SB1106,,269 1. Certifies to the Bank that the eligible recipient has entered into a labor peace agreement and will abide by the terms of the agreement as a condition of receiving the affordable financing.

SB1106,,270 2. Submits to the Bank a copy of the page of the labor peace agreement that contains the signatures of the labor organization representative and the representative of the eligible recipient.

SB1106,,271 (5) (a) The board may facilitate investment in, and financing of, construction, rehabilitation, replacement, and improvement of new and existing public infrastructure systems.

SB1106,,272 (b) Before initiating operations under par. (a), the board shall submit to the governor and to the chief clerk of each house of the legislature, for distribution to the appropriate standing committees under s. 13.172 (3), an implementation plan, including a proposal for any necessary legislation, that includes all of the following:

SB1106,,273 1. Identification of the public infrastructure systems that the Bank plans to initially target.

SB1106,,274 2. Identification of any existing state programs that the Bank recommends be transferred under its authority, and the steps and timelines for the transitions.

SB1106,,275 3. A description of additional financing products and services the Bank plans to offer, the target markets, and anticipated rates, terms, and conditions.

SB1106,,276 4. A demonstration of how Bank products and services will increase access to capital for public infrastructure systems and complement those of existing public and private sources.

SB1106,,277 5. A demonstration of how the Bank plans to maximize public benefit.

SB1106,,278 (6) (a) The Public Bank of Wisconsin, in partnership with independent community banks, credit unions, or community development corporations, may administer a state guarantee loan program to assist students in need of low-cost student loans and related loan benefits to address educational needs as necessary to support student success, including the refinancing of existing student loan debt.

SB1106,,279 (b) The board shall develop an implementation plan for the program under par. (a). The implementation plan shall include all of the following:

SB1106,,280 1. Identification of the needs and benefits to selected students that the program will initially target.

SB1106,,281 2. The policies and criteria that the Bank will use to balance public benefit and public risk.

SB1106,,282 3. Identification of the ways that the program will address all of the following issues related to loans:

SB1106,,283 a. Qualification criteria for students.

SB1106,,284 b. Obligations and options for loan repayment.

SB1106,,285 c. Requirements for loan guarantees and reserves.

SB1106,,286 d. Establishing criteria for refinancing existing debt.

SB1106,,287 e. Fee and interest rate structures.

SB1106,,288 f. Maximum loan amounts.

SB1106,,289 g. Ensuring student awareness of grants, federal loans, and other financial aid programs.

SB1106,,290 (7) (a) The Public Bank of Wisconsin, in partnership with independent community banks, credit unions, community development authorities, redevelopment authorities, housing authorities, or community development corporations, may do any of the following:

SB1106,,291 1. Leverage at least 30 percent of public deposits as financial capital and resources to provide access to low-cost capital or credit or both to small businesses, minority-owned and women-owned business enterprises, entrepreneurs, start-up businesses, farmers, and communities and individuals of this state having below average income, to further economic growth, create jobs, reduce greenhouse gases, and build and sustain affordable housing for this state’s residents, as provided under this subsection.

SB1106,,292 2. Leverage the Bank’s financial capital and resources to provide access to low-cost capital to bring fiscally sound and financially successful businesses into this state, as provided under this subsection.

SB1106,,293 3. Leverage the Bank’s financial capital and resources to provide access to low-cost capital or credit or both to established businesses in this state for the purpose of providing financial stability for the Bank, as provided under this subsection.

SB1106,,294 (b) The Public Bank of Wisconsin may make loans in the form of participation loans with community banks, credit unions, community development authorities, redevelopment authorities, housing authorities, and community development corporations in this state, to qualified individuals and businesses residing or doing business in this state if the originator of the loan is a financial institution chartered under ch. 186, 214, 215, or 221.

SB1106,,295 (c) The Public Bank of Wisconsin may serve as a banker’s bank for this state’s state-chartered financial institutions by providing correspondent banking services and other related services for these financial institutions in unbanked and underserved communities. The Bank may not compete with this state’s state-chartered financial institutions, particularly in unbanked and underserved communities.

SB1106,,296 (d) The Public Bank of Wisconsin may accept deposits related to transactions under par. (c) from this state’s state-chartered financial institutions.

SB1106,,297 (8) (a) 1. For financial institutions that make the Public Bank of Wisconsin a reserve depository, the Bank may serve as a clearinghouse, including all facilities for providing domestic and foreign exchange, and may rediscount paper, on terms the board provides.