(h) "Public agency" means any municipality or other municipal corporation, political subdivision, governmental unit, or public corporation created under the laws of this state or of another state or of the United States, and any state or the United States, and any person, board, or other body declared by the laws of any state or the United States to be a department, agency or instrumentality thereof of the state or the United States.
(4) (a) Any combination of municipalities of the state which operate operates facilities for the generation or, transmission or distribution of electric power and energy may, by contract with each other, establish a separate governmental entity to be known as a municipal electric company to be used by such the contracting municipalities to effect joint development of electric energy resources or production, distribution and transmission of electric power and energy in whole or in part for the benefit of the contracting municipalities. The municipalities party to the contract may amend the contract as provided therein in the contract.
(5) (b) The establishment and organization of a governing body of the company which shall be a board of directors in which all powers of the company are vested. The contract may provide for the creation by the board of an executive committee of the board to which the powers and duties may be delegated as the board shall specify specifies.
(c) The number of directors, the manner of their appointment, terms of office and compensation, if any, and the procedure for filling vacancies on the board. Each contracting municipality shall have the power to may appoint one member to the board of directors and shall be entitled to may remove that member at will.
(e) The voting requirements for action by the board; but, unless. Unless specifically provided otherwise, a majority of directors shall constitute constitutes a quorum and a majority of the quorum shall be is necessary for any action taken by the board.
(f) The duties of the board which shall include the obligation to comply or to cause compliance with this section and the laws of the state and in addition, with each and every term, provision and covenant in the contract creating the company on its part to be kept or performed.
(i) The term of the contract, which may be a definite period or until rescinded or terminated, and the method, if any, by which the contract may be rescinded or terminated, but that the. The contract may not be rescinded or terminated so long as while the company has bonds outstanding, unless provision for full payment of such the bonds, by escrow or otherwise, has been made pursuant to the terms of the bonds or the resolution, trust indenture or security instrument securing the bonds.
(6) Powers. (intro.) The general powers of an electric company shall include the power to:
(a) Plan, develop, acquire, construct, reconstruct, operate, manage, dispose of, participate in, maintain, repair, extend or improve one or more projects within or outside the state and act as agent, or designate one or more other persons participating in a project to act as its agent, in connection with the planning, acquisition, construction, operation, maintenance, repair, extension or improvement of such the project.
(f) Contract with any person or public agency within or outside the state, for the construction of any project or for the sale or transmission of electric power and energy generated by any project, or for any interest therein in a project or any right to capacity thereof of a project, on such the terms and for such the period of time as that its board of directors shall determine determines.
(g) Purchase, sell, exchange, transmit or distribute electric power and energy within and outside the state in such the amounts as it shall determine to be necessary and appropriate to make the most effective use of its powers and to meet its responsibilities, and to enter into agreements with any person or public agency with respect to such the purchase, sale, exchange, or transmission, on such the terms and for such the period of time as that its board of directors shall determine determines. A company may not sell power and energy at retail unless requested to do so by a municipal member within the service area of that municipal member.
(h) Acquire, own, hold, use, lease as lessor or lessee, sell or otherwise dispose of, mortgage, pledge, or grant a security interest in any real or personal property, commodity or service or interest therein in any real or personal property, commodity or service, subject to s. 182.017 (7).
(o) Notwithstanding the provisions of any other law, invest any funds held in reserve or sinking funds, or any funds not required for immediate disbursement, including the proceeds from the sale of any bonds, in such obligations, securities and other investments as that the company deems proper.
(7) Public character. An electric company established by contract under this section shall constitute constitutes a political subdivision and body public and corporate of the state, exercising public powers, separate from the contracting municipalities. It shall have has the duties, privileges, immunities, rights, liabilities and disabilities of a public body politic and corporate but shall does not have taxing power.
(8) (a) 3. Purchase agreements entered into under subd. 2. may, in addition to the provisions authorized under subd. 2., contain other terms and conditions that the company and the purchasers determine, including provisions whereby obligating the purchaser is obligated to pay for power irrespective of whether energy is produced or delivered to the purchaser or whether any project contemplated by any such agreement under subd. 2. is completed, operable or operating, and notwithstanding suspension, interruption, interference, reduction or curtailment of the output of such the project.
4. Purchase agreements entered into under subd. 2. may be for a term covering the life of a project or for any other term, or for an indefinite period. The contract created under sub. (5) or a purchase agreement may provide that if one or more of the purchasers defaults in the payment of its obligations under a purchase agreement, the remaining purchasers which also have purchase agreements shall be required to accept and pay for and shall be are entitled proportionately to use or otherwise dispose of the power and energy to be purchased by the defaulting purchaser.
(b) The obligations of a municipality under a purchase agreement with a company or arising out of the default by any other purchaser with respect to such an a purchase agreement shall not be construed to constitute are not debt of the municipality. To the extent provided in the purchase agreement, such the obligations shall constitute special obligations of the municipality, payable solely from the revenues and other moneys derived by the municipality from its municipal electric utility and shall be treated as expenses of operating a municipal electric utility.
(c) The contract also may provide for payments in the form of contributions to defray the cost of any purpose set forth in the contract and as advances for any such purpose in the contract subject to repayment by the company.
(9) Sale of excess capacity. (a) An electric company may sell or exchange, to any other person or public agency, excess power and energy produced or owned by it not required by any of the contracting municipalities for such the consideration and for such, period and upon such terms and conditions as it may determine to any other person or public agency that it determines.
(b) Notwithstanding any other provision of this section or any other statute, nothing shall prohibit prohibits a company from undertaking any project in conjunction with or owning any project jointly with any person or public agency.
(10) Regulation. An electric company created under this section shall be deemed to be is a "public utility" for purposes of ch. 196, except that the terms and conditions and the rates at which a company sells power and energy for resale shall not be are not subject to regulation or alteration by the public service commission.
(11) Types of bonds. (a) An electric company may issue such types of bonds as it may determine it determines, subject only to any agreement with the holders of particular bonds, including bonds as to which the principal and interest are payable exclusively from all or a portion of the revenues from one or more projects, or from one or more revenue producing contracts made by the company with any person or public agency, or from its revenues generally, or which may be additionally secured by a pledge of any grant, subsidy, or contribution from any public agency or other person, or a pledge of any income or revenues, funds, or moneys of the company from any source whatsoever.
(b) A company may from time to time issue its bonds in such principal amounts as that the company deems necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including the establishment or increase of reserves, interest accrued during construction of a project and for a period not exceeding one year after the completion of construction of a project, and the payment of all other costs or expenses of the company incident to and necessary or convenient to carry out its corporate purposes and powers.
(c) Neither the members of the board of directors of a company nor any person executing the bonds shall be is liable personally on the bonds by reason of the issuance thereof of the bonds.
(d) The bonds of an electric company (, and such the bonds shall so state on their face) shall, are not be a debt of the municipalities which are parties to the contract creating the company or of the state and neither the state nor any such municipality shall be is liable thereon on the bonds nor in any event shall such are the bonds be payable out of any funds or properties other than those of the company.
(12) Form and sale of bonds. (a) Bonds of an electric company shall be authorized by resolution of the board of directors and may be issued under such the resolution or under a trust indenture or other security instrument in one or more series and shall bear such date or the dates, mature at such time or the times, bear interest at such rate or the rates, be in such denomination or the denominations, be in the form of coupon bonds or registered bonds under s. 67.09, have such the rank or priority, be executed in such the manner, be payable in such the medium of payment, at such place or the places, and be subject to such the terms of redemption, with or without premium, as such that the resolution, trust indenture or other security instrument may provide provides, and without limitation by the provisions of any other law limiting amounts, maturities or interest rates.
(b) The bonds may be sold at public or private sale as the company may provide provides and at such price or the prices as that the company shall determine determines.
(c) In case any of the officers whose signatures appear on any bonds or coupons shall cease If an officer whose signature appears on a bond or coupon ceases to be such officers an officer before the delivery of such obligations, such signatures shall, nevertheless, be the obligation, the signature is valid and sufficient for all purposes, the same as if the officers officer had remained in office until such delivery.
(13) Covenants. (intro.) The company shall have power may in connection with the issuance of its bonds to:
(b) Redeem the bonds, to covenant for their redemption and to provide the terms and conditions thereof of the redemption.
(d) Covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds shall become or may be declared due before maturity, as to the terms and conditions upon which such the declaration and its consequences may be waived and as to the consequences of default and the remedies of bondholders.
(e) Covenant as to the mortgage or pledge of or the grant of a security interest in any real or personal property and all or any part of the revenues from any project or projects or any revenue producing contract or contracts made by the company with any person or public agency to secure the payment of bonds, subject to such existing agreements with the holders of bonds as may then exist.
(g) Covenant as to the purposes to which the proceeds from the sale of any bonds then or thereafter to be issued may be applied, and the pledge of such the proceeds to secure the payment of the bonds.
(j) Covenant as to the procedure by which the terms of any contract with or for the benefit of the holders of bonds may be amended or abrogated, the amount of bonds, the holders of which must consent thereto to amendment or abrogation, and the manner in which such consent may be given.
(k) Covenant as to the custody and safekeeping of any of its properties or investments, the safekeeping thereof, the insurance to be carried thereon on the properties or investments, and the use and disposition of insurance proceeds.
(L) Covenant as to the vesting in a trustee or one or more trustees, within or outside the state, of such those properties, rights, powers and duties in trust as that the company may determine determines.
(m) Covenant as to the appointing and providing for the duties and obligations of a paying agent or one or more paying agents or other fiduciaries within or outside the state.
(n) Make all other covenants and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or in the absolute discretion of the company tend to make the bonds more marketable; notwithstanding that such the covenants, acts or things may not be enumerated herein; it being the intention hereof to give the in this subsection. A company power to may do all things in the issuance of bonds and in the provisions for security thereof of the bonds which are not inconsistent with the constitution of the state.
(o) Execute all instruments necessary or convenient in the exercise of the powers herein granted in this subsection or in the performance of covenants or duties, which may contain such covenants and provisions, as that any purchaser of the bonds of the company may reasonably require requires.
(14) Refunding bonds. A company may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such the time prior to the maturity or redemption of the refunded bonds as that the company deems to be in the public interest. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium thereon on the bonds, any interest accrued or to accrue to the date of payment of such the bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such the reserves for debt service or other capital or current expenses from the proceeds of such the refunding bonds as may be required by the resolution, trust indenture or other security instruments. The issue of refunding bonds, the maturities and other details thereof of, the security therefor for, the rights of the holders thereof of, and the rights, duties and obligations of the company in respect of the same shall be refunding bonds are governed by the provisions of this section relating to the issue of bonds other than refunding bonds insofar as the same may be to the extent that the provisions are applicable.
(15) Bonds eligible for investment. Bonds issued by a company under this section are hereby made securities in which all All public officers and agencies of the state and all political subdivisions, of the state and all insurance companies, trust companies, banks, savings banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such, in bonds issued by a company under this section. The bonds are hereby made securities which may properly and legally be deposited with and received by any officer or agency of the state or any political subdivision for any purpose for which the deposit of bonds or obligation of the state or any political subdivision is now or may hereafter be authorized by law.
(16) (b) The property of a company, including any proportional share of any property owned by a company in conjunction with any other person or public agency, is declared to be public property used for essential public and governmental purposes and such the property or proportional share, a company and its income shall be are exempt from all taxes of the state or any state public body except that for each project owned or partly owned by it, a company shall make payments-in-lieu-of-taxes to the state equal to the amount which would be paid to the state under ss. 76.01 to 76.26 for such the project or share thereof of the project if it were deemed to be owned by a company under s. 76.02 (2). The payment shall be determined, administered and distributed by the state in the same manner as the taxes paid by companies under ss. 76.01 to 76.26.
(17) Successor. A company shall, if the contract so provides, be the successor to any nonprofit corporation, agency or any other entity theretofore previously organized by such the contracting municipalities to provide the same or a related function, and the company shall be is entitled to all rights and privileges and shall assume all obligations and liabilities of the other entity under existing contracts to which the other entity is a party.
(18) Other statutes. The powers granted under this section do not limit the powers of municipalities to enter into intergovernmental cooperation or contracts or to establish separate legal entities under s. 66.30 ss. 66.0301 to 66.0311 or any other applicable law, or otherwise to carry out their powers under applicable statutory provisions, nor shall such do the powers granted under this section limit the powers reserved to municipalities by state law.
150,212 Section 212. 66.0735 of the statutes is renumbered 66.0823, and 66.0823 (5) (q), as renumbered, is amended to read:
66.0823 (5) (q) Invest any funds held in reserve or sinking funds, or any funds not required for immediate disbursement, including the proceeds from the sale of any bonds, in such obligations, securities and other investments as the authority deems proper in accordance with s. 66.04 (2) 66.0603 (1).
150,213 Section 213. 66.074 of the statutes is repealed.
Note: Repealed as obsolete. Section 66.074 grants authority to cities, villages and towns in connection with ice plants, fuel depots and landing fields. Current municipal authority regarding airports is contained in ch. 114.
150,214 Section 214. 66.075 of the statutes is repealed.
Note: Repealed as obsolete. Section 66.075 authorizes counties, cities, villages and towns of over 5,000 population to construct and maintain public slaughterhouses.
150,215 Section 215. 66.076 (title) of the statutes is renumbered 66.0821 (title) and amended to read:
66.0821 (title) Sewerage system, service charge and storm water systems.
150,216 Section 216 . 66.076 (1) of the statutes is renumbered 66.0821 (2) (a) and amended to read:
66.0821 (2) (a) 1. In addition to all other methods provided by law, any a municipality may construct, acquire or lease, extend or improve any plant and equipment within or without its corporate limits for the collection, transportation, storage, treatment and disposal of sewage or storm water and surface water, including the necessary lateral, main and interceptor sewers necessary in connection therewith, and any a town, village or city may arrange for such the service to be furnished by a metropolitan sewerage district or joint sewerage system. Except as provided in s. 66.60 (6m), payment for a sewerage project described in this paragraph, or any part of such project, may be provided from the general fund, from taxation, special assessments, sewerage service charges, or from the proceeds of either municipal obligations, revenue bonds or from any combination of these enumerated methods of financing.
Note: The deleted sentence is restated as s. 66.0813 (3) (a) by Section 245 .
2. If the extension of a sewer line or water main that is described under par. (a) subd. 1. is required because of a new subdivision, as defined in s. 236.02 (12), or commercial development, the municipality may recoup some or all of the costs that it has incurred for the extension by a method described under par. (a) subd. 1. or by any other method of financing agreed to by the municipality and the developer. If a person, whose property is outside of the subdivision for which a developer is paying, or has paid, the costs of a sewerage project under this paragraph subdivision, connects an extension into the sewerage project after the amount is established that the developer is required to pay under this paragraph subdivision, that person shall pay to the developer an amount determined by the public service commission. The public service commission shall promulgate rules to determine the amount that such a person shall pay to a developer. The rules promulgated under this paragraph subdivision, shall be based on the benefits accruing to the property that connects an extension into the sewerage project.
150,217 Section 217. 66.076 (1m) of the statutes is renumbered 66.0821 (1) (intro.) and amended to read:
66.0821 (1) (intro.) In this section, "municipality":
(a) "Municipality" means any a town, village, city or metropolitan sewerage district created under ss. 66.20 200.01 to 66.26 200.15 or under ss. 66.88 200.21 to 66.918 200.65.
150,218 Section 218. 66.076 (2) of the statutes is renumbered 66.0821 (3) (b) and amended to read:
66.0821 (3) (b) Where payment If funding under par. (a) in whole or in part is made by the issue and sale of revenue bonds, the payments shall be made as provided in s. 66.066. The provisions of s. 66.066 which are 66.0621 to the extent not inconsistent with this section are made a part of this section. The term. In this paragraph, "public utility" as used in s. 66.066 shall for this purpose include 66.0621 includes the sewerage system, accessories, equipment and other property, including land. The mortgage or revenue bonds or mortgage certificates shall do not constitute an indebtedness of the municipality but shall and may be secured only by the sewerage system and its revenue, and the franchise provided for in this section.
150,219 Section 219. 66.076 (3) of the statutes is renumbered 66.0821 (6) and amended to read:
66.0821 (6) In the event of If there is a sale of the mortgaged sewerage system premises on a judgment of foreclosure and sale, the price paid for the same shall premises may not exceed the amount of the judgment and the costs of sale to and including the recording of the sheriff's deed. The purchaser on the foreclosure sale may operate and maintain said the sewerage system and collect sewerage service charges, and for that purpose shall be is deemed to have a franchise from the municipality. The term "purchaser" shall include includes the purchaser's successors or assigns. The rates to be charged, in addition to the contributions, if any, which the municipality has obligated itself to make toward the capital or operating costs of the plant, shall be sufficient to meet the requirements of operation, maintenance, repairs, depreciation, interest and an amount sufficient to amortize the judgment debts and all additional capital costs which the purchaser contributes to the plan over a period not exceeding 20 years, and in. In addition to the foregoing, the purchaser of the premises shall be entitled to may earn a reasonable amount, as determined by the public service commission, on the actual amount of the purchaser's investment in the premises represented by the purchase price of the premises, plus any additions made to the same investment by the purchaser or minus any payments made by the municipality on account of such the investments. The municipality may at any time by payment reduce such the investment of the purchaser and after full payment of the purchase price plus the cost of subsequent improvements the premises shall revert to the municipality. So long as While the premises are owned by the private purchaser, the same premises shall be considered a public utility and be are subject to ch. 196 so far as to the extent applicable.
150,220 Section 220. 66.076 (4) of the statutes is renumbered 66.0821 (4) (a) and amended to read:
66.0821 (4) (a) The governing body of the municipality may establish sewerage service charges in such an amount as to meet all or part of the requirements for the construction, reconstruction, improvement, extension, operation, maintenance, repair and depreciation of the sewerage system, and for the payment of all or part of the principal and interest of any indebtedness incurred thereof for those purposes, including the replacement of funds advanced by or paid from the general fund of the municipality. Service charges made by a metropolitan sewerage district to any town, village or city shall in turn be levied by such the town, village or city against the individual sewer system users within the corporate limits of such the municipality, and the responsibility for collecting such municipality shall collect the charges and promptly remitting same remit them to the metropolitan sewerage district shall lie with such municipality. Delinquent charges shall be collected in accordance with sub. (7) (4) (c).
150,221 Section 221. 66.076 (5) (a) of the statutes is renumbered 66.0821 (4) (b) and amended to read:
66.0821 (4) (b) For the purpose of making equitable charges for all services rendered by the sanitary sewerage system to the municipality or to citizens, corporations and other users, the property benefited thereby by the system may be classified, taking into consideration the volume of water, including surface or drain waters, the character of the sewage or waste and the nature of the use made of the sewerage system, including the sewage disposal plant. The charges may also include standby charges to property not connected but for which such sewerage system facilities have been made available.
150,222 Section 222. 66.076 (5) (b) of the statutes is renumbered 66.0821 (4) (c).
150,223 Section 223. 66.076 (6) of the statutes is renumbered 66.0821 (3) (c) and amended to read:
66.0821 (3) (c) Any municipality may pledge, assign or otherwise hypothecate the net earnings or profits derived or to be derived from a sewerage system to secure the payment of the costs of purchasing, constructing or otherwise acquiring a sewerage system or any part thereof of a sewerage system, or for extending or improving such the sewerage system, in the manner provided in s. 66.066 (4) as the same has been and from time to time may be amended or recreated 66.0621 (5).
150,224 Section 224. 66.076 (7) of the statutes is renumbered 66.0821 (4) (c) and amended to read:
66.0821 (4) (c) Sewerage service charges shall be collected and taxed and shall be a lien upon the property served in the same manner as water rates are taxed and collected under s. 66.069 (1) or 66.071 (1) (e), so far as 62.69 (2) (f) or 66.0809 to the extent applicable, except that charges of a metropolitan sewerage district created under ss. 66.88 200.21 to 66.918 200.65 shall be assessed and collected as provided in s. 66.91 200.55 (5).
150,225 Section 225. 66.076 (8) of the statutes is renumbered 66.0821 (2) (b) and amended to read:
66.0821 (2) (b) The governing body of any a municipality, and the officials in charge of the management of the sewerage system as well as other officers of the municipality, shall be are governed in the discharge of their powers and duties under this section by s. 66.069 ss. 66.0809 to 66.0813 or 66.071 (1) (e), which are hereby made a part of this section so far as applicable and not inconsistent herewith 62.69 (2) (f), to the extent consistent with this section, or, in the case of a metropolitan sewerage district created under ss. 66.88 200.21 to 66.918 200.65, by ss. 66.91 200.55 and 66.912 200.59.
150,226 Section 226. 66.076 (9) of the statutes is renumbered 66.0821 (5) (a) and amended to read:
66.0821 (5) (a) If any a user of a service complains to the public service commission that rates, rules and practices are unreasonable or unjustly discriminatory, or if a holder of a mortgage or revenue bond or mortgage certificate or other evidence of debt, secured by a mortgage on the sewerage system or any part thereof of the system or pledge of the income of sewerage service charges, complains that rates are inadequate, the public service commission shall investigate the complaint. If there appears to be sufficient cause for the complaint, the commission shall set the matter for a public hearing upon 10 days' notice to the complainant and the town, village or city. After the hearing, if the public service commission determines that the rates, rules or practices complained of are unreasonable or unjustly discriminatory, it shall determine and by order fix reasonable rates, rules and practices and shall may make such any other order respecting the complaint as may be that is just and reasonable, including, in the case of standby charges imposed under sub. (5) (b) (4) (c), an order that a municipality refund to the user any amount of the standby charges that have been collected if the user has filed a complaint with the public service commission not later than 60 days after receiving a notice of charge that relates to an increased standby charge. The proceedings under this subsection shall be paragraph are governed, as far as to the extent applicable, by ss. 196.26 to 196.40. The commission shall bill any expense of the commission attributable to a proceeding under this subsection paragraph to the town, village or city under s. 196.85 (1).
150,227 Section 227. 66.076 (10) of the statutes is renumbered 66.0821 (5) (b) and amended to read:
66.0821 (5) (b) Judicial review of the a determination of the public service commission under par. (a) may be had by any person aggrieved in the manner prescribed in ch. 227.
150,228 Section 228. 66.076 (11) of the statutes is renumbered 66.0821 (1) (b) and amended to read:
66.0821 (1) (b) The word "sewerage" as used in this section shall be considered "Sewerage" is a comprehensive term, including all constructions for collection, transportation, pumping, treatment and final disposition of sewage or storm water and surface water.
150,229 Section 229. 66.076 (12) of the statutes is renumbered 66.0821 (7) and amended to read:
66.0821 (7) The authority hereby given shall be under this section is in addition to any power which municipalities now otherwise have with respect to sewerage or sewage disposal. Nothing in this section shall be construed as restricting or interfering with any powers and duties of the department of health and family services as prescribed by law.
150,230 Section 230. 66.077 of the statutes is renumbered 66.0819 and amended to read:
66.0819 Combining water and sewer utilities. (1) Any A town, village, or city of the fourth class may construct, acquire, or lease, or extend and improve, a plant and equipment within or without its corporate limits for the furnishing of water to the municipality or to its inhabitants, and for the collection, treatment, and disposal of sewage, including the lateral, main and intercepting sewers, and all necessary equipment necessary in connection therewith. Such. The plant and equipment, whether the structures and equipment for the furnishing of water and for the disposal of sewage shall be are combined or separate, may by ordinance be constituted a single public utility.
(2) The provisions of this chapter and chs. 196 and 197 relating to a water system, including, but not limited to, those provisions relating to the regulation of a water system by the public service commission, shall apply to a consolidated water and sewage disposal system as a single public utility. In prescribing rates, accounting and engineering practices, extension rules, service standards or other regulations for a consolidated water and sewage disposal system, the public service commission shall treat the water system and the sewage disposal system separately, unless the commission finds that the public interest requires otherwise.
(3) Any A town, village or 4th class city which owns or acquires a water system and a plant or system for the treatment or disposal of sewage may by ordinance consolidate the systems into a single public utility. After the effective date of the ordinance the consolidated utility is subject to this section with the same force and effect as though originally acquired as a single public utility.
Note: Extends authority under the section to any city, not just 4th class cities.
150,231 Section 231. 66.078 of the statutes is renumbered 66.0623 and amended to read:
66.0623 Refunding village, town, sanitary and inland lake district bonds. Any A village, town, town sanitary district established under s. 60.71 (1) or public inland lake protection and rehabilitation district established under ch. 33 which has undertaken to construct a combined sewer and water system and issued revenue bonds payable from the combined revenues of the system and which is unable to provide sufficient funds to complete the construction of the system and to meet maturing principal of the revenue bonds, may, with the consent of all of the holders of noncallable bonds, refund all or any part of its outstanding indebtedness, including revenue bonds, by issuing term bonds maturing in not more than 20 years, payable solely from the revenues of the combined sewer and water system and redeemable at par on any interest payment date. Such The bonds may be issued as provided in s. 66.066 66.0621 (2) and shall pledge income from hydrant rentals and all sewer and water charges and may contain any covenants authorized by law, except if bonds are issued under this section to refund floating indebtedness, the bonds shall be are subject to the prior lien and claim of all bonds issued to refund revenue bonds issued prior to the refunding.
Loading...
Loading...