AB1117,49 Section 49 . Chapter 235 of the statutes is created to read:

AB1117,19,23 CHAPTER 235

AB1117,19,24 Wisconsin renewable energy

AB1117,19,25 development authority

AB1117,20,1 235.01 Definitions. In this chapter:

AB1117,20,3 (1) “Authority" means the Wisconsin Renewable Energy Development Authority.

AB1117,20,4 (2) “Board" means the board of directors of the authority.

AB1117,20,6 (3) “Bond" means a bond, note, or other obligation of the authority issued under this chapter, including a refunding bond.

AB1117,20,10 (4) “Bond resolution" means a resolution of the board authorizing the issuance of, or providing terms and conditions related to, bonds and includes, when appropriate, any trust agreement, trust indenture, indenture of mortgage, or deed of trust providing terms and conditions for the bonds.

AB1117,20,12 (5) “Eligible business" means a commercial entity that does any of the following:

AB1117,20,14 (a) Produces energy, fuels, chemicals, or products primarily from renewable resources or agricultural, forestry, plant, or other biological materials.

AB1117,20,16 (b) Provides services related to reducing energy consumption or improving energy efficiency.

AB1117,20,20 (6) “Eligible project" means a project of a commercial entity to construct any new plant, equipment, property, or facilities, or extend, improve, or add to any existing plant, equipment, property, or facilities, for the purpose of reducing energy consumption or improving energy efficiency of the commercial entity.

AB1117,20,21 (7) “Lender" does not include a seller under a land contract.

AB1117,20,22 (8) “Renewable resource" has the meaning given in s. 196.378 (1) (h).

AB1117,20,25 235.02 Creation and organization. (1) (a) There is created a public body politic and corporate to be known as the “Wisconsin Renewable Energy Development Authority." The board of the authority shall consist of the following members:

AB1117,21,1 1. Four persons representing eligible businesses.

AB1117,21,2 2. One commercial lender.

AB1117,21,3 3. The secretary of natural resources or his or her designee.

AB1117,21,5 4. The secretary of agriculture, trade and consumer protection or his or her designee.

AB1117,21,7 5. The chief executive officer of the Wisconsin Economic Development Corporation or his or her designee.

AB1117,21,8 6. The chairperson of the public service commission or his or her designee.

AB1117,21,10 7. The dean of the College of Agricultural and Life Sciences of the University of Wisconsin-Madison or his or her designee.

AB1117,21,12 8. The director of the Wisconsin Alumni Research Foundation or his or her designee.

AB1117,21,17 (b) The members under par. (a) 1. and 2. shall be nominated by the governor, and with the advice and consent of the senate appointed, for 4-year terms. Except for the initial members under par. (a) 1. and 2., before nominating the members under par. (a) 1. and 2., the governor shall obtain and consider the board's recommendations for nominees.

AB1117,21,18 (c) Members of the board shall be residents of this state.

AB1117,21,20 (d) The terms of the members appointed under par. (a) 1. and 2. expire on July 1. Each member's appointment remains in effect until a successor is appointed.

AB1117,22,10 (2) The board shall appoint an executive director who may not be a member of the board and who shall serve at the pleasure of the board. The board shall determine the compensation of the executive director, except that the compensation of the executive director may not exceed the maximum of the salary range established under s. 20.923 (1) for positions assigned to executive salary group 4, and the compensation of each other employee of the authority may not exceed the maximum of the salary range established under s. 20.923 (1) for positions assigned to executive salary group 3. The executive director or another person designated by resolution of the board shall keep a record of the proceedings of the authority and shall be custodian of all books, documents, and papers filed with the authority, the minute book or journal of the authority, and its official seal. The executive director, or other person, may cause copies to be made of all minutes and other records and documents of the authority and may give certificates under the official seal of the authority to the effect that the copies are true copies, and all persons dealing with the authority may rely upon the certificates.

AB1117,22,18 (3) Six members of the board constitute a quorum. The affirmative vote of a majority of all of the members of the board is necessary for any action taken by the authority. A vacancy in the membership of the board does not impair the right of a quorum to exercise all of the rights and perform all of the duties of the authority. All meetings of the board are subject to subch. V of ch. 19. Resolutions of the authority need not be published or posted. The board may delegate by resolution to one or more of its members or the executive director the powers and duties that it considers proper.