AB607: Bill Text

AB607,6,13 234.65 (3) (am) The authority has received an estimate issued under s. 238.11 (5) (b), and the Wisconsin Economic Development Corporation has estimated whether the project that the authority would finance under the loan is expected to eliminate, create, or maintain jobs on the project site and elsewhere in this state and the net number of jobs expected to be eliminated, created, or maintained as a result of the project.

AB607, s. 25 Section 25. 234.65 (3) (b) of the statutes is repealed.

AB607, s. 26 Section 26. 234.65 (3) (bm) of the statutes is created to read:

AB607,6,17 234.65 (3) (bm) One or more other financial institutions participate in the economic development project.

AB607, s. 27 Section 27. 234.65 (3) (d) of the statutes is repealed.

AB607, s. 28 Section 28. 234.65 (3) (dg) of the statutes is amended to read:

AB607,6,21 234.65 (3) (dg) The authority shall not assume primary unsecured or uncollateralized risk for any economic development loan.

AB607, s. 29 Section 29. 234.65 (3) (g) of the statutes is repealed.

AB607, s. 30 Section 30. 234.65 (3g) of the statutes is amended to read:

AB607,6,25 234.65 (3g) (a) Nothing in sub. (3) (a) or (am) may be considered to require a business signing a loan contract to satisfy an estimate under sub. (3) (am).

AB607,7,3 (b) Paragraph (a) and sub. (3) (a) and (am) do not apply to a person engaged in the business of operating a railroad or to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c).

AB607, s. 31 Section 31. 234.65 (3m) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB607,7,8 234.65 (3m) An economic development loan may not be made unless the Wisconsin Economic Development Corporation authority complies with sub. (1m) and certifies that each loan complies with sub. (3).

AB607, s. 32 Section 32. 234.65 (3r) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB607,7,18 234.65 (3r) Any economic development loan that a business receives from the authority under this section to finance a project shall require the business to submit to the Wisconsin Economic Development Corporation authority within 12 months after the project is completed or 2 years after a loan is issued to finance the project, whichever is sooner, on a form prescribed under s. 234.11 (1), the net number of jobs eliminated, created, or maintained on the project site and elsewhere in this state as a result of the project. This subsection does not apply to an economic development loan to finance an economic development project described under s. 234.01 (4n) (c).

AB607, s. 33 Section 33. 234.65 (5) (intro.) of the statutes, as affected by 2011 Wisconsin Act 32, is renumbered 234.65 (4) (c) (intro.) and amended to read:

AB607,7,25 234.65 (4) (c) (intro.) On or before July 1, 1985, and every July 1 thereafter, the Wisconsin Economic Development Corporation shall submit to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), a report that addresses the The effects of lending under this section in the following areas:

AB607, s. 34 Section 34. 234.65 (5) (a) of the statutes is renumbered 234.65 (4) (c) 1.

AB607, s. 35 Section 35. 234.65 (5) (b) of the statutes is repealed.

AB607, s. 36 Section 36. 234.65 (5) (c) of the statutes is renumbered 234.65 (4) (c) 2.

AB607, s. 37 Section 37. 234.65 (5) (d) of the statutes is renumbered 234.65 (4) (c) 3.

AB607, s. 38 Section 38. 234.65 (5) (e) of the statutes is renumbered 234.65 (4) (c) 4.

AB607, s. 39 Section 39. 238.11 (1) of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB607,8,13 238.11 (1) The corporation shall prescribe the notice forms to be used under ss. s. 66.1103 (4m) (a) 1. and 234.65 (3) (a). The corporation shall include on the forms a requirement for information on the number of jobs the person submitting the notice expects to be eliminated, created, or maintained on the project site and elsewhere in this state by the project which is the subject of the notice. The corporation shall prescribe the forms to be used under ss. s. 66.1103 (4m) (b) and 234.65 (3r).

AB607, s. 40 Section 40. 238.11 (3) of the statutes, as affected by 2011 Wisconsin Act 32, is repealed.

AB607, s. 41 Section 41. 238.11 (5) (intro.) and (a) of the statutes, as affected by 2011 Wisconsin Act 32, are consolidated, renumbered 238.11 (5) and amended to read:

AB607,8,20 238.11 (5) The corporation shall issue an estimate made: (a) Under under sub. (2), to the city, village, town, or county which will issue the bonds to finance the project which is the subject of the estimate.

AB607, s. 42 Section 42. 238.11 (5) (b) of the statutes, as affected by 2011 Wisconsin Act 32, is repealed.

AB607, s. 43 Section 43. 238.25 of the statutes, as affected by 2011 Wisconsin Act 32, is amended to read:

AB607,9,5 238.25 Assistance to loan recipients. The corporation shall assist new businesses and small businesses receiving economic development loans under s. 234.65 (1) (a) or the assistance of the Wisconsin Housing and Economic Development Authority in locating sources of venture capital and in obtaining the state and federal licenses and permits necessary for business operations.

AB607,9,6 (End)