The bill requires WHEDA to establish policies and procedures implementing
the revolving loan fund program under the bill, including job retention
requirements. Additionally, under the bill, the revolving loan funds must satisfy all
of the following requirements:
1. Each loan must be interest free.
2. No business may receive more than $5,000,000 in loans from the revolving
loan funds combined.
3. Each loan must be repaid on at least a quarterly basis and must be repaid
in full over a period of no more than five years.
4. The five-year or less repayment period for each loan may not begin until
after installation of the project funded by the loan is complete, as determined
WHEDA.
Finally, the bill requires WHEDA to award a grant of up to $500,000 to the
University of Wisconsin-Stevens Point for its paper science program.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB196,1
1Section 1
. 20.005 (3) (schedule) of the statutes: at the appropriate place, insert
2the following amounts for the purposes indicated:
-
See PDF for table 
SB196,2
3Section 2
. 20.490 (1) (title) of the statutes is amended to read:
SB196,2,44
20.490
(1) (title)
Facilitation of construction and other assistance.
SB196,3
5Section 3
. 20.490 (1) (c) of the statutes is created to read:
SB196,2,86
20.490
(1) (c)
Paper mills revolving loan fund program. As a continuing
7appropriation, the amounts in the schedule for the paper mill revolving loan fund
8program under s. 234.66.
SB196,4
9Section 4
. 20.490 (1) (cm) of the statutes is created to read:
SB196,3,3
120.490
(1) (cm)
Paper science program grant. As a continuing appropriation,
2the amounts in the schedule for the grant to the University of Wisconsin-Stevens
3Point under s. 234.665.
SB196,5
4Section
5. 234.66 of the statutes is created to read:
SB196,3,7
5234.66 Paper mills revolving loan funds. (1) The authority shall establish
6a $30,000,000 revolving loan fund to assist paper mills in this state to transition to
7the manufacture of paper products other than white paper.
SB196,3,9
8(2) The authority shall establish a $30,000,000 revolving loan fund to assist
9paper mills in this state to do all of the following:
SB196,3,1010
(a) Modernize facilities and make technology upgrades.
SB196,3,1111
(b) Increase energy efficiency.
SB196,3,1212
(c) Increase the use of renewable and clean energy sources.
SB196,3,1313
(d) Reduce harmful by-products and waste generated by the paper mill.
SB196,3,15
14(3) The revolving loan funds under subs. (1) and (2) shall satisfy all of the
15following requirements:
SB196,3,1616
(a) Each loan made from the revolving loan funds shall be interest free.
SB196,3,1817
(b) No business may receive more than a total of $5,000,000 in loans from the
18revolving loan funds combined.
SB196,3,2019
(c) Each loan made from the revolving loan funds shall be repaid on at least a
20quarterly basis and shall have an amortization period of no more than 5 years.
SB196,3,2221
(d) The amortization period under par. (c) may not begin until after installation
22of the project funded by the loan is complete, as determined by the authority.
SB196,3,25
23(4) The authority shall establish policies and procedures implementing the
24revolving loan program under this section. The policies and procedures shall include
25job retention requirements for the revolving loan funds under subs. (1) and (2).
SB196,6
1Section
6. 234.665 of the statutes is created to read:
SB196,4,4
2234.665 Grant to the University of Wisconsin-Stevens Point. The
3authority shall award a grant of up to $500,000 to the University of
4Wisconsin-Stevens Point for its paper science program.
