2010 Wisconsin Code
Chapter 560. Department of commerce.
560.033 Reallocation of limitation on recovery zone facility bonds.

560.033

560.033 Reallocation of limitation on recovery zone facility bonds.

560.033(1)

(1) Reallocation. The department, by rule, shall establish under 26 USC 1400U-1 (a) (3) (A) and administer a system for the reallocation of the waived allocation, waived as required under s. 66.1104 (2), of the limitation on the issuance of recovery zone facility bonds, as defined under 26 USC 1400U-3 (b) (1), among authorities, as defined in s. 66.1104 (1) (a), and local governmental units, as defined in s. 66.1104 (1) (b).

560.033(2)

(2) Amendment to reallocation. At any time, the department may promulgate rules to revise the reallocation system established under sub. (1), except that any revision under this subsection does not apply to any reallocation under which the recipient of that reallocation has adopted a resolution authorizing the issuance of a recovery zone facility bond, as defined in 26 USC 1400U-3 (b) (1).

560.033(3)

(3) Conditions. Subject to sub. (5), the department may, by rule, establish any procedure for, and place any condition upon, the granting of a reallocation under this section which the department deems to be in the best interest of the state, including, but not limited to, a requirement that a cash deposit, at a rate established by the department in the rules, be a condition for a reallocation.

560.033(4)

(4) Consideration of alternative financing; reallocation. Before making a reallocation under this section, the department shall consider the availability of qualified Midwestern disaster area bonds, as defined under 26 USC 1400N (a), as modified by P.L. 110-343, title VII, subtitle A, section 702 (d) (intro.) and (1), as an alternative source of financing for a project for which the issuance of recovery zone facility bonds, as defined in 26 USC 1400U-3 (b) (1), are sought, and shall ensure that sufficient unallocated bonding authority remains to comply with s. 66.1104 (2) (e).

560.033(5)

(5) Consideration of waiver; reallocation. For a reallocation made under this section after March 1, 2010, but before June 1, 2010, before making the reallocation, the department shall consider the amount of recovery zone bond limitation allocation waived under s. 66.1104 (2) (a) or (b) by each city or county then seeking a reallocation under this section. The department shall reallocate from the aggregated waived allocation, as that term is used in sub. (1), an allocation of the recovery zone bond limitation to a project in a city or county that waived an allocation under s. 66.1104 (2) (a) or (b) in an amount up to the total limitation allocation waived by the city or county or equal to the limitation allocation determined by the city or county to be necessary for the project, whichever is less. In the event requests by cities and counties for a reallocation under this section exceed the aggregated waived allocation, the department shall prorate the available waived allocation among cities and counties in proportion to the amount waived by the cities and counties.

560.033(5m)

(5m) Availability of records. With regard to a letter addressed to the department from a prospective purchaser of a recovery zone bond, as described in s. 66.1104 (2) (a) 2., the name of any business or prospective bond purchaser named in the letter is not subject to the right of inspection or copying under s. 19.35 (1) before the first day of the 3rd month beginning after the letter is received by the department.

560.033 - ANNOT.

History: 2009 a. 112.