AB682,9,13 3. If the joint committee on finance approves or modifies a proposed grant under par. (b), and the corporation does not award the grant before June 30, 2023, the secretary of administration shall transfer $1,000,000 from the economic development fund to the general fund on that date.

AB682,9,14 (4) Loan guarantee related to the Park Falls Mill.

AB682,9,21 (a) Loan guarantee. Subject to par. (b ), from the appropriation under s. 20.192 (1) (r), of the moneys transferred to the economic development fund under par. (c), the corporation may issue a loan guarantee of up to $15,000,000 to an eligible borrower to secure financing that is not otherwise readily available for the purpose of purchasing or making infrastructure improvements to the Park Falls Mill, or both. The loan guarantee shall be upon the terms and conditions determined by the corporation, as approved or modified under par. (b ).

AB682,9,24 (b) Approval of loan guarantee. No later than 30 days after the effective date of this paragraph, the corporation shall submit the terms and conditions for a loan guarantee under par. (a) to the joint committee on finance. The committee may approve, modify, or deny the proposal. The corporation may not issue a loan guarantee under par. (a) except as approved or modified by the committee.

AB682,10,3 (c) Fund transfers.

AB682,10,9 1. There is transferred from the general fund to the economic development fund $15,000,000 in fiscal year 2021-22. The moneys transferred under this subdivision shall be credited to the appropriation account under s. 20.192 (1) (r), may not be considered expended for purposes of s. 20.192 (1) (a), shall be considered encumbered for purposes of s. 20.192 (1) (a), and may not be expended other than as provided under this subsection.

AB682,10,13 2. If the joint committee on finance denies the proposed loan guarantee under par. (b), no later than 30 days after the date of the denial, the secretary of administration shall transfer $15,000,000 from the economic development fund to the general fund.

AB682,10,17 3. If the joint committee on finance approves or modifies a proposed loan guarantee under par. (b), and the corporation does not issue the loan guarantee before June 30, 2023, the secretary of administration shall transfer $15,000,000 from the economic development fund to the general fund on that date.

AB682,10,23 4. If the joint committee on finance approves or modifies a proposed loan guarantee under par. (b), and the eligible borrower does not draw upon the full amount of the loan guarantee before the end date of the term of the loan guarantee, as approved by the committee, no later than 30 days after that end date, the secretary of administration shall transfer $15,000,000 less the amount drawn upon from the economic development fund to the general fund.

AB682,15 Section 15 . Effective dates. This act takes effect on the 90th day after publication, except as follows:

AB682,11,1 (1) Section 14 of this act takes effect on the day after publication.

AB682,11,2 (End)