AB694: Bill Text

LRB-4222/1

RAC:cjs:jf

1999 - 2000 LEGISLATURE

1999 Assembly BILL 694

February 1, 2000 - Introduced by Representatives Duff, Gard, Porter, Ward, Kaufert and Albers, cosponsored by Senators Moen, Burke, Moore and Plache. Referred to Joint committee on Finance.

AB694,1,3 An Act to amend 231.03 (6) (intro.) and 231.08 (1); and to create 231.08 (7) of the statutes; relating to: bonding authority of the Wisconsin health and educational facilities authority.

Analysis by the Legislative Reference Bureau

Under current law, the Wisconsin health and educational facilities authority (WHEFA) is authorized to issue bonds to finance the acquisition, construction, enlargement, remodeling, renovation, improvement, furnishing and equipping of any health facility, educational facility or child care center. This bill prohibits WHEFA from issuing bonds to purchase a health maintenance organization or any other insurer.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB694, s. 1 Section 1. 231.03 (6) (intro.) of the statutes is amended to read:

AB694,1,7 231.03 (6) (intro.) Issue Subject to s. 231.08 (7), issue bonds of the authority, and may refuse to issue bonds of the authority only if it determines that the issuance would not be financially feasible, to do the following:

AB694, s. 2 Section 2. 231.08 (1) of the statutes is amended to read:

AB694,2,7 231.08 (1) The Subject to sub. (7), the authority may from time to time issue bonds for any corporate purpose. All such bonds or other obligations of the authority issued under this chapter are declared to be negotiable for all purposes, notwithstanding their payment from a limited source and without regard to any other law. The authority shall employ the building commission as its financial consultant to assist and coordinate the issuance of bonds and notes of the authority.

AB694, s. 3 Section 3. 231.08 (7) of the statutes is created to read:

AB694,2,12 231.08 (7) Beginning on the effective date of this subsection .... [revisor inserts date], the authority may not issue bonds for the purpose of purchasing a health maintenance organization, as defined in s. 609.01 (2), or any other insurer, as defined in s. 600.03 (27).

AB694,2,13 (End)