234.26
234.26
Notes and bonds as legal investments. The state, the investment board, all public officers, municipal corporations, political subdivisions and public bodies, all banks and bankers, savings and loan associations, credit unions, trust companies, savings banks, investment companies, insurance companies, insurance associations and other persons carrying on a banking or insurance business, and all executors, administrators, guardians, trustees and other fiduciaries, may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any notes or bonds issued by the authority. Such notes and bonds shall be authorized security for all public deposits and shall be fully negotiable in this state.
234.26 History
History: 1971 c. 287;
1991 a. 221.
234.265
234.265
Records of the authority. All records of the authority or any corporation established by the authority shall be open to the public, except:
234.265(1)
(1) Those records relating to pending grants, economic development loans or housing projects which, in the opinion of the authority, must remain confidential to protect the competitive nature of the grant, loan or project.
234.265(2)
(2) Records or portions of records consisting of personal or financial information provided by a person seeking a grant or loan under
s. 234.08,
234.49,
234.59,
234.61,
234.65,
234.67,
234.83,
234.84,
234.88,
234.90,
234.905,
234.907 or
234.91, seeking a loan under
ss. 234.621 to
234.626, seeking financial assistance under
s. 234.66, seeking investment of funds under
s. 234.03 (18m) or in which the authority has invested funds under
s. 234.03 (18m), unless the person consents to disclosure of the information.
234.265 History
History: 1971 c. 287;
1983 a. 81,
83,
192;
1985 a. 29,
334;
1987 a. 421;
1989 a. 31,
335,
336,
359;
1991 a. 39,
309;
1993 a. 16,
437;
1995 a. 116,
150;
1997 a. 27,
35.
234.28
234.28
Notes and bonds; exemption from taxation. The state covenants with the purchasers and all subsequent holders and transferees of notes and bonds issued by the authority, in consideration of the acceptance of any payment for the notes and bonds, that its fees, charges, gifts, grants, revenues, receipts and other moneys received or to be received, pledged to pay or secure the payment of such notes or bonds shall at all times be free and exempt from all state, city, county or other taxation provided by the laws of the state.
234.28 History
History: 1971 c. 287.
234.29
234.29
Equality of occupancy and employment. The authority shall require that occupancy of housing projects assisted under this chapter be open to all regardless of sex, race, religion, sexual orientation or creed, and that contractors and subcontractors engaged in the construction of economic development or housing projects, shall provide an equal opportunity for employment, without discrimination as to sex, race, religion, sexual orientation or creed.
234.30
234.30
Cooperation. The heads of all departments, boards, councils, committees and commissions in the administrative branch, and the heads of the various divisions, sections and departments thereunder, shall extend their full and unlimited cooperation, including but not limited to the providing of personnel and facilities, to the authority.
234.30 History
History: 1971 c. 287.
234.31
234.31
Construction of chapter. This chapter is necessary for the welfare of this state and its inhabitants; therefore, it shall be liberally construed to effect its purpose.
234.31 History
History: 1971 c. 287.
234.32
234.32
Laws not applicable to authority. 234.32(2)
(2) The authority may adopt by resolution
ch. 34, or any section, subsection, paragraph or subdivision of
ch. 34. If adopted by resolution of the authority,
ch. 34, or any section, subsection, paragraph or subdivision of
ch. 34 shall apply to the authority.
234.32 History
History: 1975 c. 221;
1977 c. 320.
234.35
234.35
Minority financial interests. 234.35(1)
(1) In this section, "minority business", "minority financial adviser" and "minority investment firm" mean a business, financial adviser and investment firm, respectively, certified by the department of commerce under
s. 560.036 (2).
234.35(2)
(2) The authority shall annually report to the department of administration the total amount purchased from and contracted or subcontracted under contracts made by the authority to minority businesses, the total amount of bonds and notes issued by the authority with the underwriting services of minority investment firms and the total amount of moneys expended by the authority for the services of minority financial advisers during the preceding state fiscal year.
234.35 History
History: 1987 a. 27;
1995 a. 27 s.
9116 (5);
1997 a. 27 s.
3374; Stats. 1997 s. 234.35.
234.40
234.40
Bonds for veterans housing loans and other veterans assistance programs. 234.40(1)
(1) The authority shall issue its negotiable bonds in such principal amount and length of maturity as to provide sufficient funds for veterans housing loans to be made pursuant to
s. 45.79.
234.40(2)
(2) Bonds issued under the authority of this section are payable out of revenues or moneys received from the repayment of veterans housing loans and related funds made available in
ss. 234.42 and
234.43. All assets and liabilities created through the issuance of bonds to purchase mortgage loans representing veterans housing loans are to be separate from all other assets and liabilities of the authority. No funds of the veterans housing loan program may be commingled with any other funds of the authority.
234.40(3)
(3) It is the intent of the legislature that the authority be used to finance the veterans housing program. Nothing in this chapter shall be construed to supersede the powers vested by
subch. II of ch. 45 in the department of veterans affairs for carrying out program responsibilities for which debt has been incurred by the authority.
234.40(4)
(4) The limitations established in
ss. 234.18 (1),
234.50,
234.60,
234.61,
234.65 and
234.66 are not applicable to bonds issued under the authority of this section. The authority may not have outstanding at any one time bonds for veterans housing loans in an aggregate principal amount exceeding $61,945,000, excluding bonds being issued to refund outstanding bonds.
234.41
234.41
Veterans housing loan fund; establishment and use. 234.41(1)(1) There is established under the jurisdiction of the authority a veterans housing loan fund. All moneys resulting from the sale of bonds for the purpose of veterans housing pursuant to
s. 45.79, unless credited to the veterans capital reserve fund, shall be credited to the fund.
234.41(2)
(2) The authority shall use moneys in the fund for the purpose of purchasing loans representing veterans housing loans pursuant to
s. 45.79. All disbursements of funds under this section for purchasing mortgage loans shall be made payable to authorized lenders as defined in
s. 45.71 (2) and eligible persons as defined in
s. 45.71 (6).
234.41(3)
(3) Moneys of the veterans housing loan fund may be invested as provided in
s. 234.03 (18). All such investments shall be the exclusive property of the fund. All earnings on or income from such investments shall be credited to the fund, paid over to the department of veterans affairs and deposited in the veterans trust fund after payment or repayment of any deficits arising in the veterans capital reserve fund and after payment of expenses contained in
sub. (4).
234.41(4)
(4) The authority may use moneys in the fund to cover actual and necessary expenses incurred in the sale and investment of bonds and bond revenues.
234.41(5)
(5) Any moneys remaining in the veterans housing loan fund and not needed for purposes of the veterans capital reserve fund shall be transferred to the veterans housing bond redemption fund.
234.41 History
History: 1973 c. 208,
333,
336;
1991 a. 39.
234.42
234.42
Veterans capital reserve fund. 234.42(1)
(1) The authority shall establish the veterans capital reserve fund to secure the veterans housing bonds sold pursuant to
s. 234.40, and shall pay into the veterans capital reserve fund any moneys appropriated and made available by the state for the purposes of such fund, any proceeds of sale of bonds, to the extent provided in the resolution of the authority authorizing the issuance thereof and any other moneys which are made available to the authority for the purpose of such fund from any other source.
234.42(2)
(2) All moneys held in the veterans capital reserve fund, except as otherwise specifically provided, shall be used solely for the payment of the principal of veterans housing bonds of the authority as the same mature, the making of sinking fund payments with respect to veterans housing bonds of the authority, the purchase of veterans housing bonds of the authority, the payment of interest on veterans housing bonds of the authority or the payment of any redemption premium required to be paid when veterans housing bonds are redeemed prior to maturity. Except for the purpose of paying principal of and interest on veterans housing bonds of the authority maturing and becoming due and for the payment of which other moneys of the authority are not available, and except for making sinking fund payments with respect to veterans housing bonds of the authority and for the payment of which other moneys of the authority are not available, moneys in the veterans capital reserve fund shall not be withdrawn at any time in such amount as would reduce the fund to less than an amount, called in this section "veterans capital reserve fund requirement", equal to the maximum amount, in any succeeding year, of principal and interest, other than principal and interest for which sinking fund payments are specified in any resolution of the authority authorizing veterans housing bonds of the authority then outstanding, maturing and becoming due in such year on all veterans housing bonds of the authority then outstanding (other than veterans housing bonds due in such year issued to provide funds for mortgage loans through the purchase of mortgages or mortgage-backed securities guaranteed by the United States or an agency or instrumentality of the United States) plus all amounts specified, in any resolution of the authority authorizing veterans housing bonds of the authority then outstanding, as payable as a sinking fund payment in such year. Any income or interest earned by, or increment to, the veterans capital reserve fund due to the investment thereof may be transferred by the authority to the veterans housing bond redemption fund to the extent it does not reduce the amount of the veterans capital reserve fund below the veterans capital reserve fund requirement.
234.42(3)
(3) The authority shall not issue bonds at any time, other than bonds issued to provide funds for mortgage loans through the purchase of mortgages or mortgage-backed securities guaranteed by the United States or an agency or instrumentality of the United States, if the veterans capital reserve fund requirement, after such issuance, will exceed the amount of the veterans capital reserve fund at the time of issuance unless the authority, at the time of issuance of such bonds, shall deposit in the capital reserve fund from the proceeds of the bonds so to be issued, or from another available source, an amount which, together with the amount then in the veterans capital reserve fund, will be not less than the veterans capital reserve fund requirement after such issuance.
234.42(4)
(4) To assure the continued operation and solvency of the authority for the carrying out of the veterans housing loan program of this chapter, the authority shall accumulate in the veterans capital reserve fund an amount equal to the veterans capital reserve fund requirement. If at any time the veterans capital reserve fund requirement exceeds the amount of the veterans capital reserve fund, the chairperson of the authority shall certify to the secretary of administration, the governor and the joint committee on finance, the amount necessary to restore the veterans capital reserve fund to an amount equal to the veterans capital reserve fund requirement. If such certification is received by the secretary of administration in an even-numbered year prior to the completion of the budget compilation under
s. 16.43, the secretary shall include the certified amount in the budget compilation. In any case, the joint committee on finance shall introduce in either house, in bill form, an appropriation of the amount so certified to the veterans capital reserve fund of the authority. Recognizing its moral obligation to do so, the legislature hereby expresses its expectation and aspiration that, if ever called upon to do so, it shall make such appropriation.
234.42(5)
(5) In computing the amount of the veterans capital reserve fund for the purposes of this section, securities in which all or a portion of the veterans capital reserve fund is invested shall be valued at par, or if purchased at less than par, at their cost to the authority.
234.42 History
History: 1973 c. 208;
1977 c. 418 s.
924 (22).
234.43
234.43
Veterans housing bond redemption fund. 234.43(1)(1) The authority shall establish the veterans housing bond redemption fund. All mortgages purchased with moneys from the veterans housing loan fund shall be the exclusive property of the bond redemption fund. All moneys received by the authority from the repayment of veterans housing loans shall be deposited into such fund to be used for the repayment of veterans housing bonds issued pursuant to
s. 234.40.
234.43(2)
(2) Subject to agreements with bondholders, disbursements shall be made:
234.43(2)(a)
(a) For the payment of the principal of and interest on bonds issued by the authority when the same become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such bonds are redeemed prior to their stated maturities, and to purchase bonds;
234.43(2)(b)
(b) To pay administrative costs, expenses and charges to service outstanding bonds including fees and expenses of trustees and paying agents;
234.43(2)(d)
(d) For transfer to the veterans capital reserve fund; and
234.43(2)(e)
(e) Any surplus remaining after satisfaction of all obligations of
pars. (a) to
(d) shall be paid over to the department of veterans affairs and deposited in the veterans trust fund.
234.44
234.44
Validation of certain obligations and proceedings. Notwithstanding any provision of this chapter or any other law, in the absence of fraud, all obligations issued prior to May 4, 1976 purportedly pursuant to this chapter, and all proceedings prior to such time taken purportedly pursuant to this chapter for the authorization and issuance of such obligations or of obligations not yet issued, and the sale, execution and delivery of such obligations issued prior to May 4, 1976, are hereby validated, ratified, approved and confirmed, notwithstanding any lack of power, however patent, other than constitutional, of the issuing authority or the governing body or officer thereof, to authorize such obligations, or to sell, execute, deliver the same, and notwithstanding any defects or irregularities, however patent, other than constitutional, in such proceeding or in such sale, execution or delivery of such obligations. All such obligations issued prior to May 4, 1976 are binding, legal obligations in accordance with their terms.
234.44 History
History: 1975 c. 221.
234.49
234.49
Housing rehabilitation. 234.49(1)(b)
(b) "Authorized lender" means any lender authorized under
sub. (2) (a) 4. to make or service housing rehabilitation loans but does not include a person licensed under
s. 138.09.
234.49(1)(c)
(c) "Eligible beneficiary" means a person for whom the authority has not received a certification from the department of workforce development under
s. 49.855 (7) or a family who or which falls within the income limits specified in
par. (f).
234.49(1)(d)
(d) "Eligible rehabilitation" means additions, alterations or repairs of housing to maintain it in a decent, safe and sanitary condition or to restore it to that condition, to reduce the cost of owning or occupying dwelling units, to conserve energy and to extend the economic or physical life of structures, but does not include any of the following:
234.49(1)(d)2.
2. Construction of fireplaces, except for necessary repairs or the addition of permanently attached energy efficient equipment to an existing fireplace.
234.49(1)(e)
(e) "Housing" means a residential structure having not more than 4 dwelling units in which at least one unit is occupied by the owner as a principal residence and:
234.49(1)(e)1.
1. The structure was first occupied as a residence at least 10 years before a housing rehabilitation loan for the property is granted; or
234.49(1)(e)2.
2. The structure is not subject to rules adopted under
s. 101.63,
101.73 or
101.973, if a housing rehabilitation loan is granted for the property to implement energy conservation improvements.
234.49(1)(f)
(f) "Housing rehabilitation loan" means a loan to finance eligible rehabilitation or a property tax deferral loan. The maximum amount of a housing rehabilitation loan, except a property tax deferral loan, is $17,500. The term of any housing rehabilitation loan, except a property tax deferral loan, the repayment of which is made in monthly or other periodic instalments, may not exceed 15 years. Housing rehabilitation loans, except property tax deferral loans, include:
234.49(1)(f)2.
2. "Low interest loans" which are loans that meet or exceed the rate of interest required to pay the costs incurred by the authority for making and servicing such loans, but do not exceed the rate of interest specified in
sub. (2) (a) 6. No low interest or other loan may be made to a person or family whose income exceeds 120% of the median income for a family of 4 in the person's or family's county of residence, except that in a designated reinvestment neighborhood or area as defined in
s. 66.465 no low interest loan at the highest rate of interest authorized by this subdivision may be made to a person or family whose income exceeds 140% of the median income for a family of 4 in the person's or family's county of residence, and except that the authority may increase or decrease the income limit for low interest loans by no more than 10% of the limit for each person more or less than 4.
234.49(1)(g)
(g) "Median income" means median family income as determined annually by the U.S. department of housing and urban development for each county in the state.
234.49(1)(h)
(h) "Owner" means the holder of the title or the vendee of a land contract of housing which is otherwise eligible for a housing rehabilitation loan.
234.49(1)(hm)
(hm) "Property tax deferral loan" means a loan that originated under the property tax deferral program under subch.
IV of ch. 77, 1989 stats., or under subch.
X of ch. 16, 1991 stats.
234.49(1)(i)
(i) "Sponsor" means any town, city, village or county in this state, or any community action agency or housing authority under
s. 59.53 (22),
61.73,
66.395 or
66.40. A community action agency or housing authority may be a sponsor for the unincorporated area of a county if the board of supervisors of that county adopts a resolution authorizing it to be a sponsor. A community action agency or housing authority may be a sponsor for an incorporated municipality if the governing body of the municipality adopts a resolution authorizing it to be a sponsor.
234.49(2)(a)(a) The authority has the following powers for the purpose of implementing this section, in addition to all other powers granted by this chapter:
234.49(2)(a)3.
3. To maintain a current list of authorized lenders. The authority shall establish standards governing the performance of authorized lenders in making and servicing housing rehabilitation loans and shall periodically monitor such performance.
234.49(2)(a)4.
4. To designate as an authorized lender the authority or any local government agency, housing authority under
s. 59.53 (22),
61.73,
66.395 or
66.40, bank, savings bank, savings and loan institution, mortgage banker registered under
s. 224.72 or credit union, if the designee has a demonstrated history or potential of ability to adequately make and service housing rehabilitation loans.
234.49(2)(a)5.
5. To enter into contracts with authorized lenders authorizing them to process applications and service housing rehabilitation loans. The contracts may include the responsibilities of the authorized lenders with respect to credit evaluations, financial eligibility determinations, valuation of the housing for which the loan is to be made, collection procedures in the event of delinquent loan repayments and other functions which the authority may require. Such contracts may provide for the payment of a fee for originating such loans or for servicing such loans.
234.49(2)(a)6.
6. To enter into contracts or agreements with authorized lenders and sponsors providing for the maximum and minimum acceptable rates of interest to be charged for various classifications of housing rehabilitation loans. In no event may the stated rate of interest on any housing rehabilitation loan under this section exceed the greater of 8% per year or 3% plus the rate necessary to fully repay interest and principal on housing rehabilitation loan program bonds issued pursuant to
s. 234.50.
234.49(2)(a)7.
7. To enter into contracts or agreements with authorized lenders and sponsors providing for the maximum acceptable amount, duration and other terms of housing rehabilitation loans in accordance with
sub. (1) (f).
234.49(2)(a)8.
8. To adopt procedures and forms necessary to effectuate the rehabilitation program or to facilitate the marketing of bonds issued under
s. 234.50.
234.49(2)(a)9.
9. To specify a rate of interest for a housing rehabilitation loan which is lower than the ordinary current rate for housing rehabilitation loans, if a substantial portion of the loan proceeds will be used for any of the following:
234.49(2)(a)9.b.
b. The repair or replacement of a heating system, electrical system, plumbing system, foundation or roof.
234.49(2)(a)9.d.
d. The authentic renovation of a listed property, as defined in
s. 44.31 (4), if the building is located on its original site.
234.49(2)(a)10.
10. To enter into contracts or agreements with the department of revenue or the department of administration to purchase property tax deferral loans under the housing rehabilitation loan program.
234.49(2)(c)
(c) In addition to the powers specified in
par. (a), the authority has all those powers necessary to implement this subsection.
234.49 History
History: 1977 c. 418;
1979 c. 110 s.
60 (13);
1979 c. 361 s.
59; Stats. 1979 s. 560.06;
1981 c. 21,
314;
1983 a. 81 s.
11;
1983 a. 83 s.
20;
1985 a. 29 ss.
2124d,
2244 to
2260,
3200 (14),
3202 (14);
1985 a. 120; Stats. 1985 s. 234.49;
1987 a. 27,
359,
395;
1987 a. 403 s.
256;
1989 a. 346;
1991 a. 39,
221,
269;
1993 a. 437;
1995 a. 27 ss.
6303,
9126 (19);
1995 a. 201,
404;
1997 a. 3.
234.50
234.50
Bonds for housing rehabilitation loans; issuance; status. 234.50(1)(1) The authority may issue its negotiable bonds in such principal amount and of such length of maturity as, in the opinion of the authority, is necessary to provide sufficient funds for purchasing housing rehabilitation loans or for funding commitments for loans to lenders for housing rehabilitation loans; for purchasing property tax deferral loans under
s. 234.49 (2) (a) 10.; for the establishment of reserves to secure such bonds; and for all other expenditures of the authority incident to or necessary and convenient in connection therewith. The authority may, whenever it deems refunding expedient, refund any bonds by the issuance of new bonds whether the bonds to be refunded have or have not matured, and issue bonds partly to refund bonds then outstanding and partly for the purpose authorized by this section.
