(1) DEFINITIONS. In this section: (ac) “Capital project” has the meaning given in 49 USC 5302. (ag) “Eligible applicant” means a county, city, village, town or combination thereof, Amtrak, as defined in s. 85.061 (1), a railroad, as defined in s. 85.01 (5), a private nonprofit organization that is an eligible applicant under s. 85.22 (2) (am) , or a transit commission created under s. 59.58 (2) or 66.1021. (am) “Fund” means the transportation infrastructure loan fund established under s. 25.405. (bm) “Other assistance” has the meaning given in P.L. 10459, section 350 (L) (3). (c) “Revenue obligation” has the meaning given in s. 18.52 (5). (2) ACCEPTANCE OF FEDERAL CAPITALIZATION GRANTS. The department may enter into an agreement with the U.S. department of transportation to receive a capitalization grant under P.L. 104-59, section 350. The agreement may contain any provision required by P.L. 104-59, section 350, and any regulation, guideline or policy adopted under that section. (3) ADMINISTRATION. (a) The department shall administer a transportation infrastructure loan program to make loans, and to provide other assistance, to eligible applicants for highway projects or transit capital projects. The department of transportation may not make a loan or provide other assistance under the program unless the secretary of administration approves of the loan or other assistance and determines that the amounts in the fund, together with anticipated receipts, will be sufficient to fully pay principal and interest costs incurred on the revenue obligations issued under sub. (5). Loans or other assistance under the program for highway projects shall be credited to the highway account. Loans or other assistance under the program for transit capital projects shall be credited to the transit account. (bm) Any loan made under the program shall comply with P.L. 104-59, section 350, and any regulation, guideline or policy adopted under that section. The department may not provide other assistance under the program to an eligible applicant unless such assistance complies with P.L. 104-59, section 350, and any regulation, guideline or policy adopted under that section. (cm) The joint committee on finance may transfer moneys, at the request of the department, in amounts not to exceed the amounts necessary to meet the requirements under P.L. 104-59, section 350, from the transportation fund to the transportation infrastructure loan fund. The department shall submit to the joint committee on finance for its review and approval proposed reductions among the transportation fund appropriations to the department equal to the amount transferred under this paragraph. The joint committee on finance may approve, disapprove or modify the proposed reductions. Upon approval of the proposed reductions, as may be modified by the committee, an amount equivalent to each approved reduction is lapsed from the appropriation account for each reduced appropriation to the transportation fund. (4) RULES. (a) The department of transportation and the department of administration shall promulgate rules necessary to implement the transportation infrastructure loan program. The rules shall specify the terms and conditions of loans or other assistance provided under the program and shall establish criteria for determining which eligible applicants and which projects are eligible to receive loans or other assistance under the program. The criteria shall include all of the following: 1. The impact of funding a project under the program on accelerating the completion of a major highway project under s. 84.013. 2. The statewide and local economic impact of the projects. 3. The level of commitment by the eligible applicant to the project. 4. The type and quality of intermodal transportation facilities affected by the project. (b) The department of transportation and the department of administration may charge and collect fees, established jointly by rules, from eligible applicants to recover the costs of administering the program. (4m) INVESTMENT MANAGEMENT. The department of administration may: (a) 1. Subject to par. (b), direct the investment board under s. 25.17 (2) (e) to make any investment of the fund, or in the collection of the principal and interest of all moneys loaned or invested from such fund. 2. Subject to par. (b), purchase or acquire, commit on a standby basis to purchase or acquire, sell, discount, assign, negotiate, or otherwise dispose of, or pledge, hypothecate or otherwise create a security interest in, loans as the department of administration may determine, or portions or portfolios of participations in loans, made or purchased under this section. The disposition may be at the price and under the terms that the department of administration determines to be reasonable and may be at public or private sale. (b) The department of administration shall take an action under par. (a) only if all of the following conditions occur: 1. The action provides a financial benefit to the transportation infrastructure fund. 2. The action does not contradict or weaken the purposes of the transportation infrastructure loan fund. 3. The building commission approves the action before the department of administration acts. (5) REVENUE OBLIGATIONS. (a) The transportation infrastructure loan program is a revenue-producing enterprise or program as defined in s. 18.52 (6). (b) Deposits, appropriations or transfers to the fund for the purposes specified in s. 20.395 (2) (pq) may be funded with the proceeds of revenue obligations issued subject to and in accordance with subch. II of ch. 18. Revenue obligations issued under this section shall not exceed $100 in principal amount, excluding obligations issued to refund outstanding revenue obligations. (c) The department of administration may, under s. 18.561 or 18.562, deposit in a separate and distinct fund in the state treasury or in an account maintained by a trustee outside the state treasury, any portion of the revenues derived under s. 25.405 (2). The revenues deposited with a trustee outside the state treasury are the trustee’s revenues in accordance with the agreement between this state and the trustee or in accordance with the resolution pledging the revenues to the repayment of revenue obligations issued under this subsection. (d) The building commission may pledge any portion of revenues received or to be received in the fund established in par. (c) or the transportation infrastructure loan fund to secure revenue obligations issued under this subsection. (e) The department of administration has all other powers necessary and convenient to distribute the pledged revenues and to distribute the proceeds of the revenue obligations in accordance with subch. II of ch. 18. (f) The department of administration may enter into agreements with the federal government, political subdivisions of this state, individuals or private entities to insure or in any other manner provide additional security for the revenue obligations issued under this subsection. (g) Revenue obligations may be contracted by the building commission when it reasonably appears to the building commission that all obligations incurred under this subsection can be fully paid on a timely basis from moneys received or anticipated to be received by the fund. (h) Unless otherwise expressly provided in resolutions authorizing the issuance of revenue obligations or in other agreements with the holders of revenue obligations, each issue of revenue obligations under this subsection shall be on a parity with every other revenue obligation issued under this subsection and in accordance with subch. II of ch. 18. (6) REPORTING. (a) The department shall publish on the department’s Internet site the application and a description of the application process for applying for a loan or other assistance under this section. (b) For each applicant receiving a loan or other assistance under sub. (3), the department shall publish on the department’s Internet site all of the following information: 1. The nature of the project. 2. The type of financing that is requested. 3. The terms of financing that are approved, including principal and interest payments, the length of the agreement, and any other conditions or information the department determines is relevant. 4. An indication of whether the project is outstanding or closed. (c) The department shall publish on the department’s Internet site information regarding interest earned from investments made under sub. (4m). (d) The department shall report each new agreement for a loan or other assistance under sub. (3) to the legislature at the time that the award is made.
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