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.

AB1117,30,16 3. The term of the loan does not exceed 10 years or, for the acquisition of land or facilities, does not exceed 20 years.

AB1117,30,18 (c) Maximum amount. The authority may not finance more than 50 percent or $25,000,000, whichever is less, of the principal of any loan under par. (a).

AB1117,30,20 (4) Fees. The authority shall charge a fee for assistance provided under this section to cover the costs of administering this section, including legal fees.

AB1117,30,23 (5) Guidelines and procedures. The authority shall adopt guidelines and establish procedures for administering this section, including guidelines or procedures related to all of the following:

AB1117,30,25 (a) Application procedures for eligible borrowers and for lenders seeking to make loans in which the authority participates under this section.

AB1117,31,2 (b) Approval requirements for lenders and additional eligibility requirements for eligible borrowers.

AB1117,31,3 (c) The terms of participation agreements under sub. (2).

AB1117,31,4 (d) Repayment and security interest requirements.

AB1117,31,5 (e) Procedural requirements for the authority's participation in loans.

AB1117,31,6 (f) Auditing, inspection, and reporting requirements.