This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
LRB-4710/1
MPG:amn
2021 - 2022 LEGISLATURE
November 2, 2021 - Introduced by Senators Bernier, Bewley, Feyen, Smith and
Petrowski, cosponsored by Representatives Rozar, Krug, Hong and Tusler.
Referred to Committee on Government Operations, Legal Review and
Consumer Protection.
SB661,1,2 1An Act to amend 231.03 (13); and to create 231.03 (6) (L) of the statutes;
2relating to: financing the working capital of nonprofit institutions.
Analysis by the Legislative Reference Bureau
Under current law, the Wisconsin Health and Educational Facilities Authority
may issue bonds to finance certain projects of health, educational, research, and
other nonprofit institutions. This bill authorizes WHEFA to issue bonds for the
purpose of financing such institutions' working capital costs.
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:
SB661,1 3Section 1. 231.03 (6) (L) of the statutes is created to read:
SB661,1,84 231.03 (6) (L) Finance working capital needs of any participating health
5institution, participating educational institution, participating nonprofit
6institution, or participating research institution in an amount not to exceed that
7approved by the authority. Bonds issued for purposes of the paragraph are not
8exempt from taxation under s. 71.05 (1) (c) 14., 71.26 (1m) (o), or 71.45 (1t) (n).
SB661,2
1Section 2. 231.03 (13) of the statutes is amended to read:
SB661,2,152 231.03 (13) Make loans to any participating health institution, participating
3educational institution, participating nonprofit institution, or participating
4research institution for the cost of a project or to finance working capital under sub.
5(6) (L)
in accordance with an agreement between the authority and the participating
6health institution, participating educational institution, participating nonprofit
7institution, or participating research institution. The authority may secure the loan
8by a mortgage or other security arrangement on the health facility, educational
9facility, nonprofit facility, or research facility granted by the participating health
10institution, participating educational institution, participating nonprofit
11institution, or participating research institution to the authority. The loan may not
12exceed, as applicable, the total cost of the project as determined by the participating
13health institution, participating educational institution, participating nonprofit
14institution, or participating research institution and approved by the authority or
15the amount of working capital approved by the authority under sub. (6) (L)
.
SB661,2,1616 (End)
Loading...
Loading...