Amendment SA27-AB40

LRBb0666/1

EVM:jld&eev:jf

2013 - 2014 LEGISLATURE

SENATE AMENDMENT 27, TO ASSEMBLY BILL 40

June 20, 2013 - Offered by Senators Jauch, C. Larson, Risser, L. Taylor, T. Cullen, Miller, Lehman, Harris, Erpenbach and Hansen.

AB40-SA27,1,2 At the locations indicated, amend the bill, as shown by assembly substitute amendment 1, as follows:

AB40-SA27,1,4 1. Page 679, line 3: delete the material beginning with that line and ending with page 680, line 11, and substitute:

AB40-SA27,1,5 " Section 1271n. 66.0602 (2m) of the statutes is amended to read:

AB40-SA27,2,2 66.0602 (2m) Negative adjustment. If a political subdivision's levy for the payment of any general obligation debt service, including debt service on debt issued or reissued to fund or refund outstanding obligations of the political subdivision and interest on outstanding obligations of the political subdivision, on debt originally issued before July 1, 2005, is less in the current year than it was in the previous year, the political subdivision shall reduce its levy limit in the current year by an amount equal to the amount that its levy was reduced as described in this subsection. This subsection does not apply to any a political subdivision that in any year in which the political subdivision does not increase its levy increase limit as allowed under sub. (3) (f) 1.".

AB40-SA27,2,3 2. Page 682, line 24: delete lines 24 and 25.

AB40-SA27,2,4 3. Page 683, line 1: delete lines 1 to 22.

AB40-SA27,2,5 4. Page 1371, line 16: delete lines 16 to 19.

AB40-SA27,2,6 (End)