281.60(2r)(c)
(c) Guaranteeing, or purchasing insurance for, obligations incurred to finance the cost of projects described in
sub. (2) if the guarantee or insurance will provide credit market access or reduce interest rates.
281.60(2r)(d)
(d) Providing payments to the board of commissioners of public lands to reduce principal or interest payments, or both, on loans made to political subdivisions under
subch. II of ch. 24 by the board of commissioners of public lands for projects that are eligible for financial assistance under the land recycling loan program.
281.60(3)(a)(a) An eligible applicant shall submit notice of its intent to apply for financial assistance under the land recycling loan program. An eligible applicant shall submit the notice at least 6 months before the beginning of the fiscal year in which it will request to receive funding. The notice shall be in a form prescribed by the department and the department of administration.
281.60(3)(b)
(b) The department may waive
par. (a) upon the written request of an eligible applicant.
281.60(5)
(5) Application. After submitting a notice of intent to apply under
sub. (3) (a) or obtaining a waiver under
sub. (3) (b), an eligible applicant shall submit an application for land recycling loan program financial assistance to the department. The eligible applicant shall submit the application before the date established by the department. The department shall establish at least 2 application deadlines each year. The application shall be in the form and include the information required by the department and the department of administration. An eligible applicant may not submit more than one application per project per year.
281.60(6)
(6) Priority list. The department shall establish a priority list that ranks each land recycling loan program project. The department shall promulgate rules for determining project rankings based on the potential of projects to reduce environmental pollution and threats to human health and, for sites and facilities that are not landfills, the extent to which projects will prevent the development of undeveloped land by making land available for redevelopment after a cleanup is conducted. Before the department establishes the priority list, the department shall consider the recommendations of the department of administration and the department of commerce.
281.60(7)
(7) Approval of application. The department shall approve an application received under
sub. (5) after all of the following occur:
281.60(7)(a)
(a) The project is ranked on the priority list under
sub. (6).
281.60(7)(b)
(b) The department determines that the project meets the eligibility requirements under this section.
281.60(7)(c)
(c) The department of administration determines that the eligible applicant will meet the requirements of
s. 281.59 (9).
281.60(8)
(8) Funding list; allocation of funding. 281.60(8)(a)(a) The department shall establish a funding list for each fiscal year that ranks projects of eligible applicants that submit approvable applications under
sub. (5) in the same order that they appear on the priority list under
sub. (6). If sufficient funds are not available to fund all approved applications for financial assistance, the department of administration shall allocate funding to projects that are approved under
sub. (7) in the order that they appear on the funding list, except as follows:
281.60(8)(a)1.
1. The department of administration may not allocate more than 40% of the funds allocated in each fiscal year to projects to remedy contamination at landfills.
281.60(8)(a)2.
2. In any biennium, no eligible applicant may receive more than 25% of the amount established under
s. 281.59 (3m) (b) for that biennium.
281.60(8)(b)
(b) In allocating subsidy under this subsection, the department of administration shall adhere to the amount approved by the legislature for each biennium under
s. 281.58 (3m) (b).
281.60(8m)
(8m) Conditions of financial assistance. As a condition of receiving financial assistance under the land recycling loan program, an eligible applicant shall do all of the following:
281.60(8m)(a)
(a) Establish a dedicated source of revenue for the repayment of the financial assistance.
281.60(8m)(b)
(b) Comply with those provisions of
33 USC 1381 to
1387, this chapter, and the rules and regulations promulgated under those provisions, that the department specifies.
281.60(8m)(c)
(c) Allow access to the project by representatives of the department for the purpose of making inspections.
281.60(8p)
(8p) Security. Notwithstanding
s. 281.59 (9) (b) 1., the department and the department of administration may not require an applicant to use general obligation bonds as security for financial assistance under this section but shall accept other collateral that meets typical underwriting criteria.
281.60(8s)
(8s) Limitation on financial assistance. The amount of a payment under
sub. (2r) (d) may not exceed the amount of subsidy necessary to reduce the interest rate on the loan from market rate to the interest rate that would have been charged on a loan to the political subdivision under
sub. (2r) (a).
281.60(9)
(9) Financial assistance commitments. The department and the department of administration may, at the request of an eligible applicant, issue a notice of financial assistance commitment after the eligible applicant's application for land recycling loan program financial assistance has been approved and funding has been allocated under
sub. (8) for the eligible applicant's project. The notice of financial assistance commitment shall specify the conditions that the eligible applicant must meet to secure financial assistance and shall include the estimated repayment schedules and other terms of financial assistance.
281.60(10)
(10) Deadline for closing. If funding is allocated to a project under
sub. (8) for a loan and the loan is not closed within 12 months after the date on which funding is allocated, the department of administration shall release the funding allocated to the project.
281.60(11)
(11) Loan interest. The department and the department of administration may not charge interest on a land recycling loan program loan.
281.60(11m)
(11m) Service fee. The department and the department of administration shall jointly charge and collect an annual service fee for reviewing and acting upon land recycling loan program applications and servicing financial assistance agreements. For the 1997-99 fiscal biennium, the service fee shall be 0.5% of the loan balance. Fee amounts for later biennia shall be established in the biennial finance plan under
s. 281.59 (3) (a) 8. The department and the department of administration shall specify in the biennial finance plan a fee designed to cover the costs of reviewing and acting upon land recycling loan program applications and servicing financial assistance agreements.
281.60(12)(a)(a) An eligible applicant may not sell a site or facility, or portion of a site or facility, for which the eligible applicant has received a loan under this section, while the loan is outstanding, for less than fair market value.