Untitled section

231.01

 

Definitions.

In this chapter:

231.01(1m)

(1m)

 

“Affiliate” means an entity that controls, is controlled by, or is under common control with another entity.

231.01(1t)

(1t)

 

“Authority” means the Wisconsin Health and Educational Facilities Authority.

231.01(2)

(2)

 

“Bond resolution” means the resolution authorizing the issuance of, or providing terms and conditions related to, bonds issued under this chapter and includes, where appropriate, any trust agreement, trust indenture, indenture of mortgage or deed of trust providing terms and conditions for such bonds.

231.01(3)

(3)

 

“Bonds” means any bond, note or other obligation of the authority issued under this chapter, including any refunding bond.

231.01(4)

(4)

 

231.01(4)(a)

(a)

“Cost” means the sum of all costs incurred by a participating health institution, participating educational institution, participating nonprofit institution, or participating research institution, as approved by the authority, as are reasonable and necessary to accomplish the project, exclusive of any private or federal, state, or local financial assistance received by the participating health institution, participating educational institution, participating nonprofit institution, or participating research institution for the payment of the project cost.

231.01(4)(b)

(b)

“Cost” includes, without limitation because of enumeration:

231.01(4)(b)1.

1.

The cost incurred by or on behalf of the participating health institution, participating educational institution, participating nonprofit institution, or participating research institution of all necessary developmental, planning, and feasibility studies, surveys, plans, and specifications, architectural, engineering, legal, or other special services, the cost of acquisition of land and any buildings and improvements on the land, site preparation, and development including demolition or removal of existing structures, construction, reconstruction, and equipment, including machinery, fixed equipment, and personal property.

231.01(4)(b)2.

2.

The reasonable cost of financing incurred by a participating health institution, participating educational institution, participating nonprofit institution, or participating research institution in the course of the development of the project to the occupancy date.

231.01(4)(b)3.

3.

Carrying charges during construction to the occupancy date.

231.01(4)(b)4.

4.

Interest on bonds issued to finance the project to a date 6 months subsequent to the estimated date of completion.

231.01(4)(b)5.

5.

Working capital not exceeding the amounts permitted under 26 CFR 1.148-6 (d) (3) .

231.01(4)(b)6.

6.

The fees and charges imposed by the authority or by others.

231.01(4)(b)7.

7.

Necessary expenses incurred in connection with the initial occupancy of the project and the cost of other items the authority determines to be reasonable.

231.01(4)(b)8.

8.

A reserve for payment of the principal of and interest on the bonds.

231.01(4)(c)

(c)

All rents and other net revenues from the operation of the real property, improvements, or personal property on the project site by a participating health institution, participating educational institution, participating nonprofit institution, or participating research institution on and after the date on which the contract between a participating health institution, participating educational institution, participating nonprofit institution, or participating research institution and the authority was entered into, but prior to the occupancy date, shall reduce the sum of all costs in this subsection.

231.01(4m)

(4m)

 

“Educational facility” means a facility used for education by a private institution that is described in section 501 (c) (3) of the Internal Revenue Code, as defined in s.