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(b) "Capital participation instrument" means all of the following:
SB45,1108,1414
1. Any of the following or an option or other right to acquire any of the following:
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a. Common or preferred capital stock.
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b. Convertible securities.
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c. Evidences of long-term or short-term indebtedness.
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d. Warrants.
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e. Subscriptions.
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f. Partnership or membership interests.
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2. Royalties or other lawful derivations of a capital participation instrument
22listed under subd. 1.
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(c) "Cost of a project" means costs associated with the design, planning and
24implementation of a project that, in accordance with sound business and financial
25practices, are appropriate charges to the project. The costs may include the costs of
1planning and design, options to buy land, feasibility or other studies, equipment,
2seed money, construction, working capital and any other costs determined by the
3biotechnology development finance company to be necessary to the purposes of this
4section.
SB45,1109,65
(d) "Project" means commercial, industrial or other economic activity that is
6undertaken by a biotechnology company in this state.
SB45,1109,9
7(2) (a) The authority may organize and maintain a biotechnology development
8finance company as a nonstock, nonprofit corporation under ch. 181 for the exclusive
9purpose of investing in new or existing biotechnology companies in this state.
SB45,1109,1310
(b) Subject to par. (c), the biotechnology development finance company may
11purchase a capital participation instrument of a project. The biotechnology
12development finance company shall ensure that all of the following apply with
13respect to a project before any investment is made in the project:
SB45,1109,1514
1. The biotechnology company has certified that the project plans conform to
15all applicable environmental, zoning, building, planning or sanitation laws.
SB45,1109,1716
2. There is a reasonable expectation that the biotechnology company will be
17successful.
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3. Private industry has not provided sufficient capital required for the project.
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4. The investment is necessary to the successful completion of the proposed
20project because other investment in the project is unavailable in the traditional
21capital markets, or because capital has been offered on terms that would preclude
22the success of the project.
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5. Provision has been made by contract for adequate reporting of financial data
24by the project to the biotechnology development finance company. Those provisions
1may include a requirement for an annual or other periodic audit of the project's
2financial records.
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6. The proceeds of the purchase will be used solely in connection with the costs
4of the project.
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7. The biotechnology company is able to manage its project responsibilities.
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(c) 1. The biotechnology development finance company may not own more than
749% of the voting stock or other interest in any enterprise as a result of a purchase
8under par. (b).
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2. The total investment by the biotechnology development finance company in
10any one biotechnology company may not exceed $200,000.
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(d) The findings made by the biotechnology development finance company with
12respect to whether a project meets the conditions under par. (b) 1. to 7. are conclusive.
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13(3) The authority shall enter into a contract with the biotechnology
14development finance company. The contract shall provide that the authority may
15make use of the services of the biotechnology development finance company and that
16the authority shall advise, assist and provide administrative services to the
17biotechnology development finance company. The authority shall determine the
18type and scope of any administrative services provided by the authority to the
19biotechnology development finance company. The authority may assign employes or
20contract with private or state agencies to perform the administrative services. The
21biotechnology development finance company may not engage in political activities.
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22(4) (a) The board of directors of the biotechnology development finance
23company shall consist of all of the following members:
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1. The executive director of the authority, or his or her designee.
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2. The secretary of commerce, or his or her designee.
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13. The secretary of administration, or his or her designee.
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4. The executive director of the investment board, or his or her designee.
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5. The president of the University of Wisconsin System, or his or her designee.
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6. The president of Forward Wisconsin, Inc., or his or her designee.
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7. A representative of the state's biotechnology research community.
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8. A representative of the state's biotechnology industry.
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9. A representative of the state's venture capital industry.
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(b) The members under par. (a) 7. to 9. shall serve 5-year terms and the initial
9members under par. (a) 7. to 9. shall be appointed by the governor. The biotechnology
10development finance company, in its bylaws, shall specify the method for electing
11new members under par. (a) 7. to 9. and for filling vacancies.
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12(5) Annually, the biotechnology development finance company shall provide a
13report on its activities to the appropriate standing committees of each house of the
14legislature in the manner provided under s. 13.172 (3) and to the governor.
SB45,1111,21
15(6) The assets transferred to, and the assets and liabilities of, the biotechnology
16development finance company shall be separate from all other assets and liabilities
17of the state, of all political subdivisions of the state and of the authority. Neither the
18state, any political subdivision of the state nor the authority guarantees any
19obligation of or has any obligation to the biotechnology development finance
20company. Neither the state, any political subdivision of the state nor the authority
21is liable for any debt or liability of the biotechnology development finance company.
SB45, s. 2377
22Section
2377. 234.65 (3) (f) of the statutes is amended to read:
SB45,1112,523
234.65
(3) (f) The
authority has not received a certification under s. 49.855 (7)
24that the person receiving the loan is delinquent in child support or maintenance
25payments or owes past support, medical expenses or birth expenses
name of the
1person receiving the loan does not appear on the statewide support lien docket under
2s. 49.854 (2) (b). The condition under this paragraph is met for a person whose name
3does appear if the person provides to the authority a payment agreement that has
4been approved by the county child support agency under s. 59.53 (5) and that is
5consistent with rules promulgated under s. 49.858 (2) (a).
SB45, s. 2378
6Section
2378. 234.65 (3m) of the statutes is amended to read:
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234.65
(3m) An economic development loan may not be made unless the
8department of commerce complies with sub. (1m)
and certifies that each loan
9complies with sub. (3).
SB45, s. 2379
10Section
2379. 234.65 (5) (intro.) of the statutes is amended to read:
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234.65
(5) (intro.) On or before July 1,
1985 2000, and every July 1 thereafter,
12the
department of commerce authority shall submit to the chief clerk of each house
13of the legislature, for distribution to the appropriate standing committees under s.
1413.172 (3), a report which shall address the effects of lending under this section in
15the following areas:
SB45, s. 2380
16Section
2380. 234.83 (1) (intro.) of the statutes is amended to read:
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234.83
(1) Guarantee requirements for small businesses. (intro.) The
18authority may use money from the Wisconsin development reserve fund to guarantee
19a loan under
this section sub. (4) (a) if all of the following apply:
SB45, s. 2381
20Section
2381. 234.83 (1) (a) of the statutes is amended to read:
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234.83
(1) (a) The borrower qualifies as an eligible borrower under sub. (2)
(a)
22or (b).
SB45, s. 2382
23Section
2382. 234.83 (1m) of the statutes is created to read:
SB45,1113,3
1234.83
(1m) Guarantee requirements for small businesses affected by
2gaming. The authority may use money from the Wisconsin development reserve fund
3to guarantee a loan under sub. (4) (am) if all of the following apply:
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(a) The borrower qualifies as an eligible borrower under sub. (2) (c).
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(b) The loan qualifies as an eligible loan under sub. (3).
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(c) The lender enters into an agreement under s. 234.93 (2) (a).
SB45, s. 2383
7Section
2383. 234.83 (2) (a) 3. of the statutes is amended to read:
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234.83
(2) (a) 3. The
authority has not received a certification under s. 49.855
9(7) that the owner of the business is delinquent in making child support or
10maintenance payments name of the owner of the business does not appear on the
11statewide support lien docket under s. 49.854 (2) (b). The condition under this
12subdivision is met for an owner whose name does appear if the owner of the business
13provides to the authority a payment agreement that has been approved by the county
14child support agency under s. 59.53 (5) and that is consistent with rules promulgated
15under s. 49.858 (2) (a).
SB45, s. 2384
16Section
2384. 234.83 (2) (c) of the statutes is created to read:
SB45,1113,2017
234.83
(2) (c) A business to which the conditions under par. (a) 1., 2. and 3. apply
18and that is located in a county in this state, or in a county in this state that is adjacent
19to a county in this state, in which is located a casino that is operated by a federally
20recognized American Indian tribe or band in this state.
SB45, s. 2385
21Section
2385. 234.83 (4) (am) of the statutes is created to read:
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234.83
(4) (am) Subject to par. (b), the authority may guarantee repayment of
23an amount of the principal of any loan eligible for a guarantee under sub. (1m). The
24amount that may be guaranteed may not exceed 100% of the principal of the loan or
25$200,000, whichever is less. The authority shall establish the amount of the
1principal of an eligible loan that will be guaranteed, using the procedures described
2in the agreement under s. 234.93 (2) (a). The authority may establish a single
3amount for all guaranteed loans that do not exceed $200,000 and a single amount for
4all guaranteed loans that exceed $200,000 or establish on an individual basis
5different amounts for eligible loans that do not exceed $200,000 and different
6amounts for eligible loans that exceed $200,000.
SB45, s. 2386
7Section
2386. 234.83 (4) (b) of the statutes is amended to read:
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234.83
(4) (b) Except as provided in s. 234.93 (3), the total outstanding
9guaranteed principal amount of all loans that the authority may guarantee under
10par. (a) this section may not exceed
$9,900,000 $21,150,000.
SB45, s. 2387
11Section
2387. 234.83 (5) of the statutes is created to read:
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234.83
(5) Interest subsidy for businesses affected by gaming. Annually,
13from the Wisconsin development reserve fund, the authority may pay a financial
14institution that makes a loan to a borrower under sub. (2) (c) that is guaranteed
15under sub. (4) (am) an amount equal to up to 3.5% of the outstanding balance of the
16loan.
SB45, s. 2388
17Section
2388. 234.88 (3) (b) of the statutes is amended to read:
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234.88
(3) (b) Except as provided in s. 234.93 (3), the total outstanding principal
19amount of all guaranteed loans under par. (a) may not exceed
$22,500,000 20$11,250,000.
SB45, s. 2389
21Section
2389. 234.90 (2) (b) of the statutes is amended to read:
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234.90
(2) (b) The total outstanding principal amount of all loans to the
23borrower that are guaranteed under this section will not exceed
$20,000 $30,000.
SB45, s. 2390
24Section
2390. 234.90 (3) (d) of the statutes is amended to read:
SB45,1115,8
1234.90
(3) (d) The
authority has not received a certification under s. 49.855 (7)
2that the farmer is delinquent in making child support or maintenance payments or
3owes past support, medical expenses or birth expenses farmer's name does not
4appear on the statewide support lien docket under s. 49.854 (2) (b). The condition
5under this paragraph is met for a farmer whose name does appear if the farmer
6provides to the authority a payment agreement that has been approved by the county
7child support agency under s. 59.53 (5) and that is consistent with rules promulgated
8under s. 49.858 (2) (a).
SB45, s. 2391
9Section
2391. 234.90 (3g) (c) of the statutes is amended to read:
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234.90
(3g) (c) The
authority has not received a certification under s. 49.855
11(7) that the farmer is delinquent in making child support or maintenance payments
12or owes past support, medical expenses or birth expenses farmer's name does not
13appear on the statewide support lien docket under s. 49.854 (2) (b). The condition
14under this paragraph is met for a farmer whose name does appear if the farmer
15provides to the authority a payment agreement that has been approved by the county
16child support agency under s. 59.53 (5) and that is consistent with rules promulgated
17under s. 49.858 (2) (a).
SB45, s. 2392
18Section
2392. 234.905 (3) (d) of the statutes is amended to read:
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234.905
(3) (d) The
authority has not received a certification under s. 49.855
20(7) that the farmer is delinquent in making child support or maintenance payments
21or owes past support, medical expenses or birth expenses farmer's name does not
22appear on the statewide support lien docket under s. 49.854 (2) (b). The condition
23under this paragraph is met for a farmer whose name does appear if the farmer
24provides to the authority a payment agreement that has been approved by the county
1child support agency under s. 59.53 (5) and that is consistent with rules promulgated
2under s. 49.858 (2) (a).
SB45, s. 2393
3Section
2393. 234.91 (2) (c) of the statutes is amended to read:
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234.91
(2) (c) The total outstanding guaranteed principal amount of all loans
5made to the borrower that are guaranteed under this section will not exceed
$100,000 6$200,000, or
$50,000 $100,000 if any of the loans is affected by any other state or
7federal credit assistance program.
SB45, s. 2394
8Section
2394. 234.93 (1) (cm) of the statutes is created to read:
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234.93
(1) (cm) Any moneys transferred under s. 234.51 (2) (b), or under 1999
10Wisconsin Act .... (this act), section 9125 (1
), from the housing rehabilitation loan
11program administration fund.
SB45, s. 2395
12Section
2395. 234.93 (1) (f) of the statutes is created to read:
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234.93
(1) (f) To be used for guaranteeing loans under s. 234.83 (4) (am) and
14paying interest subsidies under s. 234.83 (5), moneys appropriated to the authority
15under s. 20.490 (5) (kp).
SB45, s. 2396
16Section
2396. 234.93 (4) (a) 2. of the statutes is amended to read:
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234.93
(4) (a) 2. To fund guarantees under all of the programs guaranteed by
18funds from the Wisconsin development reserve fund, except for the program under
19s. 234.935
, 1997 stats., at a ratio of $1 of reserve funding to $4.50 of total outstanding
20principal and outstanding guaranteed principal that the authority may guarantee
21under all of those programs.
SB45, s. 2397
22Section
2397. 234.93 (4) (a) 3. of the statutes is amended to read:
SB45,1116,2523
234.93
(4) (a) 3. To fund guarantees under the program under s. 234.935
, 1997
24stats., at a ratio of $1 of reserve funding to $4 of total principal and outstanding
25guaranteed principal that the authority may guarantee under that program.
SB45, s. 2398
1Section
2398. 234.935 of the statutes is repealed.
SB45, s. 2399
2Section
2399. 236.16 (3) (d) (intro.) of the statutes is amended to read:
SB45,1117,143
236.16
(3) (d) (intro.) All of the owners of all of the land adjacent to a public
4access established under par. (a) to an inland lake, as defined in s. 30.92 (1) (bk), may
5petition the city, village, town or county that owns the public access to construct
6shoreline erosion control measures. Subject to par. (e), the city, village, town or
7county shall construct the requested shoreline erosion control measures or request
8the department of natural resources to determine the need for shoreline erosion
9control measures. Upon receipt of a request under this paragraph from a city, village,
10town or county, the department of natural resources shall follow the procedures in
11s. 30.02 (3) and (4) sub. (3m). Subject to par. (e), the city, village, town or county shall
12construct shoreline erosion control measures as required by the department of
13natural resources if the department of natural resources determines all of the
14following:
SB45, s. 2400
15Section
2400. 236.16 (3m) of the statutes is created to read:
SB45,1118,416
236.16
(3m) Notice and hearing requirements. (a) Upon receipt of a request
17for a determination under sub. (3) (d), the department of natural resources shall
18either order a public hearing or provide notice stating that it will proceed on the
19request without a hearing if, within 30 days after the publication of the notice, no
20request for a hearing concerning the determination under sub. (3) (d) is received. The
21department of natural resources shall provide the notice to the clerk of each
22municipality in which the proposed shoreline erosion control measures are located
23and to any other person required by law to receive notice. The department of natural
24resources may provide notice to other persons as it considers appropriate. The
25department of natural resources shall provide a copy of the notice to the city, village,
1town or county that requested the determination. The city, village, town or county
2shall publish it as a class 1 notice under ch. 985 in a newspaper designated by the
3department that is likely to give notice in the area affected. The city, village, town
4or county shall file proof of publication with the department of natural resources.
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(b) If the department of natural resources orders a public hearing, the division
6of hearings and appeals shall mail a written notice at least 10 days before the hearing
7to each person given a copy of the notice under par. (a) and to each person requesting
8the hearing.
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(c) The city, village, town or county requesting the determination shall publish
10a class 1 notice under ch. 985 of the public hearing in a newspaper designated by the
11department of natural resources that is likely to give notice in the area affected. The
12city, village, town or county shall file proof of publication under this paragraph with
13the hearing examiner at or prior to the hearing.