SB40-CSA1, s. 3581d
24Section 3581d. 560.30 (2) of the statutes is renumbered 560.29 (1) (a) and
25amended to read:
SB40-CSA1,1400,3
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.
SB40-CSA1, s. 3581f
5Section 3581f. 560.30 (4) of the statutes is renumbered 560.29 (1) (b) and
6amended to read:
SB40-CSA1,1400,107
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.
SB40-CSA1, s. 3581j
14Section 3581j. 560.30 (8) of the statutes is renumbered 560.29 (1) (f) and
15amended to read:
SB40-CSA1,1400,1716
560.29
(1) (f) "Qualified business" means a business which is a qualified
17business under s. 560.33
, 2005 stats.
SB40-CSA1, s. 3581m
20Section 3581m. 560.30 (11) of the statutes is renumbered 560.29 (1) (g) and
21amended to read:
SB40-CSA1,1400,2422
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.
SB40-CSA1, s. 3581r
4Section 3581r. 560.35 (title) of the statutes is renumbered 560.29 (2) (title).
SB40-CSA1, s. 3581s
5Section 3581s. 560.35 (1) (intro.) of the statutes is renumbered 560.29 (2) (a)
6(intro.).
SB40-CSA1, s. 3581t
7Section 3581t. 560.35 (1m) of the statutes is renumbered 560.29 (2) (b) and
8amended to read:
SB40-CSA1,1401,139
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.
SB40-CSA1, s. 3581v
15Section 3581v. 560.35 (3) of the statutes is renumbered 560.29 (2) (d) and
16amended to read:
SB40-CSA1,1402,317
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.
SB40-CSA1, s. 3581w
4Section 3581w. 560.35 (4) of the statutes is renumbered 560.29 (2) (e) and
5amended to read:
SB40-CSA1,1402,96
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.
SB40-CSA1,1402,1818
560.60
(3m) "Eligible activities" means any of the following:
SB40-CSA1,1402,1919
(a) Capital financing.
SB40-CSA1,1402,2020
(b) Worker training.
SB40-CSA1,1402,2121
(c) Entrepreneurial development.
SB40-CSA1,1402,2322
(d) Providing assistance to technology-based businesses or to businesses at a
23foreign trade show or event.
SB40-CSA1,1402,2424
(e) Promoting urban or regional economic development.
SB40-CSA1,1402,2525
(f) Establishing revolving loan funds.
SB40-CSA1,1403,1
1(g) Providing working capital.
SB40-CSA1,1403,22
(h) Promoting employee ownership through all of the following:
SB40-CSA1,1403,43
1. Conducting feasibility studies to investigate the reorganization or new
4incorporation of existing businesses as employee-owned businesses.
SB40-CSA1,1403,55
2. Implementing feasibility studies under subd. 1.
SB40-CSA1,1403,97
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.
SB40-CSA1,1403,1715
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.
SB40-CSA1, s. 3594
20Section
3594. 560.605 (1) (intro.) of the statutes is amended to read:
SB40-CSA1,1403,2521
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:
SB40-CSA1,1404,22
560.605
(1) (a)
The Whether the project serves a public purpose.
SB40-CSA1,1404,54
560.605
(1) (b)
The Whether the project will retain or increase employment in
5this state.
SB40-CSA1,1404,87
560.605
(1) (c)
The Whether the project
is not likely to might not occur without
8the grant or loan.
SB40-CSA1,1404,1110
560.605
(1) (d)
Financing Whether financing is
unavailable available from
any
11other another source on reasonably equivalent terms.
SB40-CSA1,1404,1613
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.
SB40-CSA1,1404,2119
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.
SB40-CSA1,1404,2423
560.605
(1) (h)
The Whether the project will
not displace
any workers in this
24state.
SB40-CSA1,1405,42
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.
SB40-CSA1, s. 3606
6Section
3606. 560.605 (2) (a) of the statutes is renumbered 560.605 (1) (j).
SB40-CSA1, s. 3607
7Section
3607. 560.605 (2) (b) of the statutes is renumbered 560.605 (1) (k).
SB40-CSA1, s. 3608
8Section
3608. 560.605 (2) (c) of the statutes is renumbered 560.605 (1) (L).
SB40-CSA1, s. 3609
9Section
3609. 560.605 (2) (d) of the statutes is renumbered 560.605 (1) (m) and
10amended to read:
SB40-CSA1,1405,1111
560.605
(1) (m) The financial soundness of the
business eligible recipient.
SB40-CSA1, s. 3610
12Section
3610. 560.605 (2) (e) of the statutes is renumbered 560.605 (1) (n).
SB40-CSA1, s. 3611
13Section
3611. 560.605 (2) (f) of the statutes is renumbered 560.605 (1) (o).
SB40-CSA1, s. 3612
14Section
3612. 560.605 (2m) (intro.) of the statutes is amended to read:
SB40-CSA1,1405,1715
560.605
(2m) (intro.) When considering whether a project
under s. 560.62,
16560.63 or 560.66 will be located in a targeted area, the board
shall may consider
all
17any of the following:
