AB739-AA1,9,2517
16.765
(6) The department may receive complaints of alleged violations of the
18nondiscrimination provisions of such contracts. The department shall investigate
19and determine whether a violation of this section has occurred. The department may
20delegate this authority to the contracting agency, the University of Wisconsin
21Hospitals and Clinics Authority, the Fox River Navigational System Authority, the
22Wisconsin Aerospace Authority, the Lower Fox River Remediation Authority,
the
23Wisconsin Student Loan Refinancing Authority, the Wisconsin Economic
24Development Corporation, or the Bradley Center Sports and Entertainment
25Corporation for processing in accordance with the department's procedures.
AB739-AA1,24g
1Section 24g. 16.765 (7) (intro.) of the statutes is amended to read:
AB739-AA1,10,122
16.765
(7) (intro.) When a violation of this section has been determined by the
3department, the contracting agency, the University of Wisconsin Hospitals and
4Clinics Authority, the Fox River Navigational System Authority, the Wisconsin
5Aerospace Authority, the Lower Fox River Remediation Authority,
the Wisconsin
6Student Loan Refinancing Authority, the Wisconsin Economic Development
7Corporation, or the Bradley Center Sports and Entertainment Corporation, the
8contracting agency, the University of Wisconsin Hospitals and Clinics Authority, the
9Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the
10Lower Fox River Remediation Authority,
the Wisconsin Student Loan Refinancing
11Authority, the Wisconsin Economic Development Corporation, or the Bradley Center
12Sports and Entertainment Corporation shall:
AB739-AA1,25g
13Section 25g. 16.765 (7) (d) of the statutes is amended to read:
AB739-AA1,10,2014
16.765
(7) (d) Direct the violating party to take immediate steps to prevent
15further violations of this section and to report its corrective action to the contracting
16agency, the University of Wisconsin Hospitals and Clinics Authority, the Fox River
17Navigational System Authority, the Wisconsin Aerospace Authority, the Lower Fox
18River Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, 19the Wisconsin Economic Development Corporation, or the Bradley Center Sports
20and Entertainment Corporation.
AB739-AA1,26g
21Section 26g. 16.765 (8) of the statutes is amended to read:
AB739-AA1,11,1422
16.765
(8) If further violations of this section are committed during the term
23of the contract, the contracting agency, the Fox River Navigational System Authority,
24the Wisconsin Aerospace Authority, the Lower Fox River Remediation Authority,
the
25Wisconsin Student Loan Refinancing Authority, the Wisconsin Economic
1Development Corporation, or the Bradley Center Sports and Entertainment
2Corporation may permit the violating party to complete the contract, after complying
3with this section, but thereafter the contracting agency, the Fox River Navigational
4System Authority, the Wisconsin Aerospace Authority, the Lower Fox River
5Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, the
6Wisconsin Economic Development Corporation, or the Bradley Center Sports and
7Entertainment Corporation shall request the department to place the name of the
8party on the ineligible list for state contracts, or the contracting agency, the Fox River
9Navigational System Authority, the Wisconsin Aerospace Authority, the Lower Fox
10River Remediation Authority,
the Wisconsin Student Loan Refinancing Authority, 11the Wisconsin Economic Development Corporation, or the Bradley Center Sports
12and Entertainment Corporation may terminate the contract without liability for the
13uncompleted portion or any materials or services purchased or paid for by the
14contracting party for use in completing the contract.
AB739-AA1,27g
15Section 27g. 16.85 (2) of the statutes is amended to read:
AB739-AA1,11,2516
16.85
(2) To furnish engineering, architectural, project management, and other
17building construction services whenever requisitions therefor are presented to the
18department by any agency. The department may deposit moneys received from the
19provision of these services in the account under s. 20.505 (1) (kc) or in the general
20fund as general purpose revenue — earned. In this subsection, "agency" means an
21office, department, independent agency, institution of higher education, association,
22society, or other body in state government created or authorized to be created by the
23constitution or any law, which is entitled to expend moneys appropriated by law,
24including the legislature and the courts, but not including an authority created in
25subch. II of ch. 114 or in ch. 231, 233, 234, 237, 238,
239, or 279.
AB739-AA1,28g
1Section 28g. 16.865 (8) of the statutes is amended to read:
AB739-AA1,12,162
16.865
(8) Annually in each fiscal year, allocate as a charge to each agency a
3proportionate share of the estimated costs attributable to programs administered by
4the agency to be paid from the appropriation under s. 20.505 (2) (k). The department
5may charge premiums to agencies to finance costs under this subsection and pay the
6costs from the appropriation on an actual basis. The department shall deposit all
7collections under this subsection in the appropriation account under s. 20.505 (2) (k).
8Costs assessed under this subsection may include judgments, investigative and
9adjustment fees, data processing and staff support costs, program administration
10costs, litigation costs, and the cost of insurance contracts under sub. (5). In this
11subsection, "agency" means an office, department, independent agency, institution
12of higher education, association, society, or other body in state government created
13or authorized to be created by the constitution or any law, that is entitled to expend
14moneys appropriated by law, including the legislature and the courts, but not
15including an authority created in subch. II of ch. 114 or in ch. 231, 232, 233, 234, 237,
16238,
239, or 279.
AB739-AA1,29g
17Section 29g. 19.42 (10) (t) of the statutes is created to read:
AB739-AA1,12,1918
19.42
(10) (t) The chief executive officer and members of the board of directors
19of the Wisconsin Student Loan Refinancing Authority.
AB739-AA1,30g
20Section 30g. 19.42 (13) (p) of the statutes is created to read:
AB739-AA1,12,2221
19.42
(13) (p) The chief executive officer and members of the board of directors
22of the Wisconsin Student Loan Refinancing Authority.
AB739-AA1,31g
23Section 31g. 20.005 (3) (schedule) of the statutes: at the appropriate place,
24insert the following amounts for the purposes indicated:
-
See PDF for table ![PDF](http://docs.legis.wisconsin.gov/assets/image/file_acrobat.gif)
AB739-AA1,32g
1Section 32g. 20.195 of the statutes is created to read:
AB739-AA1,13,4
220.195 Wisconsin Student Loan Refinancing Authority. There is
3appropriated to the Wisconsin Student Loan Refinancing Authority for the following
4programs:
AB739-AA1,13,8
5(1) Student loan refinancing program. (a)
Initial funding. Biennially, the
6amounts in the schedule to fund the initial costs of operating the Wisconsin Student
7Loan Refinancing Authority and to start the student loan refinancing program under
8ch. 239.
AB739-AA1,33g
9Section 33g. 40.02 (54) (n) of the statutes is created to read:
AB739-AA1,13,1010
40.02
(54) (n) The Wisconsin Student Loan Refinancing Authority.
AB739-AA1,34g
11Section 34g. 70.11 (38v) of the statutes is created to read:
AB739-AA1,13,1512
70.11
(38v) Wisconsin Student Loan Refinancing Authority. All property
13owned by the Wisconsin Student Loan Refinancing Authority, provided that use of
14the property is primarily related to the purposes of the Wisconsin Student loan
15Refinancing Authority.".
AB739-AA1,13,18
18"
Section 36g. 77.54 (9a) (a) of the statutes is amended to read:
AB739-AA1,14,4
177.54
(9a) (a) This state or any agency thereof, the University of Wisconsin
2Hospitals and Clinics Authority, the Wisconsin Aerospace Authority, the Wisconsin
3Economic Development Corporation,
the Wisconsin Student Loan Refinancing
4Authority, and the Fox River Navigational System Authority.
AB739-AA1,37g
5Section 37g. 100.45 (1) (dm) of the statutes is amended to read:
AB739-AA1,14,156
100.45
(1) (dm) "State agency" means any office, department, agency,
7institution of higher education, association, society, or other body in state
8government created or authorized to be created by the constitution or any law which
9is entitled to expend moneys appropriated by law, including the legislature and the
10courts, the Wisconsin Housing and Economic Development Authority, the Bradley
11Center Sports and Entertainment Corporation, the University of Wisconsin
12Hospitals and Clinics Authority, the Wisconsin Health and Educational Facilities
13Authority, the Wisconsin Aerospace Authority, the Wisconsin Economic
14Development Corporation,
the Wisconsin Student Loan Refinancing Authority, and
15the Fox River Navigational System Authority.
AB739-AA1,15,218
230.03
(3) "Agency" means any board, commission, committee, council, or
19department in state government or a unit thereof created by the constitution or
20statutes if such board, commission, committee, council, department, unit, or the
21head thereof, is authorized to appoint subordinate staff by the constitution or
22statute, except the Board of Regents of the University of Wisconsin System, a
23legislative or judicial board, commission, committee, council, department, or unit
24thereof or an authority created under subch. II of ch. 114 or under ch. 231, 232, 233,
25234, 237, 238,
239, or 279. "Agency" does not mean any local unit of government or
1body within one or more local units of government that is created by law or by action
2of one or more local units of government.
AB739-AA1,39g
3Section 39g. Chapter 239 of the statutes is created to read:
AB739-AA1,15,6
5Wisconsin Student Loan
6
REFINANCING Authority
AB739-AA1,15,7
7239.01 Definitions. In this chapter:
AB739-AA1,15,8
8(1) "Authority" means the Wisconsin Student Loan Refinancing Authority.
AB739-AA1,15,9
9(2) "Board" means the governing board of the authority.
AB739-AA1,15,10
10(3) "Qualified education loan" has the meaning given in
26 USC 221 (d).
AB739-AA1,15,14
11239.02 Creation and organization of authority. (1) (a) There is created an
12authority, which is a public body corporate and politic, to be known as the "Wisconsin
13Student Loan Refinancing Authority." The members of the board shall consist of all
14of the following:
AB739-AA1,15,1515
1. One member of the majority party in each house of the legislature.
AB739-AA1,15,1616
2. One member of the minority party in each house of the legislature.
AB739-AA1,15,1917
3. One undergraduate student enrolled at least half-time and in good academic
18standing at an institution within the University of Wisconsin System who is at least
1918 years old and a resident of this state.
AB739-AA1,15,2120
4. One student enrolled at least half-time and in good academic standing at a
21technical college who is at least 18 years old and a resident of this state.
AB739-AA1,15,2422
5. One undergraduate student enrolled at least half-time and in good academic
23standing at a private, nonprofit institution of higher education located in this state
24who is at least 18 years old and a resident of this state.
AB739-AA1,16,6
16. Two members who have at least 10 years experience in making qualified
2education loans or loan refinancing, but any person having a financial interest in or
3whose employer is primarily engaged in the business of making qualified education
4loans is not eligible for appointment under this subdivision, and any member
5appointed under this subdivision who acquires such an interest while serving as a
6member shall resign from the board.
AB739-AA1,16,87
(b) 1. The members specified in par. (a) 1. and 2. shall be appointed as are the
8members of standing committees in their respective houses.
AB739-AA1,16,109
2. The members specified in par. (a) 3. to 5. shall be nominated by the governor,
10and with the advice and consent of the senate appointed, for 2-year terms.
AB739-AA1,16,1211
3. The members specified in par. (a) 6. shall be nominated by the governor, and
12with the advice and consent of the senate appointed, for 3-year terms.
AB739-AA1,16,18
13(2) If a student member of the board appointed under sub. (1) (a) 3. to 5. loses
14his or her student status upon which the appointment was based, he or she ceases
15to be a member of the board upon the appointment of a qualified successor to the
16board. A student member who loses his or her student status solely because he or
17she graduates from an institution of higher education may complete his or her
18current term on the board.
AB739-AA1,16,24
19(3) The members of the board shall annually elect a chairperson and may elect
20other officers as they consider appropriate. A majority of the members of the board
21constitutes a quorum for the purpose of conducting its business and exercising its
22powers and for all other purposes, notwithstanding the existence of any vacancies.
23Action may be taken by the board upon a vote of a majority of the voting members
24present.
AB739-AA1,17,3
1(4) A member of the board may not be compensated for his or her services but
2shall be reimbursed for actual and necessary expenses, including travel expenses,
3incurred in the performance of his or her duties.
AB739-AA1,17,7
4(5) No cause of action of any nature may arise against and no civil liability may
5be imposed upon a member of the board for any act or omission in the performance
6of his or her powers and duties under this chapter, unless the person asserting
7liability proves that the act or omission constitutes willful misconduct.
AB739-AA1,17,18
8(6) The board shall appoint a chief executive officer who shall not be a member
9of the board and who shall serve at the pleasure of the board. The chief executive
10officer shall receive such compensation as the board fixes. The chief executive officer
11or other person designated by resolution of the board shall keep a record of the
12proceedings of the authority and shall be custodian of all books, documents, and
13papers filed with the authority, the minute book or journal of the authority, and its
14official seal. The chief executive officer or other person may cause copies to be made
15of all minutes and other records and documents of the authority and may give
16certificates under the official seal of the authority to the effect that such copies are
17true copies, and all persons dealing with the authority may rely upon such
18certificates.
AB739-AA1,17,21
19239.03 Powers of board. The board shall have all the powers necessary or
20convenient to carry out the purposes and provisions of this chapter. In addition to
21all other powers granted the board under this chapter, the board may specifically:
AB739-AA1,17,23
22(1) Adopt, amend, and repeal any bylaws, policies, and procedures for the
23regulation of its affairs and the conduct of its business.
AB739-AA1,17,24
24(2) Have a seal and alter the seal at pleasure.
AB739-AA1,17,25
25(3) Maintain an office.
AB739-AA1,18,1
1(4) Sue and be sued.
AB739-AA1,18,3
2(5) Accept gifts, grants, loans, or other contributions from private or public
3sources.
AB739-AA1,18,5
4(6) Establish the authority's annual budget and monitor the fiscal
5management of the authority.
AB739-AA1,18,7
6(7) Execute contracts and other instruments required for the operation of the
7authority.
AB739-AA1,18,9
8(8) Employ any officers, agents, and employees that it may require and
9determine their qualifications, duties, and compensation.
AB739-AA1,18,10
10(9) Issue notes, bonds, and any other obligations.
AB739-AA1,18,11
11(10) Make loans and provide grants.
AB739-AA1,18,12
12(11) Incur debt.
AB739-AA1,18,13
13(12) Procure liability insurance.
AB739-AA1,18,16
14239.04 Duties of board. The board shall develop and implement a program
15under which state residents may refinance qualified education loans. The board
16shall develop the program to include all of the following:
AB739-AA1,18,18
17(1) The authority shall provide a loan to an eligible individual to pay all or part
18of the individual's qualified education loans.
AB739-AA1,18,20
19(2) The authority may only issue loans under the program that satisfy the
20exception to discharge under
11 USC 523 (8).
AB739-AA1,18,24
21(3) The authority shall establish eligibility criteria to participate in the
22program that is substantially similar to the criteria used by private lenders in the
23state to evaluate whether an individual qualifies for an unsecured personal loan at
24market rates.
AB739-AA1,19,3
1(4) The board shall set the interest rate on loans made under the program to
2be as low as possible but still sufficient to fully pay all expenses of the program and
3to provide necessary reserves, as determined by the board.
AB739-AA1,19,6
4239.05 Issuance of bonds.
(1) The authority may issue bonds for any
5corporate purpose. All bonds are negotiable for all purposes, notwithstanding their
6payment from a limited source.
AB739-AA1,19,10
7(2) Except as otherwise expressly provided by the authority, every issue of its
8notes or bonds shall be general obligations of the authority payable out of any
9revenues or moneys of the authority, subject only to any agreements with the holders
10of particular notes or bonds pledging any particular receipts or revenues.
AB739-AA1,19,12
11(3) All bonds issued by the authority are negotiable investment securities
12under ch. 408.
AB739-AA1,19,23
13(4) The authority may not issue bonds unless the issuance is first authorized
14by a bond resolution. Bonds shall bear the dates, mature at the times not exceeding
1550 years from their dates of issue, bear interest at the rates, be payable at the times,
16be in the denominations, be in the form, carry the registration and conversion
17privileges, be executed in the manner, be payable in lawful money of the United
18States at the places, and be subject to the terms of redemption, that the bond
19resolution provides. The bonds shall be executed by the manual or facsimile
20signatures of the officers of the authority designated by the board. The bonds may
21be sold at public or private sale at the price, in the manner, and at the time
22determined by the board. Pending preparation of definitive bonds, the authority may
23issue interim receipts or certificates that shall be exchanged for the definitive bonds.
AB739-AA1,20,3
1(5) The board may include in bond resolution provisions, which shall be a part
2of the contract with the holders of the bonds that are authorized by the bond
3resolution, regarding any of the following:
AB739-AA1,20,44
(a) Pledging or assigning specified assets or revenues of the authority.
AB739-AA1,20,65
(b) Setting aside reserves or sinking funds, and the regulation, investment, and
6disposition of these funds.
AB739-AA1,20,87
(c) Limitations on the purpose to which or the investments in which the
8proceeds of the sale of any issue of bonds may be applied.
AB739-AA1,20,119
(d) Limitations on the issuance of additional bonds, the terms upon which
10additional bonds may be issued and secured, and the terms upon which additional
11bonds may rank on a parity with, or be subordinate or superior to, other bonds.
AB739-AA1,20,1212
(e) Funding, refunding, advance refunding, or purchasing outstanding bonds.
AB739-AA1,20,1513
(f) Procedures, if any, by which the terms of any contract with bondholders may
14be amended, the amount of bonds the holders of which must consent to the
15amendment, and the manner in which this consent may be given.
AB739-AA1,20,1816
(g) Defining the acts or omissions to act that constitute a default in the duties
17of the authority to the bondholders, and providing the rights and remedies of the
18bondholders in the event of a default.
AB739-AA1,20,1919
(h) Other matters relating to the bonds that the board considers desirable.
AB739-AA1,20,23
20(6) Neither the members of the board nor any person executing the bonds is
21liable personally on the bonds or subject to any personal liability or accountability
22by reason of the issuance of the bonds, unless the personal liability or accountability
23is the result of willful misconduct.
AB739-AA1,21,7
24239.06 Bond security. The authority may secure bonds by a trust agreement,
25trust indenture, indenture of mortgage, or deed of trust by and between the authority
1and one or more corporate trustees. A bond resolution providing for the issuance of
2bonds so secured shall mortgage, pledge, assign, or grant security interests in some
3or all of the revenues to be received by, and property of, the authority and may contain
4those provisions for protecting and enforcing the rights and remedies of the
5bondholders that are reasonable and proper and not in violation of law. A bond
6resolution may contain other provisions determined by the board to be reasonable
7and proper for the security of the bondholders.
AB739-AA1,21,13
8239.07 Bonds not public debt.
(1) The state is not liable on bonds, and the
9bonds are not a debt of the state. All bonds shall contain a statement to this effect
10on the face of the bond. A bond issue does not, directly, indirectly, or contingently,
11obligate the state or a political subdivision of the state to levy any tax or make any
12appropriation for payment of the bonds. Nothing in this section prevents the
13authority from pledging its full faith and credit to the payment of bonds.
AB739-AA1,21,23
14(2) Nothing in this chapter authorizes the authority to create a debt of the state,
15and all bonds issued by the authority are payable, and shall state that they are
16payable, solely from the funds pledged for their payment in accordance with the bond
17resolution authorizing their issuance or in any trust indenture or mortgage or deed
18of trust executed as security for the bonds. The state is not liable for the payment
19of the principal of or interest on a bond or for the performance of any pledge,
20mortgage, obligation, or agreement that may be undertaken by the authority. The
21breach of any pledge, mortgage, obligation, or agreement undertaken by the
22authority does not impose pecuniary liability upon the state or a charge upon its
23general credit or against its taxing power.
AB739-AA1,22,5
24239.08 State pledge. The state pledges to and agrees with the bondholders,
25and persons that enter into contracts with the authority under this chapter, that the
1state will not limit or alter the rights vested in the authority by this chapter before
2the authority has fully met and discharged the bonds, and any interest due on the
3bonds, and has fully performed its contracts, unless adequate provision is made by
4law for the protection of the bondholders or those entering into contracts with the
5authority.