SB148: Bill Text

SB148,165,6 (2) Fund administration. (a) The authority shall use moneys in the Wisconsin housing finance fund and all other assets allocated to the fund only for housing-related purposes, including to make payments on bonds, notes, and other obligations of the authority issued or incurred for housing-related purposes.

SB148,165,10 (b) The authority may pledge moneys and other assets in the Wisconsin housing finance fund to bonds, notes, and other obligations of the authority incurred for housing-related purposes as specified in the resolution of the board authorizing the bond, note, or other obligation.

SB148,165,13 (c) Nothing in this section shall impair the integrity or source of funding of any capital reserve fund or other fund established under this chapter or under ch. 234, 2013 stats.

SB148,165,17 (3) Requirement concerning notes and bonds. The authority may not issue a note or bond that is secured by the Wisconsin housing finance fund unless the authorizing resolution of the board specifies that the note or bond is secured by the Wisconsin housing finance fund.

SB148,165,20 (4) No commingling. No assets or income of the authority that is allocable to the Wisconsin housing finance fund may be commingled with any other assets or income of the authority.

SB148,165,24 (5) Perpetual existence. The authority shall maintain the Wisconsin housing finance fund until the fund is terminated by law, but no such law shall take effect while the authority has obligations outstanding that are payable from the Wisconsin housing finance fund.

SB148,166,8 (6) Successorship. (a) Notes and bonds. 1. The authority shall be the successor obligor to the Wisconsin Housing and Economic Development Authority created under s. 234.02, 2013 stats., and shall assume all of the rights and obligations of the Wisconsin Housing and Economic Development Authority under all outstanding bonds, notes, and other indebtedness of the Wisconsin Housing and Economic Development Authority and all related instruments, including resolutions, indentures, credit and liquidity facilities and hedges, interest rate swap agreements, and derivatives.

SB148,166,18 2. All bonds, notes, and other evidences of indebtedness of the Wisconsin Housing and Economic Development Authority created under s. 234.02, 2013 stats., and all related instruments outstanding on the effective date of this subdivision .... [LRB inserts date], shall be unaffected by 2015 Wisconsin Act .... (this act), except for the assumption by the authority under par. (a). Any resolution or indenture with respect to the issuance of a bond, note, or other indebtedness by the Wisconsin Housing and Economic Development Authority and any action taken by the Wisconsin Housing and Economic Development Authority with respect to the financing of any project in connection with housing-related purposes shall become a resolution or indenture of the authority or an action taken by the authority.

SB148,166,24 (b) Pledges. The pledges, limited obligations, and general obligations of the Wisconsin Housing and Economic Development Authority created under s. 234.02, 2013 stats., with respect to its bonds, notes, or indebtedness shall be assigned and transferred, intact in the same form, to and assumed by the authority. All such pledges, limited obligations, and general obligations in existence on the effective date of this paragraph .... [LRB inserts date], are reconfirmed.

SB148,167,7 (c) Transfer of assets and liabilities. The authority shall deposit all moneys in and allocate all other assets and all liabilities to the Wisconsin housing finance fund that are transferred to the authority under 2015 Wisconsin Act .... (this act), section 562, from the Wisconsin Housing and Economic Development Authority created under s. 234.02, 2013 stats., that are not allocable to another fund administered by the Wisconsin Housing and Economic Development Authority under ch. 234, 2013 stats., and except moneys appropriated by law.

SB148,489 Section 489. 235.403 (7) of the statutes is created to read:

SB148,167,11 235.403 (7) All capital reserve funds established under this section as security for bonds, notes, or other obligations incurred for housing-related purposes shall be allocated to the Wisconsin housing finance fund.

SB148,490 Section 490. 235.404 (6) of the statutes is created to read:

SB148,167,14 235.404 (6) The general reserve fund shall be allocated to the Wisconsin housing finance fund.

SB148,491 Section 491. Chapter 238 (title) of the statutes is repealed.

SB148,492 Section 492. Subchapter I (title) of chapter 238 [precedes 238.01] of the statutes is repealed.

SB148,493 Section 493. 238.01 (intro.) and (1) of the statutes are repealed.

SB148,494 Section 494. 238.01 (2) of the statutes is repealed.

SB148,495 Section 495. 238.01 (3) of the statutes is renumbered 235.01 (3).

SB148,496 Section 496. 238.02 of the statutes is repealed.

SB148,497 Section 497. 238.03 (title) of the statutes is renumbered 235.03 (title) and amended to read:

SB148,167,25 235.03 (title) Duties of board the authority concerning economic development.

SB148,498 Section 498. 238.03 (1) of the statutes is repealed.

SB148,499 Section 499. 238.03 (2) of the statutes is renumbered 235.03 (2), and 235.03 (2) (intro.) and (c), as renumbered, are amended to read:

SB148,168,5 235.03 (2) (intro.) For each program developed and implemented by the board authority under this subchapter, the board authority shall do all of the following:

SB148,168,10 (c) Require that each recipient of a grant or loan under the program submit a report to the corporation authority. Each contract with a recipient of a grant or loan under the program must specify the frequency and format of the report to be submitted to the corporation authority and the performance measures to be included in the report.

SB148,500 Section 500. 238.03 (3) of the statutes is renumbered 235.03 (3), and 235.03 (3) (intro.), (a) and (b) (intro.), as renumbered, are amended to read:

SB148,168,15 235.03 (3) (intro.) The board authority shall require for each economic development program developed and implemented by the board authority all of the following:

SB148,169,7 (a) That each recipient of a grant or loan under the program of at least $100,000 submit to the corporation authority, within 120 days after the end of the recipient's fiscal year in which any grant or loan funds were expended, a schedule of expenditures of the grant or loan funds, including expenditures of any matching cash or in-kind match or at a different time as provided in policies and procedures approved by the board an attestation, signed by the director or principal officer of the recipient to attest to the accuracy of the schedule of expenditures. The recipient shall engage an independent certified public accountant to perform procedures, approved by the corporation and consistent with applicable professional standards of the American Institute of Certified Public Accountants, to determine whether the grant or loan funds and any matching cash or in-kind match were expended in accordance with the grant or loan contract. The board shall also require the recipient of such a grant or loan to make available for inspection the documents supporting the schedule of expenditures. The board shall include the requirements under this paragraph in the contract with grant or loan recipients. The attestation shall verify that the grant or loan funds and any matching cash or in-kind match were expended in accordance with the grant or loan contract.

SB148,169,12 (b) (intro.) That the board authority, if a recipient of a grant or loan under the program submits false or misleading information to the corporation authority or fails to comply with the terms of a contract entered into with the corporation authority, without providing satisfactory explanation for the noncompliance, do all of the following:

SB148,501 Section 501. 238.04 of the statutes is repealed.

SB148,502 Section 502. 238.045 of the statutes is repealed.

SB148,503 Section 503. 238.046 of the statutes is renumbered 235.014, and 235.014 (1) and (2), as renumbered, are amended to read:

SB148,170,6 235.014 (1) A member of the board or an employee of the corporation authority to whom the board delegates its authority to contract shall notify the corporation's authority's legal counsel or, if the corporation's legal counsel is unavailable, the chief executive officer of the corporation authority if the member or employee has a direct or indirect, private, pecuniary interest in a contract that is being negotiated, bid for, or entered into with the corporation authority. If the corporation's authority's legal counsel or chief executive officer is notified under this section, he or she shall report the name of the individual from whom he or she received the notification and the contract in which the individual has a private, pecuniary interest to the board. A member or employee who notifies the corporation's authority's legal counsel or chief executive officer under this section is not authorized to participate in the member's or employee's capacity as a member of the board or an employee of the corporation authority in the making of the contract or to perform in regard to the contract some official function requiring the exercise of discretion on the member's or employee's part.

SB148,170,16 (2) An employee of the corporation authority shall notify the corporation's authority's legal counsel or, if the corporation's legal counsel is unavailable, the chief executive officer of the corporation authority if the employee has a controlling interest in an entity that is negotiating, bidding for, or entering into a contract with the corporation authority. If the corporation's authority's legal counsel or chief executive officer is notified under this section, he or she shall report the name of the individual from whom he or she received the notification and the contract at issue to the board. The board shall prohibit the corporation authority from entering into any contract with an entity in which an employee of the corporation authority has a controlling interest.

SB148,504 Section 504. 238.05 of the statutes is repealed.

SB148,505 Section 505. 238.06 of the statutes is renumbered 235.015 and amended to read:

SB148,170,23 235.015 Liability limited. Neither the state nor any political subdivision of the state, nor any officer, employee, or agent of the state or a political subdivision of the state who is acting within the scope of employment or agency, is liable for any debt, obligation, act, or omission of the corporation authority.

SB148,506 Section 506. 238.07 of the statutes is renumbered 235.016, and 235.016 (1), (2) (intro.), (3) and (4), as renumbered, are amended to read:

SB148,171,5 235.016 (1) Annually, by January October 1, the board authority shall submit to the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report identifying the economic development and housing programs and projects that the board authority intends to develop and implement during the current calendar fiscal year.

SB148,171,10 (2) (intro.) Annually, no later than October l, the board authority shall submit to the joint legislative audit committee and the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2), a report for the previous fiscal year on each of the economic development programs of the corporation authority that contains all of the following:

SB148,171,12 (3) The board authority shall make readily accessible to the public on an Internet-based system the information required under sub. (2).

SB148,171,17 (4) Annually, beginning in 2014, the board shall have an independent audit conducted of the corporation's authority's financial statements for the previous fiscal year and submit the audit report to the joint legislative audit committee and the chief clerk of each house of the legislature, for distribution to the legislature under s. 13.172 (2).

SB148,507 Section 507. 238.08 of the statutes is repealed.

SB148,508 Section 508. 238.09 of the statutes is renumbered 235.017, and 235.017 (1), (2) and (3), as renumbered, are amended to read:

SB148,171,22 235.017 (1) When the corporation authority is required to publicly solicit proposals from multiple vendors of goods or services.

SB148,171,24 (2) How the corporation authority is to evaluate proposals from multiple vendors.

SB148,172,2 (3) How the corporation authority is to assess any conflict of interest a vendor may have if the vendor sells goods or services to the corporation authority.

SB148,509 Section 509. 238.10 of the statutes is renumbered 235.018, and 235.018 (1) to (4), as renumbered, are amended to read:

SB148,172,11 235.018 (1) Allocation. The corporation authority 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, and the Wisconsin Housing and Economic Development Authority authority.

SB148,172,17 (2) Amendment to allocation. At any time prior to December 31 in any year, the corporation authority may adopt rules policies and procedures to revise the allocation system established for that year under sub. (1), except that any revision under this subsection does not apply to any allocation under which the recipient of that allocation has adopted a resolution authorizing the issuance of a private activity bond, as defined in 26 USC 141 (a).

SB148,172,22 (3) Conditions. The corporation authority may establish any procedure for, and place any condition upon, the granting of an allocation under this section which the corporation authority deems to be in the best interest of the state including a requirement that a cash deposit, at a rate established by the corporation authority, be a condition for an allocation.

SB148,172,25 (4) Certification. If the corporation authority receives notice of the issuance of a bond under an allocation under subs. (1) to (3), the corporation authority shall certify that that bond meets the requirements of 26 USC 146.

SB148,510 Section 510. 238.11 of the statutes is renumbered 235.11, and 235.11 (1), (2) and (5), as renumbered, are amended to read:

SB148,173,8 235.11 (1) The corporation authority shall prescribe the notice forms to be used under s. 66.1103 (4m) (a) 1. The corporation authority 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 authority shall prescribe the forms to be used under s. 66.1103 (4m) (b).

SB148,173,13 (2) If the corporation authority receives a notice under s. 66.1103 (4m) (a), the corporation authority shall estimate, no later than 20 days after receipt of the notice, whether the project that is the subject of the notice 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.

SB148,173,16 (5) The corporation authority shall issue an estimate made 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.

SB148,511 Section 511. 238.12 of the statutes is renumbered 235.12, and 235.12 (2), as renumbered, is amended to read:

SB148,174,2 235.12 (2) The corporation authority may not award a grant or loan under this chapter to a person or certify a person to receive tax benefits under this subchapter or subch. III unless the corporation authority enters into an agreement with the person that requires the person to repay the grant, loan, or tax benefits if, within 5 years after receiving the grant or loan or being certified to receive tax benefits, the person ceases to conduct in this state the economic activity for which the person received the grant or loan or for which the person was certified to receive tax benefits and commences substantially the same economic activity outside this state.

SB148,512 Section 512. 238.125 of the statutes is repealed.

SB148,513 Section 513. 238.127 of the statutes is renumbered 235.127, and 235.127 (2) (intro.), (c) (intro.), (e), (h) and (j), as renumbered, are amended to read:

SB148,174,11 235.127 (2) (intro.) The corporation authority shall establish and administer a state main street program to coordinate state and local participation in programs offered by the national main street center, created by the national trust for historic preservation, to assist municipalities in planning, managing and implementing programs for the revitalization of business areas. The corporation authority shall do all of the following:

SB148,174,14 (c) (intro.) With help from interested individuals and organizations, develop a plan describing the objectives of the state main street program and the methods by which the corporation authority shall:

SB148,174,23 (e) Annually select, upon application, up to 5 municipalities to participate in the state main street program. The program for each municipality shall conclude after 3 years, except that the program for each municipality selected after July 29, 1995, shall conclude after 5 years. The corporation authority shall select program participants representing various geographical regions and populations. A municipality may apply to participate, and the corporation authority may select a municipality for participation, more than one time. In selecting a municipality, however, the corporation authority may give priority to those municipalities that have not previously participated.

SB148,175,2 (h) Provide training, technical assistance and information on the revitalization of business areas to municipalities which do not participate in the state main street program. The corporation authority may charge reasonable fees for the services and information provided under this paragraph.

SB148,175,4 (j) The corporation authority shall expend at least $250,000 annually on the state main street program.

SB148,514 Section 514. 238.13 of the statutes is renumbered 235.13, and 235.13 (2) (a) (intro.), (3) (intro.) and (f) and (5), as renumbered, are amended to read:

SB148,175,8 235.13 (2) (a) (intro.) The corporation authority may make a grant to a person if all of the following apply:

SB148,175,10 (3) (intro.) The corporation authority may consider the following criteria in making awards under this section:

SB148,175,12 (f) Any other factors considered by the corporation to be authority considers relevant to assessing the viability and feasibility of the project.

SB148,175,15 (5) Before the corporation authority awards a grant under this section, the corporation authority shall consider the recommendations of the department of administration and the department of natural resources.

SB148,515 Section 515. 238.133 of the statutes is renumbered 235.133, and 235.133 (2) (title), (a), (b), (c) and (d), (3) (intro.), (4), (5) (intro.) and (c), (6) and (7), as renumbered, are amended to read:

SB148,175,19 235.133 (2) (title) Duties of the corporation authority.

SB148,175,23 (a) The corporation authority shall administer a program to award brownfield site assessment grants from the appropriation under s. 20.192 (1) (s) 20.885 (3) (u) to local governmental units for the purposes of conducting any of the eligible activities under sub. (3).

SB148,176,3 (b) The corporation authority may not award a grant to a local governmental unit under this section if that local governmental unit caused the environmental contamination that is the basis for the grant request.

SB148,176,7 (c) The corporation authority may only award grants under this section if the person that caused the environmental contamination that is the basis for the grant request is unknown, cannot be located or is financially unable to pay the cost of the eligible activities.

SB148,176,11 (d) The corporation authority shall establish criteria as necessary to administer the program. The corporation authority may limit the total amount of funds that may be used to cover the costs of each category of eligible activity described in sub. (3).

SB148,176,13 (3) Eligible activities. (intro.) The corporation authority may award grants to local governmental units to cover the costs of the following activities:

SB148,176,16 (4) Application for grant. The applicant shall submit an application on a form prescribed by the corporation authority and shall include any information that the corporation authority finds necessary to calculate the amount of a grant.

SB148,176,18 (5) Grant criteria. (intro.) The corporation authority shall consider the following criteria when determining whether to award a grant:

SB148,176,20 (c) Other criteria that the corporation authority finds necessary to calculate the amount of a grant.

SB148,176,24 (6) Limitation of grant. The total amount of all grants awarded to a local governmental unit in a fiscal year under this section shall be limited to an amount equal to 15% of the available funds appropriated under s. 20.192 (1) (s) 20.885 (3) (u) for the fiscal year.

SB148,177,3 (7) Matching funds. The corporation authority may not distribute a grant unless the applicant contributes matching funds equal to 20% of the grant. Matching funds may be in the form of cash or in-kind contribution or both.

SB148,516 Section 516. 238.135 of the statutes is renumbered 235.135 and amended to read:

SB148,177,10 235.135 Grants to regional economic development organizations. The corporation authority shall award annual grants to regional economic development organizations to fund marketing activities. The amount of each grant may not exceed $100,000 or the amount of matching funds the organization obtains from sources other than the corporation authority or the state, whichever is less.

SB148,517 Section 517. 238.15 of the statutes is renumbered 235.15, and 235.15 (1) (intro.) and (m) 1. (intro.) and c., (2) and (3) (a), (b), (d) (intro.), 1. and 2. a. and b. and (e), as renumbered, are amended to read:

SB148,177,22 235.15 (1) Angel investment tax credits. (intro.) The corporation authority shall implement a program to certify businesses for purposes of s. 71.07 (5d). A business desiring certification shall submit an application to the corporation authority in each taxable year for which the business desires certification. The business shall specify in its application the investment amount it wishes to raise and the corporation authority may certify the business and determine the amount that qualifies for purposes of s. 71.07 (5d). The corporation authority may certify or recertify a business for purposes of s. 71.07 (5d) only if the business satisfies all of the following conditions:

SB148,178,4 (m) 1. (intro.) It agrees that it will not relocate outside of this state during the 3 years after it receives an investment for which a person may claim a tax credit under s. 71.07 (5d) and agrees to pay the corporation authority a penalty, in an amount determined under subd. 2., if the business relocates outside of this state during that 3-year period. For the purposes of this paragraph, a business relocates outside of this state when the business locates more than 51 percent of any of the following outside of this state:

SB148,178,6 c. The activities of the business's headquarters, as determined by the corporation authority.