by the Wisconsin Housing and Economic Development Authority for its costs to administer each of the loan guarantee programs established under chapter 234 of the statutes. The audit shall include, for each loan guarantee program, a comparison of the costs that a commercial lender would likely incur to administer a similar loan guarantee program and the costs that the Wisconsin Housing and Economic Development Authority assessed for administration of the program. The legislative audit bureau shall file a report of an audit performed under this subsection with those entities specified in section 13.94 (1) (b) of the statutes.

AB56-ASA1, s. 9 Section 9. Initial applicability.

AB56-ASA1,3,6 (1)  The treatment of section 234.90 (2) (d), (3m) (a) and (b), (4) (a) and (5) of the statutes first applies to agricultural production loans made on January 1, 1995.

AB56-ASA1,3,7 (End)