(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.
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).
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.
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.
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.
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.
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.
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.
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.
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).
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.
66.076 (5) (b) of the statutes is renumbered 66.0821 (4) (c).
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).
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).
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.
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).
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.
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.
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.
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.
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.
66.079 of the statutes is renumbered 66.0829 and amended to read:
66.0829 Parking systems. (1) Any A city, village or town without necessity of a referendum may purchase, acquire, rent from a lessor, construct, extend, add to, improve, conduct, operate or rent to a lessee a municipal parking system for the parking of vehicles, including parking lots and other parking facilities, upon its public streets or roads or public grounds and issue revenue bonds to acquire funds for any one or more of these purposes. The parking lots and other parking facilities may include space designed for leasing to private persons for purposes other than parking. The provisions of s. 66.066 66.0621 governing the issuance of revenue bonds apply, so far as to the extent applicable, to revenue bonds issued under this subsection. The municipal parking systems are public utilities under article XI, section 3, of the constitution. Revenue Principal and interest of revenue bonds issued under this subsection are payable solely, both principal and interest, from the revenues to be derived from the parking system, including without limitation revenues from parking meters or other parking facilities. Any revenue derived from any a facility financed by a revenue bond issued under this subsection shall may be used only to pay the principal and interest of that revenue bond, except that after the principal and interest of that revenue bond have been paid in full the revenue derived from the facility may be used for any purpose.
(2) Any municipality empowered to create part of a parking system under sub. (1) may finance and operate any part of such system be financed and operated in the following manner:
(a) The cost of constructing any parking system or facility, including the cost of the land, may be assessed against a benefited area, such the benefited area and assessments to be determined in the manner prescribed by either subch. II of ch. 32 or s. 66.60 66.0703, except that the number of annual instalments in which such
the assessment is payable shall may not exceed 20.
(b) The cost of operating and maintaining any parking system or facility may be assessed not more than once in each calendar year against all property in a benefited area, such the area and such assessments to be determined in the manner prescribed by either subch. II of ch. 32 or by s. 66.60. Such 66.0703. The costs may include a payment in lieu of taxes, operating, maintenance and replacement costs, and interest on any unpaid capital cost.
(c) The governing body may, in determining the amount of the assessment under par. (a) or (b), credit any portion of the revenues from the parking system or facility.
(d) No assessment, as authorized in par. (a) or (b), shall may be made against any property used wholly for residential purposes.
66.08 of the statutes is renumbered 66.0723 and amended to read:
66.0723 Utilities, special assessments.
(1) Whenever any If a city, village or town shall construct or acquire constructs, extends or acquires by gift, purchase or otherwise a distribution system or a production or generating plant for the furnishing of light, heat or power to any municipality or its inhabitants or shall make any extensions thereto, such, the city, village or town may assess the whole or any part of the all or some of the cost thereof to the property benefited thereby, whether abutting or not, in the same manner as is provided for the assessment of benefits under s. 66.60 66.0703.
(2) Such special Special assessments under this section may be made payable and certificates or bonds issued under s. 66.54 66.0713. In a city, village or town where no official paper is published, notice may be given by posting the notice in 3 public places in the city, village or town.
Subchapter VIII (title) of chapter 66 [precedes 66.0801] of the statutes is created to read:
66.0801 of the statutes is created to read:
66.0801 Definitions; effect on other authority. (1) In this subchapter:
(a) "Municipal public utility" means a public utility owned or operated by a city, village or town.
(b) "Public utility" has the meaning given in s. 196.01 (5).
(2) Sections 66.0803 to 66.0825 do not deprive the office of the commissioner of railroads, department of transportation or public service commission of any power under ss. 195.05 and 197.01 to 197.10 and ch. 196.
Note: Restates a portion of s. 66.06, repealed by this bill, and provides a definition of "municipal public utility" for purposes of the subchapter. The current provision stating that the phrase "resolution or ordinance", when used in specified sections, means ordinances only is deleted as unnecessary.
66.0805 (1) of the statutes is created to read:
66.0805 (1) Except as provided in sub. (6), the governing body of a city shall, and the governing body of a village or town may, provide for the nonpartisan management of a municipal public utility by creating a commission under this section. The board of commissioners, under the general control and supervision of the governing body, shall be responsible for the entire management of and shall supervise the operation of the utility. The governing body shall exercise general control and supervision of the commission by enacting ordinances governing the commission's operation. The board shall consist of 3, 5 or 7 commissioners.
Note: 1. Restates s. 66.068 (1), repealed by Section 180.
2. Provides that the "general control and supervision" of the utility commission by the municipal governing body is by means of ordinance governing the commission's operation. Previous law was silent on the issue.