AB576, s. 7 11Section 7. 234.51 (2) (d) of the statutes is created to read:
AB576,5,1312 234.51 (2) (d) To make the transfer under 2001 Wisconsin Act .... (this act),
13section 17 (1), to the Wisconsin development reserve fund under s. 234.93.
AB576, s. 8 14Section 8. 234.51 (2) (d) of the statutes, as created by 2001 Wisconsin Act ....
15(this act), is repealed.
AB576, s. 9 16Section 9. 234.80 of the statutes is created to read:
AB576,5,19 17234.80 Airline loan guarantees. (1) Guarantee requirements. The
18authority may use money from the Wisconsin development reserve fund to guarantee
19a loan under this section if all of the following apply:
AB576,5,2020 (a) The borrower qualifies as an eligible borrower under sub. (2).
AB576,5,2121 (b) The loan qualifies as an eligible loan under sub. (3).
AB576,5,2222 (c) The lender enters into an agreement under s. 234.93 (2) (a).
AB576,5,23 23(2) Eligible borrowers. Any of the following qualifies as an eligible borrower:
AB576,5,2524 (a) A person that is engaged in the business of transporting persons in aircraft,
25for hire, on regularly scheduled flights and that is headquartered in this state.
AB576,6,2
1(b) A person that is engaged in the business of delivering personal property or
2packages in aircraft and that is headquartered in this state.
AB576,6,43 (c) A person that is engaged in the business of operating aircraft for the benefit
4of agribusiness and that is headquartered in this state.
AB576,6,6 5(3) Eligible loans. A loan is eligible for guarantee of collection from the
6Wisconsin development reserve fund under s. 243.93 if all of the following apply:
AB576,6,87 (a) The borrower uses the loan proceeds for working capital or the purchase or
8improvement of land, buildings, machinery, equipment, or inventory.
AB576,6,109 (b) The interest rate on the loan, including any origination fees or other
10charges, is approved by the authority.
AB576,6,1211 (c) The lender obtains a security interest in the physical plant, equipment,
12machinery, or other assets.
AB576,6,1413 (d) The lender believes that it is reasonably likely that the borrower will be able
14to repay the loan in full with interest.
AB576,6,1615 (e) The lender agrees to the percentage of guarantee established for the loan
16by the authority.
AB576,6,1817 (f) The loan is closed no later than the first day of the 7th month beginning after
18the effective date of this paragraph .... [revisor inserts date].
AB576,6,2419 (g) With respect to a borrower under sub. (2) (a), the total guaranteed principal
20amount of all loans to the borrower that are guaranteed under this section does not
21exceed $4,500,000, except that, after reviewing all applications for guarantees that
22are received by the authority, the authority may, in its discretion, guarantee a total
23guaranteed principal amount of up to the amount specified in sub. (4) (b) in loans to
24a borrower under this paragraph.
AB576,7,3
1(h) With respect to a borrower under sub. (2) (b) or (c), the total guaranteed
2principal amount of all loans to the borrower that are guaranteed under this section
3does not exceed $100,000.
AB576,7,11 4(4) Guarantee of collection. (a) Subject to par. (b), on or before the first day
5of the 7th month beginning after the effective date of this paragraph .... [revisor
6inserts date], the authority shall guarantee collection of a percentage, not exceeding
790%, of the principal of any loan eligible for a guarantee under this section. The
8authority shall establish the percentage of the principal of an eligible loan that will
9be guaranteed, using the procedures described in the agreement under s. 234.93 (2)
10(a). The authority may establish a single percentage for all guaranteed loans or
11establish different percentages for eligible loans on an individual basis.
AB576,7,1312 (b) The total outstanding guaranteed principal amount of all loans that the
13authority may guarantee under par. (a) may not exceed $10,000,000.
AB576, s. 10 14Section 10. 234.93 (1) (cr) of the statutes is created to read:
AB576,7,1615 234.93 (1) (cr) Any moneys transferred under 2001 Wisconsin Act .... (this act),
16section 17 (1), from the housing rehabilitation loan program administration fund.
AB576, s. 11 17Section 11. 234.93 (3) (a) of the statutes, as created by 2001 Wisconsin Act 16,
18is amended to read:
AB576,7,2319 234.93 (3) (a) Except as provided in par. (b) and subject to s. 234.80 (4) (b), the
20total principal amount or total outstanding guaranteed principal amount of all loans
21that the authority may guarantee under the aggregate of the programs guaranteed
22by funds from the Wisconsin development reserve fund, excluding the program
23under s. 234.935, 1997 stats., may not exceed $49,500,000 $59,500,000.
AB576, s. 12 24Section 12. 234.93 (3) (b) of the statutes, as affected by 2001 Wisconsin Act 16,
25is amended to read:
AB576,8,12
1234.93 (3) (b) The authority may request the joint committee on finance to take
2action under s. 13.10 to permit the authority to increase or decrease the total
3principal amount or total outstanding guaranteed principal amount of loans that it
4may guarantee under the aggregate of the programs guaranteed by the Wisconsin
5development reserve fund, excluding the programs under s. 234.935, 1997 stats., and
6s. 234.80
. Included with its request, the authority shall provide a projection, for the
7next June 30, that compares the amounts required on that date to pay outstanding
8claims and to fund guarantees under the aggregate of the programs guaranteed by
9funds from the Wisconsin development reserve fund, and the balance remaining in
10the Wisconsin development reserve fund on that date after deducting such amounts,
11if the increase or decrease is approved, with such amounts and the balance
12remaining, if the increase or decrease is not approved.
AB576, s. 13 13Section 13. 234.93 (4) (a) 2. of the statutes is amended to read:
AB576,8,1814 234.93 (4) (a) 2. To fund guarantees under all of the programs guaranteed by
15funds from the Wisconsin development reserve fund, except for the program
16programs under s. 234.935, 1997 stats., and s. 234.80, at a ratio of $1 of reserve
17funding to $4.50 of total outstanding principal and outstanding guaranteed principal
18that the authority may guarantee under all of those programs.
AB576, s. 14 19Section 14. 234.93 (4) (a) 4. of the statutes is created to read:
AB576,8,2220 234.93 (4) (a) 4. To fund guarantees under the program under s. 234.80 at a
21ratio of $1 of reserve funding to $1 of total outstanding guaranteed principal that the
22authority may guarantee under that program.
AB576, s. 15 23Section 15. 234.93 (4m) of the statutes, as affected by 2001 Wisconsin Act 16,
24is amended to read:
AB576,9,4
1234.93 (4m) Limitation on loan guarantees. The authority shall regularly
2monitor the cash balance in the Wisconsin development reserve fund. The authority
3shall ensure that the cash balance in the fund is sufficient for the purposes specified
4in sub. (4) (a) 1., 2., and 3 to 4.
AB576, s. 16 5Section 16. 600.01 (1) (b) 8. of the statutes is amended to read:
AB576,9,96 600.01 (1) (b) 8. Guarantees of the Wisconsin Housing and Economic
7Development Authority under s. 234.68, 1995 stats., s. 234.69, 1995 stats., s.
8234.765, 1995 stats., s. 234.82, 1995 stats., s. 234.87, 1995 stats., and ss. 234.67,
9234.80, 234.83, 234.84, 234.90, 234.905, 234.907, and 234.91.
AB576, s. 17 10Section 17 . Nonstatutory provisions.
AB576,9,1311 (1) In fiscal year 2001-02, the Wisconsin Housing and Economic Development
12Authority shall transfer $1,750,000 from the housing rehabilitation loan program
13administration fund to the Wisconsin development reserve fund.
AB576, s. 18 14Section 18. Effective dates. This act takes effect on the day after publication,
15except as follows:
AB576,9,1716 (1) The repeal of section 20.490 (7) of the statutes and the amendment of section
1720.143 (1) (c) (by Section 3 ) of the statutes take effect on July 1, 2003.
AB576,9,1918 (2) The repeal of section 234.51 (2) (d) of the statutes takes effect on July 1,
192002.
AB576,9,2020 (End)
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