AB902: Bill Text

AB902,35,6 (6) Origination fees. The authority shall charge a guarantee origination fee on every guaranteed loan. The amount of the fee shall be a percentage, determined by the authority, of each loan's guaranteed principal. The participating lender shall collect the fee and remit it to the authority. The authority shall deposit all fees received under this subsection in the Wisconsin clean and renewable energy reserve fund to be used to guarantee loans under this section.

AB902,35,11 235.16 Wisconsin clean and renewable energy reserve fund. (1) Establishment of fund. There is established under the jurisdiction and control of the authority, for the purpose of providing funds for guaranteeing loans under programs established under sub. (2) (a), a Wisconsin clean and renewable energy reserve fund, consisting of all of the following:

AB902,35,13 (a) From the appropriation under s. 20.498 (1) (a), any amount the authority determines to deposit into the fund.

AB902,35,14 (b) Any income from investment of moneys in the fund by the authority.

AB902,35,15 (c) Fees collected under s. 235.15 (6).

AB902,35,17 (d) Moneys received by the authority for the fund from any source other than those specified in pars. (a) to (c).

AB902,35,20 (2) Loan programs. (a) The authority may enter into a guarantee agreement with a lender to establish a loan program guaranteed by the Wisconsin clean and renewable energy reserve fund. The authority may determine all of the following:

AB902,35,21 1. The form of such an agreement.

AB902,35,23 2. Any conditions upon which the authority may refuse to enter into such an agreement.

AB902,35,25 3. Any procedures required to carry out such an agreement, including default procedures and procedures for determining the guaranteed percentage of each loan.

AB902,36,2 (b) The authority may not use any moneys other than those in the Wisconsin clean and renewable energy reserve fund for programs established under par. (a).

AB902,36,6 (c) The authority may establish an eligibility criteria review panel, consisting of experts in finance and in the subject area of a program established under par. (a), to advise the authority about lending requirements and issues related to a program or programs established under par. (a).

AB902,36,10 (3) Loan guarantees; increases or decreases. (a) Except as provided in par. (b), the total principal amount or total outstanding guaranteed principal amount of all loans that the authority may guarantee under all of the programs established under sub. (2) (a) may not exceed $25,000,000.

AB902,36,21 (b) The authority may request the joint committee on finance to take action under s. 13.10 to permit the authority to increase or decrease the total principal amount or total outstanding guaranteed principal amount of loans that the authority may guarantee under all of the programs established under sub. (2) (a), and the joint committee on finance may take that action. Included with its request, the authority shall provide a projection, for the next June 30, that compares the amounts required on that date to pay outstanding claims and to fund guarantees under all of the programs established under sub. (2) (a), and the balance remaining in the Wisconsin clean and renewable energy reserve fund on that date after deducting those amounts, if the increase or decrease is approved, with those amounts and the balance remaining, if the increase or decrease is not approved.

AB902,36,25 (4) Balance transfer. (a) Annually on June 30, until no balance remains, the authority shall transfer to the general fund any balance remaining in the Wisconsin clean and renewable energy reserve fund on that date, after deducting an amount sufficient for all of the following:

AB902,37,2 1. To pay all outstanding claims under the programs established under sub. (2) (a).

AB902,37,6 2. To fund guarantees under all of the programs established under sub. (2) (a) at a ratio of $1 of reserve funding to $4.50 of total outstanding principal and outstanding guaranteed principal that the authority may guarantee under all of the programs.

AB902,37,9 (b) Annually on August 31, the executive director of the authority shall provide to the secretary of administration and the joint committee on finance a signed statement that includes all of the following information:

AB902,37,11 1. The amounts on that date that are required to pay outstanding claims and to fund guarantees under the programs established under sub. (2) (a).

AB902,37,12 2. An explanation of how the amounts under subd. 1. were determined.

AB902,37,15 3. The amount of the balance, if any, that remains in the Wisconsin clean and renewable energy reserve fund after deducting the amounts under subd. 1. and the amount that will be transferred to the general fund under par. (a).

AB902,37,17 4. A projection of what the amount under subds. 1. and 3. will be on June 30 in each of the next 2 years.

AB902,37,21 (5) Limitation on loan guarantees. The authority shall regularly monitor the cash balance in the Wisconsin clean and renewable energy reserve fund. The authority shall ensure that the cash balance in the fund is sufficient for the purposes specified in sub. (4) (a) 1. and 2.

AB902,38,2 (6) Annual report. On or before November 1 annually, the authority shall submit to the chief clerk of each house of the legislature for distribution under s. 13.172 (2) and to the joint committee on finance a report on the number and total dollar amount of guaranteed loans under the programs established under sub. (2) (a), the default rate on the loans, and any other information on the programs that the authority determines is significant.

AB902,38,6 (7) Moral obligation. Recognizing its moral obligation, the legislature expresses its expectation that, if called upon to do so, it will make an appropriation to meet all demands for funds guaranteed by the Wisconsin clean and renewable energy reserve fund.

AB902,38,15 235.17 Grant program. The authority may make grants for eligible projects or grants to eligible businesses or to persons engaged in the commercialization of biological fuel, biological power, or biological products. The authority shall adopt guidelines for making grants under this section. The guidelines shall provide for a committee to make determinations regarding grant recipients and amounts. The committee shall consist of the secretary of agriculture, trade and consumer protection, the secretary of natural resources, and the chief executive officer of the Wisconsin Economic Development Corporation. The guidelines may also allow the committee to make grants on behalf of the authority.

AB902,38,18 235.18 Additional powers. The authority may implement any of the following programs for the purpose of promoting eligible businesses or eligible projects in this state:

AB902,38,20 (1) A revolving loan fund program pursuant to which the authority makes loans to finance eligible businesses or eligible projects.

AB902,38,22 (2) An equity financing program to facilitate equity investments in renewable energy generation businesses owned and controlled by agricultural producers.

AB902,38,25 (3) A conservation trading program pursuant to which the authority acts as an intermediary in the aggregation and trading of environmental credits related to clean and renewable energy production.

AB902,39,3 (4) A program of technical assistance and business services to eligible businesses and community-based projects for reducing energy consumption, improving energy efficiency, or promoting the use of renewable resources.

AB902,39,5 (5) A program for the authority to obtain licenses and royalties on technologies developed with the assistance of the authority.

AB902,39,7 (6) The acceptance of gifts and grants to carry out any of the powers of the authority.

AB902,39,11 235.19 Repayment to general fund. The authority shall repay the amounts appropriated under s. 20.498 (1) (a) to the general fund from that portion of the authority's surplus, if any, as is determined pursuant to agreement between the authority and the secretary of administration.

AB902,52 Section 52. 238.10 (1) of the statutes is amended to read:

AB902,39,19 238.10 (1) Allocation. The corporation shall establish under 26 USC 146 and administer a system for the allocation of the volume cap on the issuance of private activity bonds, as defined under 26 USC 141 (a), among all municipalities, as defined in s. 67.01 (5), and any corporation formed on behalf of those municipalities, and among this state, the Wisconsin Health and Educational Facilities Authority, the Wisconsin Aerospace Authority, the Wisconsin Renewable Energy Development Authority, and the Wisconsin Housing and Economic Development Authority.

AB902,53 Section 53. 281.75 (4) (b) 3. of the statutes is amended to read:

AB902,39,22 281.75 (4) (b) 3. An authority created under subch. II of ch. 114 or ch. 231, 233, 234, 235, 237, or 238.

AB902,54 Section 54. 285.59 (1) (b) of the statutes is amended to read:

AB902,40,8 285.59 (1) (b) "State agency" means any office, department, agency, institution of higher education, association, society, or other body in state government created or authorized to be created by the constitution or any law which is entitled to expend moneys appropriated by law, including the legislature and the courts, the Wisconsin Housing and Economic Development Authority, the Bradley Center Sports and Entertainment Corporation, the University of Wisconsin Hospitals and Clinics Authority, the Fox River Navigational System Authority, the Wisconsin Aerospace Authority, the Wisconsin Renewable Energy Development Authority, the Wisconsin Economic Development Corporation, and the Wisconsin Health and Educational Facilities Authority.

AB902,55 Section 55. 600.01 (1) (b) 8m. of the statutes is created to read:

AB902,40,11 600.01 (1) (b) 8m. Guarantees of the Wisconsin Renewable Energy Development Authority under s. 235.15.

AB902,56 Section 56. 706.11 (1) (c) 2. of the statutes is amended to read:

AB902,40,16 706.11 (1) (c) 2. The Wisconsin Health and Educational Facilities Authority created under ch. 231, the Wisconsin Housing and Economic Development Authority created under ch. 234, the Wisconsin Renewable Energy Development Authority created under ch. 235, or any other authority created by state law.

AB902,57 Section 57. Nonstatutory provisions.

AB902,40,21 (1) Terms of initial members of board. Notwithstanding the length of terms specified for the members of the board of the Wisconsin Renewable Energy Development Authority under section 235.02 (1) of the statutes, as created by this act, the initial members of the board shall be appointed for the following terms:

AB902,40,23 (a) One member appointed under section 235.02 (1) (a) 1. of the statutes, as created by this act, for a term expiring on July 1, 2016.

AB902,40,25 (b) One member appointed under section 235.02 (1) (a) 1. of the statutes, as created by this act, for a term expiring on July 1, 2017.

AB902,41,2 (c) Two members appointed under section 235.02 (1) (a) 1. of the statutes, as created by this act, for terms expiring on July 1, 2018.

AB902,41,4 (d) One member appointed under section 235.02 (1) (a) 2. of the statutes, as created by this act, for a term expiring on July 1, 2019.

AB902,41,5 (End)