(d) Mortgage all or any part of the industrial project or assign the revenue agreements in favor of the holders of the bonds issued therefor for the industrial project and in connection therewith may with the mortgage or assignment irrevocably waive any rights it would otherwise have to redeem the mortgaged premises in the event of foreclosure.
(e) Sell and convey the industrial project and site, including without limitation the sale and conveyance thereof subject to a mortgage, for such the price and at such the time as
that the governing body determines, but no sale or conveyance of any industrial project or site shall may be made in any manner as to impair that impairs the rights or interests of the holders of any bonds issued for the industrial project.
(f) Finance an industrial project which is located entirely within the geographic limits of the municipality or some contiguous part of which is located within and some contiguous part outside the geographic limits of the municipality; or, finance an industrial project which is located entirely outside the geographic limits of the municipality, but only if the revenue agreement with respect to such for the project also relates to another project of the same eligible participant some, part of which is located within such the geographic limits. Exercise of the of the municipality. The power granted by this subsection shall not give rise to any paragraph does not include the power on the part of such municipality to annex, tax, zone or exercise any other municipal power with respect to that part of such the project located outside of the geographic limits of such the municipality.
(4) (a) (intro.) All bonds Bonds issued by a municipality under the authority of this section shall be are limited obligations of the municipality. The principal of and interest on such the bonds shall be are payable solely out of the revenues derived pursuant to under the revenue agreement pertaining to the project to be financed by the bonds so issued under this section, or, in the event of if there is a default of such the agreement and to the extent that the municipality so provides in the proceedings of the governing body whereunder authorizing the bonds are authorized to be issued, out of any revenues derived from the sale, releasing or other disposition of the project, or out of any collateral securing the revenue agreement, or out of the proceeds of the sale of bonds. Bonds and interest coupons issued under this section do are not constitute an indebtedness of the municipality, within the meaning of any state constitutional provision or statutory limitation. Bonds and interest coupons issued under this section do are not constitute nor give rise to a charge against the municipality's general credit or taxing powers or a pecuniary liability of the municipality or a redevelopment authority under s. 66.431 66.1333, including but not limited to:
(c) The bonds may be executed and delivered at any time; be in such the form and denominations, without limitation as to the denomination of any bond, any other law to the contrary notwithstanding; be registered under s. 67.09; be payable in one or more instalments and at such time, not exceeding 35 years from their date; be payable prior to before maturity on such the terms and conditions; be payable both with respect to principal and interest at such the place in or out of this state; bear interest at such the rate, either fixed or variable in accordance with such the formula; be evidenced in
such the manner; and may contain other provisions not inconsistent with this section, as specified by the governing body.
(d) Unless otherwise expressly or implicitly provided in the proceedings of the governing body whereunder authorizing the bonds are authorized to be issued, bonds issued under this section shall be are subject to the general provisions of law, not inconsistent with this section, presently existing or that may hereafter be enacted, respecting the authorization, execution and delivery of the bonds of such the municipality.
(e) Any bonds, Bonds issued under
the authority of this section, may be sold at public or private sale in such the manner, at such the price and at such the time as may be determined by the governing body. The municipality may pay all expenses, premiums and commissions which the governing body may deem considers necessary or advantageous in connection with the authorization, sale and issuance thereof of the bonds.
(f) All bonds, issued under the authority of this section, and all interest coupons applicable thereto, shall be construed to be to the bonds, are negotiable instruments, even though they are payable solely from a specified source.
(4m) (c) Nothing in this subsection may be deemed to require requires a person with whom a municipality has entered into a revenue agreement to satisfy an estimate under par. (a) 2.
(5) (a) The principal of, and interest on, any bonds issued under authority of this section shall be secured by a pledge of the revenues out of which such the bonds shall be are made payable. They The bonds may, but need not, be secured by any one or more of the following:
1. A real estate mortgage or a security interest covering all or any part of the project from which the revenues so pledged may be derived;.
2. A pledge of the revenue agreement; or
3. An assignment of the revenue agreement and any security given therefor for the revenue agreement.
(b) (intro.) The proceedings under which the bonds are authorized to be issued under this section, and any indenture given to secure the same bonds, may contain any agreements and provisions customarily contained in instruments securing bonds, including, but not limited to:
1. Provisions respecting custody of the proceeds from the sale of the bonds including their investment and reinvestment until used to defray the cost of the project;
2. Provisions respecting the fixing and collection of the proceeds under the revenue agreement pertaining to any project covered by such the proceedings or indenture;.
3. The terms to be incorporated in the revenue agreement pertaining to such the project
4. The maintenance and insurance of such the project;.
5. The creation, maintenance, custody, investment and reinvestment and use of special funds from the revenues of such the project; and.
(c) A municipality may provide that proceeds from the sale of bonds and special funds from the revenues of the project and any funds held in reserve or debt service funds shall be invested and reinvested in such securities and other investments as are provided in the proceedings under which the bonds are authorized to be issued. The municipality may also provide that such the proceeds or funds or investments and the revenues derived pursuant to the revenue agreement shall be received, held and disbursed by one or more banks or trust companies located in or out of this state. A municipality may also provide that the project and improvements shall be constructed or installed by the municipality, the eligible participant or the eligible participant's designee or any one or more of them on real estate owned by the municipality, the eligible participant or the eligible participant's designee and that the bond proceeds shall be disbursed by the trustee bank or trust company during construction upon the estimate, order or certificate of the eligible participant or the eligible participant's designee. In making such agreements or provisions under this paragraph, a municipality shall may not obligate itself, except with respect to the project and the application of the revenues therefrom from the project, and shall may not incur a pecuniary liability or a charge upon its general credit or against its taxing powers.
(d) The proceedings authorizing any bonds under this section, or any indenture securing such the bonds, may provide that if there is a default in the payment of the principal of, or the interest on, such the bonds or in the performance of any agreement contained in such the proceedings or indenture, the payment and performance may be enforced by the appointment of a receiver with power to charge, collect and apply the revenues from the project in accordance with such the proceedings or the provisions of such the indenture.
(e) Any An indenture made under this section to secure bonds and which constitutes a lien on property may also provide that if there is a default in the payment thereof of the bonds or a violation of any agreement contained therein in the indenture, it may be foreclosed and the collateral sold under proceedings in any manner permitted by law. Such The indenture may also provide that any a trustee thereunder under or any a pledgee or assignee thereof of or the holder of any bonds secured thereby by the indenture may become the purchaser at any foreclosure sale if that person is the highest bidder therefor.
(f) The revenue agreement may include such
any provisions as that the municipality
deems considers appropriate to effect the financing of the project, including a provision for payments thereunder to be made in instalments and the securing of the obligation for any such payments by lien or security interest in the undertaking either senior or junior to, or ranking equally with, any lien, security interest or rights of others.
(6) (a) Prior to Before the execution of a revenue agreement with respect to any a project, the governing body must shall determine all of the following:
1. The amount necessary in each year to pay the principal of, and the interest on, the bonds proposed to be issued to finance such the project
2. The amount necessary to be paid each year into any reserve funds which the governing body deems advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the project; and.
3. Unless the terms of the revenue agreement provide that the eligible participant shall is obligated to provide for maintenance of the project and the carrying of all proper insurance with respect thereto to the project, the estimated cost of maintaining the project in good repair and keeping it properly insured.
(b) The determination and findings of the governing body shall be embodied in the proceedings under which the proposed bonds are to be issued; but the foregoing amounts specified in par. (a) need not be expressed in dollars and cents in the revenue agreement and proceedings under which the bonds are authorized to be issued, but may be set forth in the form of a formula. Prior to
Before the issuance of the bonds authorized by this section the municipality shall enter into a revenue agreement providing for payment to the municipality or to the trustee for the account of the municipality of such those amounts as, based upon the basis of such determination and findings, that will be sufficient to pay the principal of, and interest on, the bonds issued to finance the project; to build up and maintain any reserves deemed considered advisable by the governing body, in connection therewith with the project; and, unless the revenue agreement obligates the eligible participant to provide for the maintenance of and insurance on the project, to pay the costs of maintaining the project in good repair and keeping it properly insured.
66.521 (7) to (13) of the statutes are renumbered 66.1103 (7) to (13), and 66.1103 (7) (intro.), (8), (9), (10) (a), (b) and (d), (11) (a), (12) (a) and (13) (b) (intro.), 1. (intro.) and b. and 2. (intro.), as renumbered, are amended to read:
66.1103 (7) Application of proceeds limited. (intro.) The proceeds from the sale of any bonds
, issued under this section, shall may be applied only for the purpose for which the bonds were issued and if, for any reason, any portion of such the proceeds are not needed for the purpose for which the bonds were issued, such
the unneeded portion of said the proceeds shall be applied, directly or indirectly, to the payment of the principal or the interest on the bonds. The following costs may be financed as part of any a bond issue:
(8) Purchase. The municipality may, by or with the consent of the eligible participant, accept any bona fide offer to purchase the project which is sufficient to pay all the outstanding bonds, interest, taxes, special levies and other costs that have been incurred. The municipality may also, by or with the consent of the eligible participant, accept any bona fide offer to purchase any unimproved land which is a part of the project, if the purchase price is not less than the cost of such the land to the municipality computed on a prorated basis and if such
the purchase price is applied directly or indirectly to the payment of the principal or interest on the bonds.
(9) Payment of taxes. When any If an industrial project acquired by a municipality under this section is used by a private person as a lessee, sublessee or in any capacity other than owner, that person shall be is subject to taxation in the same amount and to the same extent as though if that person were the owner of the property. Taxes shall be assessed to such the private person using the real property and collected in the same manner as taxes assessed to owners of real property. When due, the taxes shall constitute a debt due from such the private person to the taxing unit and shall be are recoverable as provided by law, and such the unpaid taxes shall become a lien against the property with respect to which they were assessed, superior to all other liens, except a lien under s. 292.31 (8) (i) or 292.81, and shall be placed on their
the tax roll when there has been a conveyance of the property in the same manner as are other taxes assessed against real property.
(10) (a) Any An action required or permitted by this section to be taken by a governing body may be taken at any lawful meetings thereof of the governing body. A simple majority of a quorum of such the governing body shall be is sufficient for any such the action under this section. The ayes and noes need not be taken with respect to any such the action and such the action need not be officially read prior to before adoption. Failure to publish any such an action shall under this section does not affect the validity thereof of the action.
(b) Upon the adoption of an initial resolution under this section, public notice of such the adoption shall be given to the electors of the municipality prior to
before the issuance of the bonds therein described in the resolution, by publication as a class 1 notice, under ch. 985. The notice need not set forth the full contents of the resolution, but shall state the maximum amount of the bonds; the name of the eligible participant; the purpose of the bonds; the net number of jobs which the project which the municipality would finance with the bond issue is expected to eliminate, create or maintain on the project site and elsewhere in this state which is required to be shown by the proposed eligible participant on the form submitted under sub. (4m) (a) 1.; and that the resolution was adopted under this section. A form of the public notice shall be attached to the initial resolution. Prior to adoption of the initial resolution, the open meeting notice given to members of the public under s. 19.84 shall indicate that information with respect to the job impact of the project will be available at the time of consideration of the initial resolution. No other public notice of the authorization, issuance or sale of bonds under this section is required.
(d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for such the bonds, a petition conforming to the requirements of s. 8.40, signed by not less than 5% of the registered electors of the municipality, or, if there is no registration of electors in the municipality, by 10% of the number of electors of the municipality voting for the office of governor at the last general election as determined under s. 115.01 (13), is filed with the clerk of the municipality requesting a referendum upon the question of the issuance of the bonds. If such a petition is filed, the bonds shall may not be issued until approved by a majority of the electors of the municipality voting thereon on the referendum at a general or special election.
(11) (a) With respect to the enforcement of any construction lien or other lien under ch. 779 arising out of the construction of projects financed under this section, no deficiency judgment or judgment for costs may be entered against the municipality. Projects financed under this section shall are not be deemed to be public works, public improvements or public construction within the meaning of ss. 59.52 (29), 60.47, 61.55, 62.15, 779.14, 779.15 and 779.155 and contracts for the construction of such the projects shall are not be deemed to be public contracts within the meaning of ss. 59.52 (29) and 66.29 66.0901 unless factors such as and including municipal control over the costs, construction and operation of the project and the beneficial ownership of the project warrant such the conclusion that they are public contracts.
(12) (a) In the absence of fraud, all bonds issued
prior to before July 25, 1980, purportedly pursuant to under this section, and all proceedings taken purportedly pursuant to under this section prior to before that date for the authorization and issuance of those bonds or of bonds not yet issued, and the sale, execution and delivery of bonds issued prior to before July 25, 1980, are hereby validated, ratified, approved and confirmed, notwithstanding any lack of power, however patent, other than constitutional, of the issuing municipality or the governing body or municipal officer thereof, to authorize and issue the bonds, or to sell, execute or deliver the same bonds, and notwithstanding any defects or irregularities, however patent, other than constitutional, in the proceeding or in the sale, execution or delivery of bonds issued prior to before July 25, 1980. All such bonds issued before July 25, 1980, are binding, legal obligations in accordance with their terms.
(13) (b) (intro.) This section may be used to finance all or any part of the cost, tangible or intangible, whenever incurred, of providing an industrial project under this section, whether or not such the industrial project is in existence on the date of adoption of the initial resolution or of issuance of the bonds; whether new or previously used; whether or not previously owned by the eligible participant, the eligible participant's designee or a party affiliated with either; and notwithstanding that this section was not in effect or did not permit such
the financing on the date of such adoption of the resolution or at the time such ownership was acquired, except as follows:
1. (intro.) No part of the costs of constructing or acquiring personal property owned by the eligible participant, the eligible participant's designee or a party affiliated with either at any time prior to before the date of adoption of the initial resolution may be so financed except such costs for:
b. Personal property which will either be substantially reconstructed, rehabilitated, rebuilt or repaired in connection with the financing or which represents less than 10% of the entire financing. Personal property shall be deemed is considered owned only after 50% of the acquisition cost thereof of the personal property has been paid and such the property has been delivered and installed.
2. (intro.) No part of the costs of acquiring real property or of acquiring or constructing improvements thereto to the real property may be so financed except such costs:
66.526 of the statutes is renumbered 62.57 and amended to read:
62.57 Uniform salaries in first 1st class cities. The common council of any city of the first a 1st class, however incorporated, city may at any regular or special meeting, at any time during the calendar year, adopt a uniform and comprehensive salary or wage ordinance, or both, based on a classification of officers, employments and positions in the city service and of and including any and all offices and positions whatsoever in the employment of such city, whether previously so classified or not, provided if provision has been made in the budget of the current year for the total sum of money required for the payment of the salaries and wages for such employment and a tax levied to include the same, with the following exception: That fund the wages and salaries. Wages under this section may be fixed at any such time by resolution alone and that the. The common council may, at any time during the calendar year, at any such meeting
, determine a cost-of-living increment or deduction, to be paid in addition to such wages or salaries
under this section, based on a proper finding of the United States bureau of labor statistics. Any such The common council may, at any such meeting, provide for overtime pay and compensatory time under s. 103.025 for employes who work in excess of 40 hours per week.
66.527 (title) of the statutes is renumbered 66.0123 (title).
66.527 (1) to (3) of the statutes are renumbered 66.0123 (2) to (4) and amended to read:
66.0123 (2) Funds for the establishment, operation and maintenance of a department of recreation may be provided by the governing body of any town or school district A governmental unit may, after compliance with s. 65.90, provide funds for the establishment, operation and maintenance of a department of public recreation.
(3) (a) Any such A governmental unit may delegate the power to establish, maintain and operate a department of public recreation to a board of recreation board, which shall consist of 3 members and shall be appointed by the chairperson or other presiding officer of the governing body governmental unit. The first appointments shall be made so that one member will serve serves one year, one for serves 2 years and one for serves 3 years; thereafter appointments shall be for terms of. After the first appointments, terms are 3 years.
(b) When 2 or more of the aforesaid governing governmental units desire to conduct, jointly, a department of public recreation, the joint recreation board shall consist of not less than 3 members who shall be selected by the presiding officers of such the governmental units acting jointly. Appointments shall be made for terms as provided in par. (a).
(c) The members of any such a recreation board shall serve gratuitously.
(d) Such A recreation board is authorized to may conduct the activities of such public recreation the department, to of public recreation, expend funds therefor, to, employ a supervisor of recreation, to employ assistants, to purchase equipment and supplies, and generally to supervise the administration, maintenance and operation of such the department of public recreation and recreational activities authorized by the recreation board.
(4) (a) The public A recreation board has the right to may conduct public recreation activities on property purchased or leased by any such governing a governmental unit for recreational purposes and under its own custody, on other public property under the custody of any other public authority, body or board with the consent of such the public authority, body or board, or on private property with the consent of its owner, and such. The recreation board, with the approval of the appointing board authority, may accept gifts and bequests of land, money or other personal property, and use the same gifts and bequests in whole or in part, or the income therefrom from the gifts and bequests or the proceeds from the sale of any such property in the establishment, maintenance and operation of recreational activities.
(b) The A recreation board shall annually submit to the governing body governmental unit a report of its the board's activities and showing, including receipts and expenditures. Such reports The report shall be submitted not less than 15 days prior to before the annual meeting of such the governmental unit.
(c) An audit shall be made of the accounts of such recreational the recreation board in the same manner as provided for audits for towns or school districts as the case may be.
(d) The persons selected by the recreation board shall furnish a surety bond in such an amount as shall be fixed by the governing body governmental unit.
66.53 of the statutes is renumbered 66.0733 (intro.) and amended to read:
66.0733 Repayment of assessments in certain cases. (intro.) If in any city or town any a contract for improvements entered into by a governmental unit authorized to levy special assessments is declared void by any a court of last resort on the following grounds: want of power to make such contract; made contrary to a prohibition against contracting in any other than a specified way; or forbidden by statute, and if the governing body of the city or town has not adopted the resolution referred to in s. 66.295 (1) relating to payment of any person who has furnished any benefits under the void contract, the governing body of the city or town may provide that all persons who have paid all or any part of any assessment levied against the abutting property owners by reason because of the improvement may be reimbursed the amount of the assessment, paid from the fund, as that the governing body may determine. determines. This section applies to contracts for improvements that are void for any of the following reasons:
(1) There was insufficient authority to make the contract.
(2) The contract was made contrary to a prohibition against contracting in other than a specified way.
(3) The contract was prohibited by statute.
Note: Expands the scope of the provision to include any governmental entity authorized to levy special assessments.
Reflects the repeal of s. 66.295 by Section 336.
66.54 (title) of the statutes is renumbered 66.0713 (title) and amended to read:
66.0713 (title) Special improvement bonds; Contractor's certificates; general obligation-local improvement bonds; special assessment B bonds.
66.54 (1) of the statutes is renumbered 66.0713 (1), and 66.0713 (1) (intro.), (c) and (d), as renumbered, are amended to read:
66.0713 (1) Definitions. (intro.)
Wherever used or referred to in In this section, unless a different meaning clearly appears from the context:
(c) "Municipality" "Local governmental unit" means county, city, village, town, farm drainage board, sanitary districts, utility districts, public inland lake protection and rehabilitation districts, and all other public boards, commissions or districts, except 1st class cities, authorized by law to levy special assessments for public improvements against the property benefited by the special improvements.
(d) "Public improvement" means the result of the performance of work or the furnishing of materials or both, for which special assessments are authorized to be levied against the property benefited thereby by the work or materials.
66.54 (2) of the statutes is repealed.
Note: Repealed as unnecessary. The repealed subsection provides a noninclusive list of methods of funding public improvements by municipalities. Independent authority exists for these funding methods.
66.54 (3) (title) of the statutes is repealed.
66.54 (3) of the statutes is renumbered 66.0709 (2) and amended to read:
66.0709 (2) Whenever If it is determined that the cost of any a public improvement about to be made is to be paid, wholly in whole or in part, by special assessments against the property to be benefited by the improvement, the resolution authorizing such the public improvement shall provide and require that the whole, or any stated proportion, or no part of the estimated aggregate cost of such the public improvement, which is to be levied as special assessments, shall be paid into the municipal treasury of the local governmental unit in cash. No such The public improvement shall may not be commenced nor any contract for the improvement let therefor unless and until such the payment, if any, required by said the resolution, is paid into the treasury of the municipality local governmental unit by the owner or persons having an interest in the property to be benefited, which. The payment shall be credited on against the amount of the special assessments levied or to be levied against benefited property designated by the payer. In the event that
If a preliminary payment is required by said the resolution, the refusal of one or more owners or persons having an interest in the property to be benefited to pay such
any preliminary payments shall does not prevent the making of such the improvement, if the entire specified sum is obtained from the remaining owners or interested parties.
66.54 (4) (title) of the statutes is renumbered 66.0711 (title) and amended to read:
66.0711 (title) Discount on contract price cash payments for public improvements.
66.54 (4) of the statutes is renumbered 66.0711 (2) and amended to read:
66.0711 (2) Every bid hereafter received for any public improvement which is not to be paid wholly in cash shall contain a provision that all payments made in cash by the municipality local governmental unit as provided by contract or made on special assessments as hereinafter provided shall be are subject to a specified rate of discount. The municipal treasurer of the local governmental unit shall issue a receipt for every such payment made on any special assessment, stating the date and amount of the cash payment, the discount and the total credit including such the discount, on a specified special assessment or assessments. The treasurer shall on the same day deliver a duplicate of such the receipt to the clerk, who shall credit the specified assessments accordingly. All moneys so received shall be paid to the contractor as provided by the contract.
66.54 (5) of the statutes is renumbered 66.0713 (9) and amended to read:
66.0713 (9) Payment by municipality local governmental unit. Whenever any such
If a public improvement has been paid for by the municipality
local governmental unit, contractor's certificates as provided for in under sub. (6), or (2), general obligation-local improvement bonds as provided for in sub. (9) under s. 67.16, or special assessment B bonds as provided for in under sub. (10) (4) may be issued to the municipality local governmental unit as the owner thereof of the certificates or bonds. All of the provisions of subs. (6), (9) and (10) (2) and (4) and s. 67.16 applicable to the contractor or to the owner of such the contractor's certificates or to such, the general obligation-local improvement bonds or to such the special assessment B bonds shall be deemed to include the municipality local governmental unit which has paid for such the improvement and to which such the contractor's certificates, general obligation-local improvement bonds or special assessment B bonds have been issued, except as otherwise provided in this section otherwise provided.
66.54 (6) (title) of the statutes is renumbered 66.0713 (2) (title).
66.54 (6) (a) and (b) of the statutes are renumbered 66.0713 (2) (a) and (b) and amended to read:
66.0713 (2) (a) Whenever any If a public improvement has been made and has been accepted by the governing body of the municipality local governmental unit, it may cause to be issued issue to the contractor for such the public improvement, a contractor's certificate as to each parcel of land against which special assessments have been levied for the unpaid balance of the amount chargeable thereto to the parcel, describing each parcel. Such The certificate shall be substantially in the following form:
$.... No. ....
(name of municipality local governmental unit)
For construction of ....
(name of municipality local governmental unit)
Issued pursuant to
Section 66.54 (6) 66.0713 (2), Wis. Stats.