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2021 - 2022 LEGISLATURE
SENATE SUBSTITUTE AMENDMENT 1,
TO SENATE BILL 369
June 28, 2021 - Offered by Senator Testin.
SB369-SSA1,1,3 1An Act relating to: loan related to the Verso Paper Mill in the city of Wisconsin
2Rapids and loan related to the Park Falls Pulp and Paper Mill in the city of Park
3Falls.
Analysis by the Legislative Reference Bureau
This bill authorizes the Wisconsin Economic Development Corporation to
award a loan of up to $50,000,000 to the Consolidated Cooperative or other eligible
borrower in relation to the Verso Paper Mill in the city of Wisconsin Rapids. The loan
may be used for any or all of the following:
1. Purchase of the Mill.
2. Improvements to infrastructure related to the Mill.
3. Equipment upgrades at the Mill.
The loan is to be for the term and upon the conditions as may be agreed upon
between the parties, except that the loan contract must provide WEDC with a
security interest in the Mill to secure repayment of the loan. Additionally, WEDC
may not award the loan unless it determines that substantial additional funding for
the purposes specified above has been secured from both nonstate revenue sources
and in the form of a loan issued by the Board of Commissioners of Public Lands to
an entity eligible for the loan. The bill requires the governor to allocate $50,000,000
of the funds accepted under the federal American Rescue Plan Act of 2021 for the
loan.

The bill also authorizes WEDC to award a loan of up to $15,000,000 to the Park
Falls Mill Multi-Stakeholder Cooperative or other eligible borrower in relation to
the Park Falls Pulp and Paper Mill in the city of Park Falls. The loan may be used
for any or all of the following:
1. Purchase of the Mill.
2. Improvements to infrastructure related to the Mill.
3. Equipment upgrades at the Mill.
The loan is to be for the term and upon the conditions as may be agreed upon
between the parties, except that the loan contract must provide WEDC with a
security interest in the Mill to secure repayment of the loan. Additionally, WEDC
may not award the loan unless it determines that substantial additional funding for
the purposes specified above has been secured from both nonstate revenue sources
and in the form of a loan issued by the Board of Commissioners of Public Lands to
an entity eligible for the loan. The bill requires the governor to allocate $15,000,000
of the funds accepted under the federal American Rescue Plan Act of 2021 for the
loan.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB369-SSA1,9149 1Section 9149. Nonstatutory provisions; Wisconsin Economic
2Development Corporation.
SB369-SSA1,2,33 (1) Loan related to the Verso Paper Mill in Wisconsin Rapids.
SB369-SSA1,2,54 (a) In this subsection, “Verso Mill” means the Verso Paper Mill located at 600
54th Avenue North in the city of Wisconsin Rapids.
SB369-SSA1,2,126 (b) No later than the first day of the 25th month beginning after the effective
7date of this paragraph, from the moneys allocated under par. (e), the Wisconsin
8Economic Development Corporation may award a loan of up to $50,000,000 to the
9Consolidated Cooperative or other eligible borrower for the purposes specified in par.
10(c). The loan shall be for the term and upon the conditions as may be agreed upon
11between the parties, except that the loan contract shall provide the corporation with
12a security interest in the Verso Mill to secure repayment of the loan.
SB369-SSA1,3,2
1(c) The loan awarded under par. (b) may be used for one or more of the following
2purposes:
SB369-SSA1,3,3 31. The purchase of the Verso Mill.
SB369-SSA1,3,4 42. Improvements to infrastructure related to the Verso Mill.
SB369-SSA1,3,5 53. Equipment upgrades at the Verso Mill
SB369-SSA1,3,106 (d) Before awarding the loan under par. (b), the Wisconsin Economic
7Development Corporation shall determine that substantial additional funding for
8the purposes specified in par. (c ) has been secured from both nonstate revenue
9sources and in the form of a loan issued by the board of commissioners of public lands
10to an entity eligible for the loan.
SB369-SSA1,3,1411 (e) Of the moneys the governor accepts from the federal government under s.
1216.54 pursuant to section 602 of the federal Social Security Act as amended by the
13federal American Rescue Plan Act of 2021, P.L. 117-2, the governor shall allocate
14$50,000,000 for the loan under par. (b ).
SB369-SSA1,3,1515 (2) Loan related to the Park Falls Pulp and Paper Mill in Park Falls.
SB369-SSA1,3,1716 (a) In this subsection, “Park Falls Mill” means the Park Falls Pulp and Paper
17Mill located at 200 1st Avenue North in the city of Park Falls.
SB369-SSA1,3,2518 (b) No later than the first day of the 25th month beginning after the effective
19date of this paragraph, from the moneys allocated under par. (e), the Wisconsin
20Economic Development Corporation may award a loan of up to $15,000,000 to the
21Park Falls Mill Multi-Stakeholder Cooperative or other eligible borrower for the
22purposes specified in par. (c). The loan shall be for the term and upon the conditions
23as may be agreed upon between the parties, except that the loan contract shall
24provide the corporation with a security interest in the Park Falls Mill to secure
25repayment of the loan.
SB369-SSA1,4,2
1(c) The loan awarded under par. (b ) may be used for one or more of the following
2purposes:
SB369-SSA1,4,3 31. The purchase of the Park Falls Mill.
SB369-SSA1,4,4 42. Improvements to infrastructure related to the Park Falls Mill.
SB369-SSA1,4,5 53. Equipment upgrades at the Park Falls Mill.
SB369-SSA1,4,106 (d) Before awarding the loan under par. (b), the Wisconsin Economic
7Development Corporation shall determine that substantial additional funding for
8the purposes specified in par. (c ) has been secured from both nonstate revenue
9sources and in the form of a loan issued by the board of commissioners of public lands
10to an entity eligible for the loan.
SB369-SSA1,4,1411 (e) Of the moneys the governor accepts from the federal government under s.
1216.54 pursuant to section 602 of the federal Social Security Act as amended by the
13federal American Rescue Plan Act of 2021, P.L. 117-2, the governor shall allocate
14$15,000,000 for the loan under par. (b ).
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