SB21,3830 9Section 3830. 234.02 of the statutes is repealed.
SB21,3831 10Section 3831. 234.03 of the statutes is repealed.
SB21,3832 11Section 3832. 234.032 of the statutes is repealed.
SB21,3833 12Section 3833. 234.034 of the statutes is renumbered 235.401.
SB21,3834 13Section 3834. 234.04 of the statutes is renumbered 235.402, and 235.402 (2),
14as renumbered, is amended to read:
SB21,1425,515 235.402 (2) The authority may make or participate in the making and enter
16into commitments for the making of long-term mortgage loans to eligible sponsors
17of housing projects for occupancy by persons and families of low and moderate
18income, or for the making of homeownership mortgage loans or housing
19rehabilitation loans or loans for the refinancing of qualified subprime loans under
20s. 234.592   235.592 to persons and families of low and moderate income, an applicant
21under s. 234.59 or 234.592 235.59 to 235.592, or other eligible beneficiaries as defined
22in s. 234.49 235.49. The loans may be made only upon the determination by the
23authority that they are not otherwise available from private lenders upon reasonably
24equivalent terms and conditions. The authority may not make a loan to a person
25whose name appears on the statewide support lien docket under s. 49.854 (2) (b),

1unless the person provides to the authority a payment agreement that has been
2approved by the county child support agency under s. 59.53 (5) and that is consistent
3with rules promulgated under s. 49.858 (2) (a). The authority may employ, for such
4compensation as it determines, the services of any financial institution in connection
5with any loan.
SB21,3835 6Section 3835. 234.05 of the statutes is renumbered 235.403.
SB21,3836 7Section 3836. 234.06 of the statutes is renumbered 235.404.
SB21,3837 8Section 3837. 234.07 of the statutes is renumbered 235.405, and 235.405 (1),
9as renumbered, is amended to read:
SB21,1426,810 235.405 (1) Except as provided in sub. (2), a limited-profit entity which that
11receives loans from the authority may not make distributions, other than from funds
12contributed to the limited-profit entity by stockholders, partners, members, or
13holders of beneficial interest in the limited-profit entity, in any one year with respect
14to a project financed by the authority in excess of 6% of its equity in such project on
15a cumulative basis. The equity in a project shall consist of the difference between the
16amount of the mortgage loan and the total project cost. Total project cost shall
17include construction or rehabilitation costs including job overhead and a builder's
18and sponsor's profit and risk fee, architectural, engineering, legal , and accounting
19costs, organizational expenses, land value, interest, and financing charges paid
20during construction, the cost of landscaping and off-site improvements, whether or
21not such costs have been paid in cash or in a form other than cash. With respect to
22every project the authority shall, pursuant to rules policies and procedures adopted
23by it, establish the entity's equity at the time of making of the final mortgage advance
24and, for purposes of this section, that figure shall remain constant during the life of
25the authority's loan with respect to such project. Upon the dissolution of the

1limited-profit entity any surplus in excess of the distributions allowed by this section
2shall be paid to the authority. For this purpose surplus shall not be deemed to include
3any increase in net worth of any limited-profit entity by reason of a reduction of
4mortgage indebtedness, by amortization or similar payments or by reason of the sale
5or disposition of any assets of a limited-profit entity to the extent such surplus can
6be attributed to any increase in market value of any real or tangible personal
7property accruing during the period the assets were owned and held by the
8limited-profit entity.
SB21,3838 9Section 3838. 234.08 (title) of the statutes is renumbered 235.02 (title).
SB21,3839 10Section 3839. 234.08 (1) of the statutes is renumbered 235.02 (1) and amended
11to read:
SB21,1426,2412 235.02 (1) The authority may issue its negotiable notes and bonds in such
13principal amount, as, in the opinion of the authority, is necessary to provide sufficient
14funds for achieving its corporate purposes, including the purchase of certain
15mortgages and securities and the making of secured loans for low- and
16moderate-income housing, for the rehabilitation of existing structures and for the
17construction of facilities appurtenant thereto as provided in this chapter; for the
18making of secured loans to assist eligible elderly homeowners in paying property
19taxes and special assessments; for the payment of interest on notes and bonds of the
20authority during construction; for the establishment of reserves to secure such notes
21and bonds; for the provision of moneys for the housing development fund in order to
22make temporary loans to sponsors of housing projects as provided in this chapter;
23and for all other expenditures of the authority incident to and necessary or
24convenient to carry out its corporate purposes and powers
.
SB21,3840 25Section 3840. 234.08 (2) of the statutes is renumbered 235.02 (2).
SB21,3841
1Section 3841. 234.08 (3) of the statutes is renumbered 235.02 (3).
SB21,3842 2Section 3842. 234.08 (4) of the statutes is renumbered 235.02 (4).
SB21,3843 3Section 3843. 234.08 (5) of the statutes is repealed.
SB21,3844 4Section 3844. 234.08 (6) of the statutes is repealed.
SB21,3845 5Section 3845. 234.08 (7) of the statutes is renumbered 235.02 (7).
SB21,3846 6Section 3846. 234.09 of the statutes is renumbered 235.021 and amended to
7read:
SB21,1427,20 8235.021 Same Notes and bonds; authorization; terms. The authority's
9notes and bonds shall be authorized by resolution of the members of the authority
10board; shall bear such date or dates, and shall mature at such time or times, in the
11case of any note, or any renewal thereof, not exceeding 5 years, from the date of issue
12of such original note, and in the case of any bond not exceeding 50 years from the date
13of issue, as the resolution provides. The notes and bonds shall bear interest at such
14rate or rates, be in such denominations of $1,000 or more, be in such form, either
15coupon or registered, carry such registration privileges, be executed in such manner,
16be payable in such medium of payment, at such place and be subject to such terms
17of redemption as the resolution provides. The bonds may be issued as serial bonds
18payable in annual installments or as term bonds or as a combination thereof. The
19notes and bonds of the authority may be sold by the authority, at public or private
20sale, at the price determined by the authority.
SB21,3847 21Section 3847. 234.10 of the statutes is renumbered 235.0215, and 235.0215
22(title) and (9), as renumbered, are amended to read:
SB21,1427,24 23235.0215 (title) Same Notes and bonds; resolution authorizing
24issuance, contents.
SB21,1428,6
1(9) Vesting in a trustee such property, rights, powers, and duties in trust as the
2authority determines, which may include any or all of the rights, powers, and duties
3of the trustee appointed by the noteholders or bondholders pursuant to s. 234.20
4235.0265 and limiting or abrogating the right of the noteholders or bondholders to
5appoint a trustee under s. 234.20 235.0265 or limiting the rights, powers, and duties
6of such trustee, in which event s. 234.20 235.0265 shall not apply.
SB21,3848 7Section 3848. 234.11 of the statutes is renumbered 235.022 and amended to
8read:
SB21,1428,16 9235.022 Same Notes and bonds; validity and effect of pledge. Any pledge
10made by the authority shall be valid and binding from the time when the pledge is
11made; the moneys or property so pledged and thereafter received by the authority
12shall immediately be subject to the lien of such pledge without any physical delivery
13thereof or further act; and the lien of any such pledge shall be valid and binding as
14against all parties having claims of any kind in tort, contract. or otherwise against
15the authority, irrespective of whether such parties have notice thereof. Neither the
16resolution nor any other instrument by which a pledge is created need be recorded.
SB21,3849 17Section 3849. 234.12 of the statutes is renumbered 235.0225 and amended to
18read:
SB21,1428,23 19235.0225 Same Notes and bonds; personal liability of members of
20authority.
Neither the members of the authority board, nor the members of a
21committee established by the board,
nor any person executing the notes or bonds
22shall be liable personally on the notes or bonds or be subject to any personal liability
23or accountability by reason of the issuance thereof.
SB21,3850 24Section 3850. 234.13 of the statutes is renumbered 235.023, and 235.023
25(title), as renumbered, is amended to read:
SB21,1429,1
1235.023 (title) Same Notes and bonds; purchase for cancellation.
SB21,3851 2Section 3851. 234.14 of the statutes is renumbered 235.0235, and 235.0235
3(title), as renumbered, is amended to read:
SB21,1429,4 4235.0235 (title) Same Notes and bonds; liability of state.
SB21,3852 5Section 3852. 234.15 of the statutes is renumbered 235.024.
SB21,3853 6Section 3853. 234.16 of the statutes is renumbered 235.0245.
SB21,3854 7Section 3854. 234.165 of the statutes is renumbered 235.025, and 235.025 (2)
8(dm), as renumbered, is amended to read:
SB21,1429,119 235.025 (2) (dm) The authority shall allocate a portion of its surplus in a plan
10prepared under par. (b) to the property tax deferral loan program under ss. 234.621
11to 234.626
235.621 to 235.626.
SB21,3855 12Section 3855. 234.17 of the statutes is repealed.
SB21,3856 13Section 3856. 234.18 of the statutes is renumbered 235.0255 and amended to
14read:
SB21,1429,21 15235.0255 Limit on amount of outstanding bonds and notes. The
16authority may not issue notes and bonds that are secured by a capital reserve fund
17to which s. 234.15 235.024 (4) applies if, upon issuance, the total aggregate
18outstanding principal amount of notes and bonds that are secured by a capital
19reserve fund to which s. 234.15 235.024 (4) applies would exceed $600,000,000. This
20section does not apply to bonds and notes issued to refund outstanding notes and
21bonds.
SB21,3857 22Section 3857. 234.19 of the statutes is renumbered 235.026.
SB21,3858 23Section 3858. 234.20 of the statutes is renumbered 235.0265.
SB21,3859 24Section 3859. 234.21 of the statutes is renumbered 235.027 and amended to
25read:
SB21,1430,5
1235.027 Trustee; additional powers. The trustee, in addition to the powers
2granted in s. 234.20 235.0265 shall have all of the powers necessary or appropriate
3for the exercise of any functions specifically set forth in this chapter or incident to
4the general representation of noteholders or bondholders in the enforcement and
5protection of their rights.
SB21,3860 6Section 3860. 234.22 of the statutes is renumbered 235.0271 and amended to
7read:
SB21,1430,10 8235.0271 Venue. The venue of any action or proceeding by the trustee under
9ss. 234.19, 234.20 and 234.21 235.026, 235.0265, and 235.027 shall be in Dane
10County.
SB21,3861 11Section 3861. 234.23 of the statutes is renumbered 235.0273.
SB21,3862 12Section 3862. 234.24 of the statutes is renumbered 235.0275.
SB21,3863 13Section 3863. 234.25 of the statutes is repealed.
SB21,3864 14Section 3864. 234.255 of the statutes is repealed.
SB21,3865 15Section 3865. 234.26 of the statutes is renumbered 235.0277.
SB21,3866 16Section 3866. 234.265 of the statutes is renumbered 235.0279 and amended
17to read:
SB21,1430,20 18235.0279 Records of the authority. All records of the authority or any
19corporation established by the authority shall be open to the public as provided in
20s. 19.35 (1)
, except:
SB21,1430,24 21(1) Those records relating to pending grants, economic development loans,
22economic development projects,
or housing projects which that, in the opinion of the
23authority, must remain confidential to protect the competitive nature of the grant,
24loan, or project.
SB21,1431,9
1(2) Records or portions of records consisting of personal or financial
2information provided by a person seeking a grant or, loan under s. 234.63, 2007
3stats., or s. 234.04, 234.08, 234.49, 234.59, 234.592, 234.605, 234.61, 234.65, 234.67,
4234.83, 234.84, 234.90, 234.905, 234.907, or 234.91, seeking a loan under ss. 234.621
5to 234.626, seeking financial assistance under s. 234.66, 2005 stats., seeking
6mortgage loan refinancing from a lender under s. 234.605, seeking investment of
7funds under s. 234.03 (18m), or in which the authority has invested funds under s.
8234.03 (18m), unless the person consents to disclosure of the information
, tax credit,
9or other assistance from the authority
.
SB21,3867 10Section 3867. 234.28 of the statutes is renumbered 235.028.
SB21,3868 11Section 3868. 234.29 of the statutes is renumbered 235.0283.
SB21,3869 12Section 3869. 234.30 of the statutes is renumbered 235.0285.
SB21,3870 13Section 3870. 234.31 of the statutes is renumbered 235.0287.
SB21,3871 14Section 3871. 234.32 of the statutes is renumbered 235.0289.
SB21,3872 15Section 3872 . 234.35 of the statutes is renumbered 235.0291, and 235.0291
16(1), as renumbered, is amended to read:
SB21,1431,2017 235.0291 (1) In this section, "minority business", "minority financial adviser"
18and "minority investment firm" mean a business, financial adviser and investment
19firm, respectively, certified by the department of administration under s. 16.287
20203.07 (2).
SB21,3873 21Section 3873 . 234.36 of the statutes is renumbered 235.0293, and 235.0293
22(1), as renumbered, is amended to read:
SB21,1431,2523 235.0293 (1) In this section, "business," "financial adviser," and "investment
24firm" mean a business, financial adviser, and investment firm certified by the
25department of administration
under s. 16.283 203.03 (3).
SB21,3874
1Section 3874. 234.40 of the statutes is renumbered 235.409, and 235.409 (2),
2(3) and (4), as renumbered, are amended to read:
SB21,1432,93 235.409 (2) Bonds issued under the authority of this section are payable out
4of revenues or moneys received from the repayment of veterans housing loans and
5related funds made available in ss. 234.42 235.42 and 234.43 235.43. All assets and
6liabilities created through the issuance of bonds to purchase mortgage loans
7representing veterans housing loans are to be separate from all other assets and
8liabilities of the authority. No funds of the veterans housing loan program may be
9commingled with any other funds of the authority.
SB21,1432,14 10(3) It is the intent of the legislature that the authority be used to finance the
11veterans housing program. Nothing in this chapter subchapter shall be construed
12to supersede the powers vested by subch. III of ch. 45 in the department of veterans
13affairs for carrying out program responsibilities for which debt has been incurred by
14the authority.
SB21,1432,19 15(4) The limitations established in ss. 234.18, 234.50, 234.60, 234.61, and 234.65
16235.0255, 235.50, 235.60, and 235.61 are not applicable to bonds issued under the
17authority of this section. The authority may not have outstanding at any one time
18bonds for veterans housing loans in an aggregate principal amount exceeding
19$61,945,000, excluding bonds being issued to refund outstanding bonds.
SB21,3875 20Section 3875. 234.41 of the statutes is renumbered 235.41, and 235.41 (3), as
21renumbered, is amended to read:
SB21,1433,322 235.41 (3) Moneys of the veterans housing loan fund may be invested as
23provided in s. 234.03 (18) policies and procedures established by the authority. All
24such investments shall be the exclusive property of the fund. All earnings on or
25income from such investments shall be credited to the fund, paid over to the

1department of veterans affairs and deposited in the veterans trust fund after
2payment or repayment of any deficits arising in the veterans capital reserve fund and
3after payment of expenses contained in sub. (4).
SB21,3876 4Section 3876. 234.42 of the statutes is renumbered 235.42, and 235.42 (1s)
5and (4), as renumbered, are amended to read:
SB21,1433,126 235.42 (1s) The authority shall establish the veterans capital reserve fund to
7secure the veterans housing bonds sold pursuant to s. 234.40 235.409, and shall pay
8into the veterans capital reserve fund any moneys appropriated and made available
9by the state for the purposes of such fund, any proceeds of sale of bonds, to the extent
10provided in the resolution of the authority authorizing the issuance thereof and any
11other moneys which are made available to the authority for the purpose of such fund
12from any other source.
SB21,1434,3 13(4) To assure the continued operation and solvency of the authority for the
14carrying out of the veterans housing loan program of this chapter subchapter, the
15authority shall accumulate in the veterans capital reserve fund an amount equal to
16the veterans capital reserve fund requirement. If at any time the veterans capital
17reserve fund requirement exceeds the amount of the veterans capital reserve fund,
18the chairperson of the authority shall certify to the secretary of administration, the
19governor and the joint committee on finance, the amount necessary to restore the
20veterans capital reserve fund to an amount equal to the veterans capital reserve fund
21requirement. If such certification is received by the secretary of administration in
22an even-numbered year prior to the completion of the budget compilation under s.
2316.43, the secretary shall include the certified amount in the budget compilation. In
24any case, the joint committee on finance shall introduce in either house, in bill form,
25an appropriation of the amount so certified to the veterans capital reserve fund of the

1authority. Recognizing its moral obligation to do so, the legislature hereby expresses
2its expectation and aspiration that, if ever called upon to do so, it shall make such
3appropriation.
SB21,3877 4Section 3877. 234.43 of the statutes is renumbered 235.43, and 235.43 (1), as
5renumbered, is amended to read:
SB21,1434,116 235.43 (1) The authority shall establish the veterans housing bond redemption
7fund. All mortgages purchased with moneys from the veterans housing loan fund
8shall be the exclusive property of the bond redemption fund. All moneys received by
9the authority from the repayment of veterans housing loans shall be deposited into
10such fund to be used for the repayment of veterans housing bonds issued pursuant
11to s. 234.40 235.409.
SB21,3878 12Section 3878. 234.44 of the statutes is renumbered 235.44 and amended to
13read:
SB21,1435,2 14235.44 Validation of certain obligations and proceedings.
15Notwithstanding any provision of this chapter or any other law, in the absence of
16fraud, all obligations issued prior to May 4, 1976 purportedly pursuant to this
17chapter ch. 234, 2013 stats., and all proceedings prior to such time taken purportedly
18pursuant to this chapter ch. 234, 2013 stats., for the authorization and issuance of
19such obligations or of obligations not yet issued, and the sale, execution, and delivery
20of such obligations issued prior to May 4, 1976, are hereby validated, ratified,
21approved, and confirmed, notwithstanding any lack of power, however patent, other
22than constitutional, of the issuing authority or the governing body or officer thereof,
23to authorize such obligations, or to sell, execute, or deliver the same, and
24notwithstanding any defects or irregularities, however patent, other than
25constitutional, in such proceeding or in such sale, execution, or delivery of such

1obligations. All such obligations issued prior to May 4, 1976 are binding, legal
2obligations in accordance with their terms.
SB21,3879 3Section 3879. 234.49 of the statutes is renumbered 235.49, and 235.49 (1)
4(intro.) and (2) (a) (intro.), 6. and 8., as renumbered, are amended to read:
SB21,1435,55 235.49 (1) Definitions. (intro.) In ss. 234.49 235.49 to 234.55 235.55:
SB21,1435,8 6(2) (a) (intro.) The authority has the following powers for the purpose of
7implementing this section, in addition to all other powers granted by this chapter
8subchapter:
SB21,1435,159 6. To enter into contracts or agreements with authorized lenders and sponsors
10providing for the maximum and minimum acceptable rates of interest to be charged
11for various classifications of housing rehabilitation loans. In no event may the stated
12rate of interest on any housing rehabilitation loan under this section exceed the
13greater of 8% per year or 3% plus the rate necessary to fully repay interest and
14principal on housing rehabilitation loan program bonds issued pursuant to s. 234.50
15235.50.
SB21,1435,1716 8. To adopt procedures and forms necessary to effectuate the rehabilitation
17program or to facilitate the marketing of bonds issued under s. 234.50 235.50.
SB21,3880 18Section 3880. 234.50 of the statutes is renumbered 235.50, and 235.50 (1), (2)
19and (4), as renumbered, are amended to read:
SB21,1436,520 235.50 (1) The authority may issue its negotiable bonds in such principal
21amount and of such length of maturity as, in the opinion of the authority, is necessary
22to provide sufficient funds for purchasing housing rehabilitation loans or for funding
23commitments for loans to lenders for housing rehabilitation loans; for purchasing
24property tax deferral loans under s. 234.49 235.49 (2) (a) 10.; for the establishment
25of reserves to secure such bonds; and for all other expenditures of the authority

1incident to or necessary and convenient in connection therewith. The authority may,
2whenever it deems refunding expedient, refund any bonds by the issuance of new
3bonds whether the bonds to be refunded have or have not matured, and issue bonds
4partly to refund bonds then outstanding and partly for the purpose authorized by
5this section.
SB21,1436,15 6(2) Bonds issued under the authority of this section shall be special obligations
7of the authority payable solely out of revenues, moneys or other property received in
8connection with the housing rehabilitation loan program, including, without
9limitation, repayments of housing rehabilitation loans, federal insurance or
10guarantee payments, the proceeds of bonds issued under the authority of this
11section, and the amounts made available under ss. 234.54 235.54 and 234.55 235.55.
12All assets and liabilities created through the issuance of bonds to purchase housing
13rehabilitation loans shall be separate from all other assets and liabilities of the
14authority. No funds of the housing rehabilitation loan program may be commingled
15with any other funds of the authority.
SB21,1436,22 16(4) The limitations established in ss. 234.18, 234.40, 234.60, 234.61, and 234.65
17235.0255, 235.409, 235.60, and 235.61 are not applicable to bonds issued under the
18authority of this section. The authority may not have outstanding at any one time
19bonds for housing rehabilitation loans in an aggregate principal amount exceeding
20$100,000,000, excluding bonds being issued to refund outstanding bonds. The
21authority shall consult with and coordinate the issuance of bonds with the building
22commission prior to the issuance of bonds.
SB21,3881 23Section 3881. 234.51 of the statutes is renumbered 235.51, and 235.51 (1), (2)
24(a) and (3), as renumbered, are amended to read:
SB21,1437,6
1235.51 (1) There is established under the jurisdiction of the authority a housing
2rehabilitation loan program administration fund. There shall be paid into such fund
3the amounts appropriated under s. 20.490 20.885 (2) (a) (ad), the amounts provided
4in s. 234.55 235.55, any amounts transferred by the authority to such fund from other
5funds or sources and any other moneys which may be available to the authority for
6the purpose of such fund from any other source.
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