November 12, 2011

Brooks-Schultz Bill to Benefit Wisconsin Communities

A new law enacted this month was authored by Senator Dale Schultz (R-Richland Center) and Representative Ed Brooks (R-Reedsburg) “to help jump-start municipal projects and boost our rural economy," according to Brooks.

The bill strengthens the ability of the Wisconsin Board of Commissioners of Public Lands (BCPL) to help municipalities achieve community and economic development goals.

Until now, the BCPL could only make loans backed by a municipality’s ability to levy a property tax.  The Brooks-Schultz bill allows BCPL to also make loans backed by a revenue stream, such as funds generated by TIF District improvements, utility fees and other revenue sources.

The Brooks-Schultz bill adds a new option for municipalities to finance projects and it will ensure capital managed by the BCPL will work even harder on behalf of taxpayers.

The bill will be of particular benefit for several Wisconsin municipalities including the Village of Necedah which Brooks and Schultz represent.

The BCPL manages the Trust Fund Loan Program.  These funds are available to all Wisconsin municipalities to finance projects.

"This bill will likely increase the Common School Fund earnings which is the sole source of funding for most rural public school libraries." Brooks said.

"We’ve added another arrow to the quiver for municipalities to implement their job growth plans and attract more wealth into the community," said Schultz.

BCPL Executive Secretary Tia Nelson, a daughter of one-time U.S. Senator Gaylord Nelson, and BCPL Deputy Secretary Tom German helped work out the details for the bill.

"Tia's efforts ensured the bill received strong bi-partisan support in the legislature, and Ed and I are grateful for her help," said Schultz.