LRB-1761/P1
MDE:amn
2023 - 2024 LEGISLATURE
DOA:......Dombrowski, BB0482 - WHEFA Financing of Working Capital
For 2023-2025 Budget -- Not Ready For Introduction
An Act ...; relating to: the budget.
Analysis by the Legislative Reference Bureau
commerce and economic development
Economic development
Financing working capital costs of certain nonprofit institutions
Under current law, WHEFA may issue bonds to finance certain projects of health, educational, research, and other nonprofit institutions. This bill authorizes WHEFA to issue bonds for the purpose of financing such institutions' working capital costs.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
Section
1. 231.03 (6) (L) of the statutes is created to read:
231.03 (6) (L) Finance working capital needs of any participating health institution, participating educational institution, participating nonprofit institution, or participating research institution in an amount not to exceed that approved by the authority. Bonds issued for purposes of this paragraph are not exempt from taxation under s. 71.05 (1) (c) 14., 71.26 (1m) (o), or 71.45 (1t) (n).
Section
2. 231.03 (13) of the statutes is amended to read:
231.03 (13) Make loans to any participating health institution, participating educational institution, participating nonprofit institution, or participating research institution for the cost of a project or to finance working capital under sub. (6) (L) in accordance with an agreement between the authority and the participating health institution, participating educational institution, participating nonprofit institution, or participating research institution. The authority may secure the loan by a mortgage or other security arrangement on the health facility, educational facility, nonprofit facility, or research facility granted by the participating health institution, participating educational institution, participating nonprofit institution, or participating research institution to the authority. The loan may not exceed, as applicable, the total cost of the project as determined by the participating health institution, participating educational institution, participating nonprofit institution, or participating research institution and approved by the authority or the amount of working capital approved by the authority under sub. (6) (L).
(End)
