112,2km Section 2km. 66.1103 (10) (c) of the statutes is amended to read:
66.1103 (10) (c) A copy of the initial resolution together with a statement indicating when the public notice required under par. (b) was published shall be filed with the secretary of commerce within 20 days following publication of notice. Prior to the closing of the bond issue, the secretary may require additional information from the eligible participant or the municipality or county. After the closing of the bond issue, the secretary shall be notified of the closing date, any substantive changes made to documents previously filed with the secretary and the principal amount of the financing.
112,2L Section 2L. 66.1103 (10) (d) of the statutes is amended to read:
66.1103 (10) (d) The governing body may issue bonds under this section without submitting the proposition to the electors of the municipality or county for approval unless within 30 days from the date of publication of notice of adoption of the initial resolution for 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 county, or, if there is no registration of electors in the municipality or county, by 10% of the number of electors of the municipality or county 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 or county and as provided in s. 8.37 requesting a referendum upon the question of the issuance of the bonds. If a petition is filed, the bonds may not be issued until approved by a majority of the electors of the municipality or county voting on the referendum at a general or special election.
112,2Lm Section 2Lm. 66.1103 (10) (e) of the statutes is amended to read:
66.1103 (10) (e) Members of a governing body and officers and employees of a municipality or county are not personally liable on bonds and are not personally liable for any act or omission related to the authorization or issuance of bonds.
112,2m Section 2m. 66.1103 (10) (g) of the statutes is amended to read:
66.1103 (10) (g) Bonds may not be issued unless prior to adoption of an initial resolution a document which provides a good faith estimate of attorney fees which will be paid from bond proceeds is filed with the clerk of the municipality or county and the department of commerce.
112,2mm Section 2mm. 66.1103 (11) (a) of the statutes is amended to read:
66.1103 (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 or county. Projects financed under this section are not 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 the projects are not public contracts within the meaning of ss. 59.52 (29) and 66.0901 unless factors including municipal or county control over the costs, construction and operation of the project and the beneficial ownership of the project warrant the conclusion that they are public contracts.
112,2n Section 2n. 66.1103 (11) (b) 2. of the statutes is amended to read:
66.1103 (11) (b) 2. The governing body of a municipality or county may waive subd. 1. with respect to a particular project by adopting an ordinance or resolution containing a statement of the reasons for the waiver and a description of the project for which waiver is made and publishing it as a class 1 notice under ch. 985.
112,3 Section 3. 66.1104 of the statutes is created to read:
66.1104 Waiver of recovery zone facility bond limitation. (1) Definitions. In this section:
(a) "Authority" means a body created under s. 66.1201, 66.1333, or 66.1335; under subch. II of ch. 114 or subch. III of ch. 149; or under ch. 52, 231, 232, 233, 234, 235, 237, or 279.
(b) "Local governmental unit" has the meaning given in s. 66.0131 (1) (a), and includes a commission created by contract under s. 66.0301.
(bm) "Midwestern disaster area bond" means a bond described under 26 USC 1400N (a), as modified by P.L. 110-343, title VII, subtitle A, section 702 (d) (intro.) and (1).
(c) "Recovery zone bond" means a bond described under 26 USC 1400U-3 (b) (1).
(2) Waiver. (a) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on March 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county does one of the following:
1. States that recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.
2. Identifies the amount of a proposed issuance of recovery zone bonds and the nongovernmental entity that will own or operate the project being financed, together with a letter addressed to the department of commerce from the prospective purchaser of the recovery zone bonds that states the expectation of the prospective purchaser that both an agreement will be executed before May 1, 2010, providing for the purchase of the recovery zone bonds, and that the recovery zone bonds will be issued before June 1, 2010.
(b) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on May 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county states one of the following:
1. That recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.
2. That an agreement has been executed by the city, county, other local governmental unit, or authority that will issue the recovery zone bonds, and a bond purchaser, providing for the purchase of recovery zone bonds.
(c) The allocation of a recovery zone bond limitation received by a city or county shall be considered waived on June 1, 2010, except with regard to any amount about which the city or county sends written notice to the department of commerce before that date in which the city or county states that recovery zone bonds have been issued pursuant to the city's or county's limitation allocation.
(d) Any allocation of a recovery zone bond limitation that is considered waived under this subsection may be reallocated by the department of commerce under s. 560.033.
(e) If a city or county that is eligible to issue a Midwestern disaster area bond waives any portion of its allocation of a recovery zone bond limitation under this subsection before January 1, 2011, the department of commerce, under s. 560.033 (4), shall increase that city's or county's allocation of Midwestern disaster area bond authority by the amount of the city's or county's waived recovery zone bond limitation allocation.
(f) With regard to a letter, or a copy of a letter, addressed to the department of commerce from a prospective purchaser of a recovery zone bond, as described in par. (a) 2., which is in the possession of the city or county, the name of any business or prospective bond purchaser named in the letter or copy of the letter is not subject to the right of inspection or copying under s. 19.35 (1) before the first day of the 3rd month beginning after the letter or copy of the letter is received by the city or county.
(3) Reallocation. Any authority or local governmental unit may apply for a reallocation of the recovery zone bond limitation allocation in accordance with the system established by the department of commerce under s. 560.033.
112,4 Section 4. 560.033 of the statutes is created to read:
560.033 Reallocation of limitation on recovery zone facility bonds. (1) Reallocation. The department, by rule, shall establish under 26 USC 1400U-1 (a) (3) (A) and administer a system for the reallocation of the waived allocation, waived as required under s. 66.1104 (2), of the limitation on the issuance of recovery zone facility bonds, as defined under 26 USC 1400U-3 (b) (1), among authorities, as defined in s. 66.1104 (1) (a), and local governmental units, as defined in s. 66.1104 (1) (b).
(2) Amendment to reallocation. At any time, the department may promulgate rules to revise the reallocation system established under sub. (1), except that any revision under this subsection does not apply to any reallocation under which the recipient of that reallocation has adopted a resolution authorizing the issuance of a recovery zone facility bond, as defined in 26 USC 1400U-3 (b) (1).
(3) Conditions. Subject to sub. (5), the department may, by rule, establish any procedure for, and place any condition upon, the granting of a reallocation under this section which the department deems to be in the best interest of the state, including, but not limited to, a requirement that a cash deposit, at a rate established by the department in the rules, be a condition for a reallocation.
(4) Consideration of alternative financing; reallocation. Before making a reallocation under this section, the department shall consider the availability of qualified Midwestern disaster area bonds, as defined under 26 USC 1400N (a), as modified by P.L. 110-343, title VII, subtitle A, section 702 (d) (intro.) and (1), as an alternative source of financing for a project for which the issuance of recovery zone facility bonds, as defined in 26 USC 1400U-3 (b) (1), are sought, and shall ensure that sufficient unallocated bonding authority remains to comply with s. 66.1104 (2) (e).
(5) Consideration of waiver; reallocation. For a reallocation made under this section after March 1, 2010, but before June 1, 2010, before making the reallocation, the department shall consider the amount of recovery zone bond limitation allocation waived under s. 66.1104 (2) (a) or (b) by each city or county then seeking a reallocation under this section. The department shall reallocate from the aggregated waived allocation, as that term is used in sub. (1), an allocation of the recovery zone bond limitation to a project in a city or county that waived an allocation under s. 66.1104 (2) (a) or (b) in an amount up to the total limitation allocation waived by the city or county or equal to the limitation allocation determined by the city or county to be necessary for the project, whichever is less. In the event requests by cities and counties for a reallocation under this section exceed the aggregated waived allocation, the department shall prorate the available waived allocation among cities and counties in proportion to the amount waived by the cities and counties.
(5m) Availability of records. With regard to a letter addressed to the department from a prospective purchaser of a recovery zone bond, as described in s. 66.1104 (2) (a) 2., the name of any business or prospective bond purchaser named in the letter is not subject to the right of inspection or copying under s. 19.35 (1) before the first day of the 3rd month beginning after the letter is received by the department.
112,4e Section 4e. 560.034 (5) (a) of the statutes is amended to read:
560.034 (5) (a) Under sub. (2), to the city, village , town, or county which will issue the bonds to finance the project which is the subject of the estimate.
112,5 Section 5. Nonstatutory provisions.
(1) (a) The department of commerce shall submit in proposed form the rules required under section 560.033 (1) of the statutes, as created by this act, to the legislative council staff under section 227.15 (1) of the statutes no later than the first day of the 2nd month beginning after the effective date of this paragraph.
(b) Using the procedure under section 227.24 of the statutes, the department of commerce may promulgate rules required under section 560.033 (1) of the statutes, as created by this act, for the period before the effective date of the rules submitted under paragraph (a ), but not to exceed the period authorized under section 227.24 (1) (c) and (2) of the statutes. Notwithstanding section 227.24 (1) (a), (2) (b), and (3) of the statutes, the department is not required to provide evidence that promulgating a rule under this paragraph as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this paragraph.
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