AB1117,25,24 (d) Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the terms upon which additional bonds may rank on a parity with, or be subordinate or superior to, the bonds authorized by the bond resolution.

AB1117,25,25 (e) Funding, refunding, advance refunding, or purchasing outstanding bonds.

AB1117,26,3 (f) Procedures by which the terms of any contract with bondholders may be amended, the amount of bonds the holders of which must consent to the amendment, and the manner in which this consent may be given.

AB1117,26,6 (g) Defining the acts or omissions to act that constitute a default in the duties of the authority to the bondholders, and providing the rights and remedies of the bondholders in the event of a default.

AB1117,26,7 (h) Other matters relating to the bonds that the board considers desirable.

AB1117,26,11 (5) Neither the members of the board nor any person executing the bonds is liable personally on the bonds or subject to any personal liability or accountability by reason of the issuance of the bonds, unless the personal liability or accountability is the result of willful misconduct.

AB1117,26,20 235.07 Bond security. The authority may secure any bonds issued under this chapter by a trust agreement, trust indenture, indenture of mortgage, or deed of trust by and between the authority and one or more corporate trustees. The bond resolution providing for the issuance of bonds so secured shall pledge some or all of the revenues to be received by the authority and may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable and proper and not in violation of law. A bond resolution may contain any other provisions that are determined by the board to be reasonable and proper for the security of the bondholders.

AB1117,27,2 235.08 Bonds not public debt. (1) The state is not liable on bonds of the authority, and the bonds are not a debt of the state. Each bond of the authority shall contain a statement to this effect on the face of the bond. The issuance of bonds under this chapter does not, directly, indirectly, or contingently, obligate the state or any political subdivision of the state to levy any tax or to make any appropriation for payment of the bonds. Nothing in this section prevents the authority from pledging its full faith and credit to the payment of bonds issued under this chapter.

AB1117,27,12 (2) Nothing in this chapter authorizes the authority to create a debt of the state, and all bonds issued by the authority under this chapter are payable, and shall state that they are payable, solely from the funds pledged for their payment in accordance with the bond resolution authorizing their issuance or in any trust indenture or deed of trust executed as security for the bonds. The state is not liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation, or agreement which may be undertaken by the authority. The breach of any pledge, mortgage, obligation, or agreement undertaken by the authority does not impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing power.

AB1117,27,19 235.09 State pledge. The state pledges to and agrees with the holders of bonds, and persons that enter into contracts with the authority under this chapter, that the state will not limit or alter the rights vested in the authority by this chapter before the authority has fully met and discharged the bonds, and any interest due on the bonds, and has fully performed its contracts, unless adequate provision is made by law for the protection of the bondholders or those entering into contracts with the authority.

AB1117,27,23 235.10 Refunding bonds. (1) The authority may issue bonds to fund or refund any outstanding bond, including the payment of any redemption premium on the outstanding bond and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity.

AB1117,28,3 (2) The authority may apply the proceeds of any bond issued to fund or refund any outstanding bond to purchase, retire at maturity, or redeem any outstanding bond. The authority may, pending application, place the proceeds in escrow to be applied to the purchase, retirement at maturity, or redemption of any outstanding bond at any time.

AB1117,28,6 235.11 Limit on amount of outstanding bonds. The authority may not have outstanding at any one time bonds in an aggregate principal amount exceeding $500,000,000, excluding bonds issued to refund outstanding bonds.

AB1117,28,17 235.12 Annual reports. (1) The authority shall keep an accurate account of all of its activities and of all of its receipts and expenditures and shall annually in January make a report of its activities, receipts, and expenditures to the governor and the chief clerk of each house of the legislature for distribution to the legislature under s. 13.172 (2). The reports shall estimate the number of jobs created or maintained as a result of the authority's activities as well as the fiscal impacts and savings resulting from those activities. The reporting of receipts and expenditures shall be in a form approved by the state auditor. The state auditor may investigate the affairs of the authority, may examine the properties and records of the authority, and may prescribe methods of accounting and the rendering of periodical reports in relation to activities undertaken by the authority.

AB1117,28,23 (2) Annually on July 1, the authority shall file with the department of administration and the joint legislative council a complete and current listing of all forms, reports, and papers required by the authority to be completed by any person, other than a governmental body, as a condition of obtaining the approval of the authority or for any other reason. The authority shall attach a blank copy of each such form, report, or paper to the listing.

AB1117,29,2 235.13 Confidentiality of certain records. The authority shall maintain the confidentiality of records or portions of records consisting of personal or financial information provided by a person seeking a loan, loan guarantee, or other financial assistance from the authority.

AB1117,29,4 235.14 Participation in loans. (1) Definition. In this section, “eligible borrower" means a person to which all of the following apply:

AB1117,29,6 (a) The person is an individual who resides in this state or a partnership or corporation that operates in this state.

AB1117,29,7 (b) The person demonstrates a need for a loan for one of the following:

AB1117,29,8 1. The capital, operating expenses, or both of an eligible business.

AB1117,29,9 2. Any expenses of an eligible project.

AB1117,29,10 (c) The person demonstrates an ability to repay the loan described in par. (b).

AB1117,29,18 (d) If the person is an individual, the individual's name does not appear, and if the person is a corporation, no shareholder's name appears, and, if the person is a partnership, no partner's name appears on the statewide support lien docket under s. 49.854 (2) (b) or, if the name of the individual, a shareholder, or a partner appears on that docket, the individual, shareholder, or partner provides to the authority a payment agreement that has been approved by the county child support agency under s. 59.53 (5) and that is consistent with rules promulgated under s. 49.858 (2) (a).

AB1117,29,19 (e) The person satisfies any other requirements prescribed by the authority.

AB1117,30,2 (2) Participation agreement with lender. A lender seeking to make a loan in which the authority may participate under this section shall apply to the authority for approval. If the lender is approved, the lender and the authority shall enter into a participation agreement that shall provide for the contractual obligations of the lender and the authority with respect to any loan transaction in which the authority participates, the terms and conditions of loans in which the authority participates, and other matters related to the lender's involvement in loans under this section.

AB1117,30,8 (3) Participation in loans. (a) In general. The authority may participate, to the extent provided in this subsection, in a loan to an eligible borrower made by a lender with whom the authority enters into a participation agreement under sub. (2). The authority may impose repayment or other terms for its portion of the loan that are different from the lender's loan terms. The authority shall ensure that it obtains a security interest for the loan.

AB1117,30,10 (b) Loans. The authority may participate in a loan under par. (a) if all of the following apply:

AB1117,30,12 1. The collateral for the loan includes physical plant, equipment, machinery, or other assets.

AB1117,30,14 2. The loan does not exceed 80 percent of the appraised value of the collateral for the loan.