Wisconsin Legislature: SB40-CSA1, s. 3581w

17Section 3581a. Subchapter II (title) of chapter 560 [precedes 560.30] of the
18statutes is renumbered 560.29 (title).

19Section 3581b. 560.30 (intro.) of the statutes is renumbered 560.29 (1) (intro.)
20and amended to read:

21560.29 Certified capital companies. (1) Definitions. (intro.) In this
22subchapter section:

23Section 3581c. 560.30 (1) of the statutes is repealed.

24Section 3581d. 560.30 (2) of the statutes is renumbered 560.29 (1) (a) and
25amended to read:

1560.29 (1) (a) "Certified capital company" means a person that has been
2certified by the department under s. 560.31, 2005 stats., and that has not been
3decertified under s. 560.37 (3) or (3m), 2005 stats.

4Section 3581e. 560.30 (3) of the statutes is repealed.

5Section 3581f. 560.30 (4) of the statutes is renumbered 560.29 (1) (b) and
6amended to read:

7 560.29 (1) (b) "Certified capital investment" means an investment in a certified
8capital company that is certified under s. 560.32 (2), 2005 stats., and that fully funds
9either the investor's equity interest in a certified capital company, a qualified debt
10instrument that a certified capital company issues, or both.

11Section 3581g. 560.30 (5) of the statutes is renumbered 560.29 (1) (c).

12Section 3581h. 560.30 (6) of the statutes is renumbered 560.29 (1) (d).

13Section 3581i. 560.30 (7) of the statutes is renumbered 560.29 (1) (e).

14Section 3581j. 560.30 (8) of the statutes is renumbered 560.29 (1) (f) and
15amended to read:

16 560.29 (1) (f) "Qualified business" means a business which is a qualified
17business under s. 560.33, 2005 stats.

18Section 3581k. 560.30 (9) of the statutes is repealed.

19Section 3581L. 560.30 (10) of the statutes is repealed.

20Section 3581m. 560.30 (11) of the statutes is renumbered 560.29 (1) (g) and
21amended to read:

22 560.29 (1) (g) "Qualified investment" means an investment in a qualified
23business by a certified capital company that meets the requirements under s. 560.34
24(1), 2005 stats.

25Section 3581n. 560.31 of the statutes is repealed.

1Section 3581o. 560.32 of the statutes is repealed.

2Section 3581p. 560.33 of the statutes is repealed.

3Section 3581q. 560.34 of the statutes is repealed.

4Section 3581r. 560.35 (title) of the statutes is renumbered 560.29 (2) (title).

5Section 3581s. 560.35 (1) (intro.) of the statutes is renumbered 560.29 (2) (a)
6(intro.).

7Section 3581t. 560.35 (1m) of the statutes is renumbered 560.29 (2) (b) and
8amended to read:

9 560.29 (2) (b) Violation of agreements by qualified businesses. As soon as
10practicable after the receipt of information by the certified capital company that a
11qualified business has violated an agreement made under s. 560.34 (1) (b) to (e), 2005
12stats., the certified capital company shall notify the department of the violation and
13the facts giving rise to the violation.

14Section 3581u. 560.35 (2) of the statutes is renumbered 560.29 (2) (c).

15Section 3581v. 560.35 (3) of the statutes is renumbered 560.29 (2) (d) and
16amended to read:

17 560.29 (2) (d) Financial statements. Within 90 days of the end of the certified
18capital company's fiscal year, the certified capital company shall provide to the
19department a copy of its annual audited financial statements, including the opinion
20of an independent certified public accountant. The audit shall address the methods
21of operation and conduct of the business of the certified capital company to determine
22whether the certified capital company is complying with this subchapter section and
23the rules promulgated under this subchapter subchapter II of ch. 560, 2005 stats.,
24including whether certified capital has been invested in the manner required under
25s. 560.34, 2005 stats. The financial statements provided under this subsection shall

1be segregated by investment pool and shall be separately audited on that basis to
2allow the department to determine whether the certified capital company is in
3compliance with s. 560.34 (1m), 2005 stats.

4Section 3581w. 560.35 (4) of the statutes is renumbered 560.29 (2) (e) and
5amended to read:

6 560.29 (2) (e) Fees. On or before January 31 annually, a certified capital
7company shall pay a nonrefundable certification fee of $5,000 to the department,
8unless January 31 falls within 6 months of the date on which the certified capital
9company was certified under s. 560.31, 2005 stats.

10Section 3581x. 560.35 (5) of the statutes is renumbered 560.29 (2) (f).

11Section 3581y. 560.36 of the statutes is repealed.

12Section 3581z. 560.37 of the statutes is repealed.

13Section 3581za. 560.38 of the statutes is repealed.

14Section 3582. 560.60 (1m) of the statutes is repealed.

15Section 3583. 560.60 (1v) of the statutes is repealed.

16Section 3584. 560.60 (3) of the statutes is repealed.

17Section 3585. 560.60 (3m) of the statutes is created to read:

18 560.60 (3m) "Eligible activities" means any of the following:

19 (a) Capital financing.

20 (b) Worker training.

21 (c) Entrepreneurial development.

22 (d) Providing assistance to technology-based businesses or to businesses at a
23foreign trade show or event.

24 (e) Promoting urban or regional economic development.

25 (f) Establishing revolving loan funds.

1(g) Providing working capital.

2 (h) Promoting employee ownership through all of the following:

3 1. Conducting feasibility studies to investigate the reorganization or new
4incorporation of existing businesses as employee-owned businesses.

5 2. Implementing feasibility studies under subd. 1.

6Section 3586. 560.60 (4) of the statutes is amended to read:

7 560.60 (4) "Eligible recipient" means a governing body or a person who is
8eligible to receive a grant or loan under s. 560.62, a grant or loan under s. 560.63 or
9a grant or loan under s. 560.65 560.61.

10Section 3587. 560.60 (8) of the statutes is repealed.

11Section 3588. 560.60 (10) of the statutes is repealed.

12Section 3589. 560.60 (11) of the statutes is repealed.

13Section 3590. 560.60 (13) of the statutes is repealed.

14Section 3591. 560.60 (15) of the statutes is amended to read:

15 560.60 (15) "Small business" means a business operating for profit, with 250
16or fewer than 100 employees, including employees of any subsidiary or affiliated
17organization.

18Section 3592. 560.60 (17) of the statutes is repealed.

19Section 3593. 560.60 (18m) of the statutes is repealed.

20Section 3594. 560.605 (1) (intro.) of the statutes is amended to read:

21 560.605 (1) (intro.) The Upon receipt of an application by an eligible recipient,
22the board may consider any of the following in determining whether to award a grant
23or loan under s. 560.61 upon the receipt and consideration of an application by an
24eligible recipient for a project under ss. 560.62 to 560.66, if the board determines all
25of the following:

1Section 3595. 560.605 (1) (a) of the statutes is amended to read:

2 560.605 (1) (a) The Whether the project serves a public purpose.

3Section 3596. 560.605 (1) (b) of the statutes is amended to read:

4 560.605 (1) (b) The Whether the project will retain or increase employment in
5this state.

6Section 3597. 560.605 (1) (c) of the statutes is amended to read:

7 560.605 (1) (c) The Whether the project is not likely to might not occur without
8the grant or loan.

9Section 3598. 560.605 (1) (d) of the statutes is amended to read:

10 560.605 (1) (d) Financing Whether financing is unavailable available from any
11other another source on reasonably equivalent terms.

12Section 3599. 560.605 (1) (e) of the statutes is amended to read:

13 560.605 (1) (e) Except as provided in s. 560.68 (6), the eligible recipient
14receiving the grant or loan will contribute, from The extent to which the project will
15be financed with funds not provided by this state, not less than 25% of the cost of the
16project.

17Section 3600. 560.605 (1) (f) of the statutes is repealed.

18Section 3601. 560.605 (1) (g) of the statutes is amended to read:

19 560.605 (1) (g) Funds Whether funds from the grant or loan under s. 560.62,
20560.63, 560.65 or 560.66 will not be used to pay overhead costs, except as provided
21in s. 560.65 (1m) (b), or to replace funds from any other another source.

22Section 3602. 560.605 (1) (h) of the statutes is amended to read:

23 560.605 (1) (h) The Whether the project will not displace any workers in this
24state.

25Section 3603. 560.605 (1) (i) of the statutes is repealed.

1Section 3604. 560.605 (1) (p) of the statutes is amended to read:

2 560.605 (1) (p) For an ethanol production facility on which construction begins
3after July 27, 2005, whether a competitive bidding process is used for the
4construction of the ethanol production facility.

5Section 3605. 560.605 (2) (intro.) of the statutes is repealed.

6Section 3606. 560.605 (2) (a) of the statutes is renumbered 560.605 (1) (j).

7Section 3607. 560.605 (2) (b) of the statutes is renumbered 560.605 (1) (k).

8Section 3608. 560.605 (2) (c) of the statutes is renumbered 560.605 (1) (L).

9Section 3609. 560.605 (2) (d) of the statutes is renumbered 560.605 (1) (m) and
10amended to read:

11 560.605 (1) (m) The financial soundness of the business eligible recipient.

12Section 3610. 560.605 (2) (e) of the statutes is renumbered 560.605 (1) (n).

13Section 3611. 560.605 (2) (f) of the statutes is renumbered 560.605 (1) (o).

14Section 3612. 560.605 (2m) (intro.) of the statutes is amended to read: