Revolving loan funds administered by the Wisconsin Housing and Economic Development Authority for certain activities of paper mills, a paper science grant, and making an appropriation. (FE)

2. Establish a $30,000,000 revolving loan fund to assist paper mills in this state to modernize facilities, increase energy efficiency, increase the use of renewable and clean energy sources, and reduce harmful by-products and waste.

The bill requires WHEDA to establish policies and procedures implementing the revolving loan fund program under the bill, including job retention requirements. Additionally, under the bill, the revolving loan funds must satisfy all of the following requirements:

1. Each loan must be interest free.

2. No business may receive more than $5,000,000 in loans from the revolving loan funds combined.

3. Each loan must be repaid on at least a quarterly basis and must be repaid in full over a period of no more than five years.

4. The five-year or less repayment period for each loan may not begin until after installation of the project funded by the loan is complete, as determined WHEDA.

Finally, the bill requires WHEDA to award a grant of up to $500,000 to the University of Wisconsin-Stevens Point for its paper science program.